Border-line Fraudulent practices
Written: Jan 22 '08
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Pros: None, this company will cheat you.
Cons: None, a totally fraudulent company
The Bottom Line: This company will make offers to bait you into a commitment, then switch it all. Horrible experience.
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| nvraised's Full Review: Americash Mortgage |
Used Lending Tree and Americash made the best offer in the initial percentage rate. They were quick to get me committed, and quoted me an approximate amount of "no more than $1,200 for the total closing costs. After I sent all the requested information, I was contacted and informed that a drive by appraisal was needed, and requested my credit card number. Then I was called, and advised that an "In house" appraisal was required. Appraiser never came by even though I took the day off work to be there. Was billed $375.00. Finally, when the paperwork came for me to sign, the Amount I had requested for the loan had been diminished by $5,000, and the interest rate had jumped from the initial quoted of 6.4% to over 10%. The payments jumped over $200 per month from the quoted payment, and they were for 25 years not 20 as I had requested, and was quoted over the phone. Finally, they had attached a balloon payment of over $48,000 on an original loan of just $55,000. So, I would be paying for 25 years, over $700. per month, and only pay off $7,000 in the principal. I refused to sign the papers, and will have to pay the appraisal I did not get.
Recommended:
No
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Epinions.com ID:
nvraised
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Reviews written: 1
Trusted by: 0 members
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