Quicken Loans Charged credit card after declining loan

type business: Mortgage company

location : Quicken Loans – Headquarters 20555 Victor Parkway Livonia, MI 48152

detailed complaint:

In October of 2005 quicken loans contacted me due to a enquire I made on line about the refinancing of my home. Of cause the sales person was very pleasant and assured me that I simple need to give him my credit card information so that if for any reason after they did any work and I backed out of the agreement my card would be charged for the cost they ensured up to that point.

I asked time and time again, if I would be charged if my loan was declined for any reason, he said no. On the agreement I signed I wrote something to that effect to the bottom of it before signing and sending it back to him.

In September my loan was denied, because my appraisal was expected to come in at 150,000, but it came in at 129,000.00 and I was refinancing 115,000.00. My credit card was charged $700.00 for the appraisal. On Friday December 9th I call costume service about the charge. The customer service person was nice and said that she would call me back on Monday. On Wednesday when I still did not hear from the company, I called them back but the person I spoke to was rude and asked me “why should we lend me money when your home is not worth the amount you are trying to borrowing”. She said I was charged the appraise amount because the appraiser had to be paid for their job like I am being paid for mine and that they (quicken loan I assume)did not make any money off of my loan.

I was shocked and applauded. I asked for a copy of my appraisal since I paid for them and she said I can have it but she would put a block or a note on my loan number so that I cannot call and bother anyone anymore.

If this is the way quicken loan treat people that cannot afford a to refinance their home with them. By taking even more in the form of charges when they are denied a loan is horrible. I have had my home for 4 years and have never missed a payment, but those are not the things they look at and I understand, but their policy stinks if it causes some one with less to have even less when they try to refinance or borrow I image from them.

I know the appraisal could not do a job for free, but I have never paid 700.00 for an appraisal, and even before the appraisal goes to my home don’t the experts at quicken loan have a way of knowing what might be the value of a home in a particular area base age and size and with that coming up with an idea of whether or not a loan can be given.

I feel cheated and most of all I believe that quicken loan business practice is set up to take advantage of homeowners.

Beverly Rymer