Castle Point Mortgage - Told approved then took $450 for apprasial then denied

Atlanta, Georgia 2 comments
Not resolved

I want to warn all you "credit challenged" consumers. My husband and I were contacted by Josh Shaw from Castlepointe Mortgage telling us he could help us. When he called he gathered some info (SS#, Income, what we feel the house will appraise for, etc) then told me he would call me back shortly. My husband's and my credit are not the best by any means but we are trying to get out of an adjustable rate mortgage that we were suckered into 2 years ago and is about to adjust and we are trying to avoid losing our home.

Back to Josh Shaw - He contacts me back about a half hour later informing me he had good and bad news - first we were denied for a 30 yr fixed but he got us APPROVED not qualified APPROVED for a 15 yr fixed for the same amount we are currently paying - WOW who wouldn't jump at that! I told him to let me call my husband to inform him of the rates, monthly payment, etc and I felt sure we wanted to proceed but let me just run it by him.

I called Josh Shaw back and told him "yes" let's proceed. And could he fax me a good faith estimate etc. (All documents state we are APPROVED). I went home that evening and faxed him all the documents that he requested to proceed (w-2's, insurance docs, mortgage docs, etc. After all we were APPROVED not qualified we were APPROVED!!

The next morning he calls me to get my credit card number for the apprasial fee which he tells me is $350 - then low and behold he charges me $450. I immediately call him as this is not what he quoted me and that is more than I was prepared to give him. He tells me that "oh its an FHA apprasial - my bad it is more indepth" Uh ok that is still not what you quoted me - at this point I have the worst gut feeling you can imagine! I just got that "I am about to get screwed feeling"

Anyways the appraiser comes out on Tuesday and I am making small talk telling him I am concerned that because of the foreclosures in my neighborhood that I am not going to get what I need. The appraiser ask what I need - I told him $180K-$185K which is what I told Josh I felt we could get apprasied at.

The appraiser told me he felt I was right on but of course he had to finish up his research.

Today I get a call from Josh letting me know that the apprasial came in at 180K - Well I'll be that is precisily what I told him a week ago when he took my money. He then proceeds to tell me that they can only loan 97% of the loan and my husband and I would need to bring $5K to closing - Well *** if I had $5K lying around I would not be inquiring on refinancing???

I called him on the fact that he lied and misled us on our loan and they never intended on fullfilling their obligations - I told him about all the complaints I had read and he immediately got defensive with me and rude telling me "what else do you want me to do - your house did not appraise - that is not my fault" - Ummm well I told you it was going to appraise for around 180-185 you chose to document that it would appraise at 190K. You misled me and got my hopes up that you all were "helping us"

I am now trying to dispute the charge with my bank since they charged me for a service under the presumption that this was all that was holding us closing in 15-20 days and they did not deliver on their end of the deal. LIARS!!!

This company is a predatory lender and go after the credit challenged - they get your hopes up and then ***!!!!

Review about: Refinance Mortgage.

Comments

Anonymous
Boulder Junction, Wisconsin, United States #11505

Consumer: Well *** if I had $5K lying around I would not be inquiring on refinancing???

Henry: You are in an ARM you said, of course you would still inquire about a refinance.I suggest you find 5k and make that happen.

You will be paying a lot more then that when your rate shoots up!You should be pissed at the person who put you in the ARM, not the one trying to help you get out of it!

Anonymous
Lanexa, Virginia, United States #10566

Most FHA loans do loan up to 97% of the home's value.Did he not inform you that you would most likely have to pay closing costs?

With the market the way it is, nobody is going to loan 100% no closing costs to people with poor credit.Im not being mean just honest.

Castle Point Mortgage Fiasco

Rohnert Park, California 3 comments
Not resolved

I recently went to lending tree and wanted to get a home equity line of credit.Here comes several crazy offers.

Castle Point Mortgage called me and offered me this fantastic deal. They sent everything to me in the mail and followed up with me and told me I had to pay $450 for an appraisal. I asked if I was approved before I paid this amount. I had just bought the house a few months ago and had a current appraisal and they said I needed a new one.

I gave them my credit card number and told them to do it since I was approved. A couple of days later they called and said they missed something on my credit report and now the loan offer had changed considerably and it was terrible. I complained and told them I wanted my money back since they did not honor the orginal offer. They said they could not do this now I am $450 more in debt.

Watch these guys they are predators. I have recently looked up complaints on them and it seems to be a pattern. I dont understand why they operate like this. My credit report did not change at all during this time.

I would like to file a lawsuit against them for all of this BS but it is not worth it at this time.Lenders like this should not be allowed to operate.

Review about: Home Mortgage.

Comments

Anonymous
Cheltenham, Pennsylvania, United States #17440

Sonya,

Email me at dsp2780@gmai.com

We used to work together.

Anonymous
Boulder Junction, Wisconsin, United States #15391

don't do business with this company. I used to work for them and after joing a REAL mortgage company, the things that were said by the employees including myself while there was dead wrong and major violations. They really don't have a clue as to what they are doing there

Anonymous
Boulder Junction, Wisconsin, United States #12176

You have to understand that just because you get approved ffor a loan doesn't mean that the loan can't fall through.So you think you home is worth $300k and get it appraised and it comes in $215k, that means that your LOAN TO VALUE RATIO (LTV%) makes the loan un-doable depending on the loan amount.

You cannot do loans above 75% ltv if its fanniemae, and 95% for FHA.

I've seen this complaint on so many websites, and all i can say is this.

It's your home, be as HONEST as possible when you start the loan process because 9 times out of 10, the reason a loan fails before or after the appraisal is because the borrower is not being honest about their income, has no way to prove it, or they over estimated how much theiir home was worth in a declining market.Also, not every Loan Officer is the same so you shouldn't give a company a bad rep just because you had a bad experience with a representitive of the company.

Castle Point Mortgage - They are Predators...

Sarasota, Florida 9 comments
Not resolved

Castle Pointe Mortgage makes everything sound great until you get their disclosuers.They have you pay for the appraisal to them and then conveniently do not send the paperwork until the appraisal is finished.They do not send you the appraisal.

You have to fight for it even though you paid for it. They also add money to the actual cost of that. They sell the mortgage right off and there is no guarantee that the buyer will not require more paperwork or money. They charge more to get a $200,000 loan then it cost for a million.

My advise to people is run like the wind from them. Lending Tree should not have them as part of their buisness.

There are all kinds of bad reviews on the web about this company.

Comments

Anonymous
Narayanganj, Dhaka, Bangladesh #652539

Really nice blog and great sharing to Plumbing service

Rohnert Park plumber

Anonymous
#42827

The appraisal fee goes to a third party vendor, not castle point. Further, mortgage regulations require a customer to mail in a written request for a copy of their appraisal. Once said request is received, a copy of the appraisal is mailed out immediately at no additional charge.

Many customers become angry once they are denied a loan, however, they must realize that the appraisal value is one of the biggest deciding factors of the loan approval process. The Loan officer can only give a pre-approval based on the initial stated estimate given by the borrower. Most customers over-state the estimate of the homes value, and fail to mention there is lien on the house, or other surprises only found later in the loan process.

:zzz

Anonymous
#32172

the people that's recommending people to castle point much be the employees of castle point.I was screwed bad by castle point in february.

when they stated my home had a lien on it after they took alot of my money.They are scammers and I filed a report with the BBB and this company isnt even around anymore now you tell me if that's fishy.

Anonymous
Burkeville, Texas, United States #27181

I used to work at Castle Point Mortgage and I can tell it's not that there predators it's that they don't know what the *** they are doing. The loan officers care about nothing other than making money. They don't know a *** thing about the process and they will tell you that you are approved before your ever even run through the system just to boost their numbers. Then once they actually get your loan into the system they try to avoid any contact with it. Basiclly they got your money and it's going in there pocket so they don't care to deal with you anymore thats why a lot of you never hear from them again. They are there they just have caller ID and aren't answering your calls.

This company is so hard up to take your money that they bend every rule in the book to just quickly get a loan through then sold off to bank before the bank ever realizes that the loan is fraudulent or the borrower is so inept that it's obvious that they could never afford the loan or would be able to pay it.

On top of that the employees are mostly 19-21 year old kids that hired right out of the bars in the area. The turnover rate of employees is higher than McDonalds. So you can expect to be put in the process by a Loan Officer and never hear from him again because he quits that afternoon.

Anonymous
East Palo Alto, California, United States #25813

99 times out of a hundred the company that originates your loan is going to sell it off to one of the major players on the secondary market.None of whom will EVER be able to change the terms of your loan or charge you more money.

Closing costs are based on the risk factor associated with lending the consumer the money, not the size of the loan.

It is based off of the loan to value ratio, debt to income ratio and whether or not you have trainwreck credit.Understand what you are complaining about before you start blabbing away...

Anonymous
Boulder Junction, Wisconsin, United States #15419

I was contacted by Kosta at Castle Point Mortgage right from the beginning he was very honest and informative where other companies were not. I would recommend doing business with this company If you want an honest and helpful experience.

Anonymous
Boulder Junction, Wisconsin, United States #15416

My experience with Castle Point was very professional, Not only did they have the best customer service but they saved me more then 2k a month. I would highly recommend working with Anthony at Castle point. If you want an Honest and helpful experience they are as good as It gets.

Anonymous
Riverview, Michigan, United States #6073

I did business with castle point mortgage and i had nothing but a positive experience every thing was disclosed before i closed people on here just go into things blind and are absolute morons

Anonymous
Auburn, Michigan, United States #3268

You are right.Mortgage brokers and banks charge for everything and by law it should be disclosed before they start work.

If it is not listed in the initial disclosure you don't have to pay for it at closing. But the best thing to do is shop around, they are all the same and sell the loans to a very few buyers. Get your disclosures up front if you are refinancing you should know the tricks.

If you are a new home buyer you paid a reator good money to get you through the deal.make sure they protect you or sue the broker, that will wake em up.

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