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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 ***!!!!

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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!

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.

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