Prospect Mortgage Complaint - REDC Auction Preferred Mortgage Co - BEWARE
SHERMAN OAKS, CALIFORNIA -- Recently we puchased a home in Tucson, AZ at a REDC sponsored auction. We were required to use one of their preferred lenders - as these homes were already on the 'loss' statements for other banks and Fannie Mac. So by using their preferred lender; we would be closing within the 45 days REDC required. Prospect has no active offices in Tucson, they were located in Scottsdale AZ. The person at the auction, did NOT have any business cards with his name on them = but someone else's with her name scratched off (RED FLAG #1). Being first time auction buyers, on the morning after the auction - we hit all the local lenders trying to get a mortgage rate we liked. 7 days afterwards we received notice that REDC accepted our bud - by then we secured some good rates and were ready to sign. Prospect Mortgage and the Title Co (I think they were in bed together @ the auction) told us we COULD NOT USE ANYONE EXCEPT the pre-approved one that we completed paperwork with that night. According to REDC weeks later, that was not true - anyone providing a 'HomePath' loan was qualified as a preferred lender so long as we closed within 'that 30 day window'. BIG MISTAKE, HUGE!!!!!!!!!! We are right now 4 days shy of our closing date and the lender is now playing the blame game - getting anyone to take this serious and responding to emails (we want everything in writing for obvious reasons) in a timely concise manner to hopeless. We have now resorted to emailing corporate managers - up the ladder we are going with no clear date in site. No wonder the housing market in the USA is in the toilet!
If people have to deal with this BS - why bother??????? What do people do - that have full time jobs and don't have the time to ride deadbeat misleading representatives asses on an almost daily basis? Hire attorney's and sue??????