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Castle Point Mortgage Fiasco

Apr 11, 2008

Other Company complaint by Cac1966

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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.

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Comments (3)

1. Written by AAR, on 17-06-2008 12:03

Sonya,

Email me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

We used to work together.

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2. Written by Sonya, on 04-06-2008 11:52

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

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3. Written by Anom, on 14-05-2008 12:45

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.

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