Recently I have been trying to purchase a home. One day a man by the name of John Stallings called me at work and told me that he could help me to get financing. I don't have any credit and my score is 619. So it is fairly hard for me to get financed. Once I received a pre-approval letter. I was excited I called my realtor and put a contract in for a home. I took my two kids to see it and they picked out their rooms. Now he is asking me for a due diligence fee of $500.00. I am a single mother and I can't gamble with that amount of money. It may be a reputable company but I just want to know if anyone has dealt with this company before I send the money.
2007-02-07 02:30:45 · 4 answers · asked by Tricee 3 in Business & Finance ➔ Renting & Real Estate
I have never heard of a company like that but my husband is a loan officer for a mortgage company and you might call him to see if he can help you out and get you a great rate. If you would like his contact information feel free to email me.
2007-02-07 06:26:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I've never heard of a "Due Diligence" fee for a mortgage broker. If you didn't agree to anything then you don't owe it. You can get a free credit report at www.freecreditreport.com
2007-02-07 02:50:05 · answer #2 · answered by Real Estate Guy 2 · 0⤊ 0⤋
Anybody that runs a business like that couldn't be anything but an absolute scam! If you didn't agree to anything to in advance, you don't owe anything. Do not pay him, do not sign anything. Run like hell. Do not give out any personal information either.
He is preying on your desperation. He knows based on your credit score that you will not be able to find good financing so he is purely taking advantage of you. He is trying to be your "savior" only to screw you out of your hard earned money and then run leaving you empty handed. Trust me please!!
2007-02-07 02:33:59 · answer #3 · answered by CSUflyer 3 · 3⤊ 0⤋
do not pay anything. Any legit company will not charge anything to you upfront except for your credit report which will be around $20.
2007-02-07 02:42:47 · answer #4 · answered by Anonymous · 1⤊ 0⤋