Has anybody else been just a couple of days from closing when Quicken loans changed the terms of the loan? Is there anything that can be done when a loan company takes a deposit to hold open an offer and then changes the loan amounts?
2007-03-19 15:54:16 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I'm sorry to hear about the problem with your loan. As a Quicken Loans employee, I can assure you it is not standard practice to change terms of the loan.
Something must have come up that affected some part of the loan. I recommend having your banker explain exactly what happened. I'm quite sure you'll be able to work together to find a good solution.
If you still have questions, please email help@quickenloans.com
2007-03-21 10:06:50 · answer #1 · answered by Quicken Loans 5 · 2⤊ 0⤋
I'm sure you've read about the whole subprime problems going on. Also the Alt-A loans. You were probably taking their option ARM product? Very high loan to value? If so, every lender in the country just changed everything in the past 2 weeks, most of it on 24 hours notice or less.
The buyers for these products on Wall Street basically just went away overnight, once reports of these failures started coming they came by the dozens.
I don't know if that's what really happened to you specifically, but with companies like New Century literally closing their doors overnight, there are thousands of people around the country that had their loans in process just shut down midway. Some will find another place to get their loan. Some won't get one at all now. Too many loans are going into default, so everyone tightened up their guidelines, in some cases dramatically.
2007-03-19 19:55:35 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
You were given a "good faith" estimate I assume. Note the word "estimate". Lenders change terms all the time. It's not always their fault.
2007-03-19 16:08:19 · answer #3 · answered by Tadow 4 · 0⤊ 0⤋