Complain about a product or service

Castle Point Mortgage

Fred of Toms River NJ (02/02/08)
At first I worked with Castle Point Mortgage. I owned this house with a partner for a few years, so I had equity in the home. I had to get his name off the house, so I found Castle Point Mortgage, and they worked on a loan that I could afford. The day of the closing came, and my % rate went up to 12% with a 1600 + payment, when I only make 1400 a month. I called them; they said "Take or leave it--that if I make three payments they will get me a new mortgage." One month into the loan they sold it to Countrywide Mortgage. I've been trying to work with them, but no help; my house my be going in foreclosure because they misled me. They over-inflated my paycheck to make look like I made more them I did; so now I'm losing my home.

Laroyce of Torrington, CT January 1, 2008

Laroyce of Torrington CT (01/01/08)
Maggie called and said that we are eligable for a refinance and that GMAC was going to waive the prepayment penalty. We would not be responsible for any fee's but the appraisal fee, which I paid that day over the phone so that the appraiser could come out. I had a ton of questions and Maggie always answered in a roundabout way. To make a long story short, Castle Point negotiated a short sale with gmac. This was not disclosed to me. I was told it was a refinance. We certainly did not qualify for the short sale from the research I have done. Our mortgage was 188,000, our appraisal came in at 255,000. We have mutual funds and were not in jeopardy of losing out home.

It was not until after the closing when I called GMAC to make sure payment was wired that I found out that only 172,000 was paid and accepted as payment in full. There was a deficiency of 16,000. I will have to pay capital gains on that now. I would never have authorized such a thing. The lending practices of this group is underminding. Their title company Royal Settlement, owned by Castle Point, paid themselves out of my mortgage money over 12,000 in fees! I was not supposed to be responsible for any fees but the appraisal which they also paid themselves for again after I have already paid. I contacted the Attorney General in Connecticut and am now awaiting to see if I have any recourse. Can I sue and get my mortgage completely paid for? Can I get the 16,000 that was shorted? My credit is worse off due now our GMAC mortage shows up as credit granted excepted less for payoff. I was mislead in so many ways. I saved all emails that verified what they stated to me and I also faxed the attorney general my loan documents as well. Has anyone had a similar experience? Don't use them. They will only hurt your credit , not help you.!!!

My credit report is now showing that my mortgage was paid off with less then owed which is just as damageing as a reposession or forclosure. We work so hard and were taken advantage of terribly. Now I am in a deeper hole!!

Anna of Naples, FL December 17, 2007

Anna of Naples FL (12/17/07)
I went through Castle Point to refinance my home. Now, my credit wasn't so hot before all this. Bryan told me that we could refinance, taking money out to pay off our car payments, and some of the medical on our credit. I thought that this was a wonderful deal. The interest rate was even .25% lower then what he quoted me over the phone. He gave us extra money to help keep up with the payments since they went up by 1,000 dollars more a month. He told me that within 6 months of this refinance that our credit score will have gone up considerably and that we could refinance to bring down the interest rate. Day before closing he called me, I verified all information, and I asked to make sure that the payment he told me it was going to be, was with escrow. He told me that it was. So after the six months, with no money left to help pay the mortgage, here we are right now stuck into a loan that we can no longer afford. We are worrying if we are going to lose our house now.

I called Castle Point back when he told me to. And they tell me that there is no escrow account, that our credit still is terrible, and they can't help us. And we have even called around, and no one can help us out of this current situation. I was told I was better off selling my home, using the equity left over to pay off my credit score and buy a smaller house that we can afford, when our house is small already, with a 6 year old running around.

Castle Point put us in a worse position then we were in. Foreclosed upon with no roof over our heads, we can't even afford to buy food for our daughter or ourselves because of all this.

Debra of Parsippany, NJ August 18, 2005

Debra of Parsippany NJ (08/18/05)
I contacted Castle Point Mortgage to get a Home Equity Line. At the end of the first call I was told I will send the file to Underwriting today for a preliminary approval. Sounded good to me. To my surprise there was the old by the way... By the way he needed my bank account number! When I asked him why he said he can't submit a file without it as it would come back incomplete and thus a preliminary approval would not be granted. I told him I can give him an account number for an account that I don't use but why does he need this? He told me that they money would be automatically deposited into my account upon loan approval and that they would likewise do an appraisal and take the money right from my account.

I said absolutely NOT! I will not pay for an appraisal since I had a recent one. He said okay fine but he needed the number for the file to be considered complete. Again, I said I can give him an account number where there is no money and that is fine to make the electronic deposit into this account but I can NO PERMISSION to take money out.  I got a phone call from an appraiser and she said she had a work order from Castle Point Mortgage. I explained that I would not be paying for any appraisal and that Castle Point was aware of this. She said I don't pay her for the appraisal and not to worry, if Castle Point is requesting it, they pay for it.

I allowed her into my home to do as she must. No sooner did this happen, I got a notice from my credit union saying I was being charged 25.00 for a bounce fee. It seems Castle Point tried to withdraw 350 from my old checking account! Furthermore, they never did my loan, insisted on obtaining more personal information about me, requested deeds for my two homes and lots of other stuff that I thought was odd AND they never did my loan! I never even say any appraisal and was told the appraisal was done and the amount was 505K but the appraiser ran into some problems and she didn't submit the actual appraisal as of yet. I NEVER GOT ANY APPRAISAL yet they without authorization took money from my checking account and have sent this issue to a collection account.

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