Ditech

Ditech.com, which contributes a big share of General Motors' profits lately, has left a lot of angry consumers by the side of the road, including those below:

Richard of Aiken SC (08/25/06)
Responded to television ad cited flat rate of 395 for a new mortgage on a home that we now own free and clear with Ditech.com. In various e-mails and telecons we were advised of the process and interest rate. However, upon receipt of a mountain of paperwork for what was to be a paperless transaction, we refused to sign because the terms and conditions had changed from our first contact. We had provided our credit card number to secure a lock in rate that vanished into thin air and after returning the unsigned paperwork learned that 500 had been charged to our credit card without prior approval. This occurred despite an e-mail of July 10, 2006 which indicated that the deposit should not ever be charged and that the 395 processing fee would come out of the loan proceeds.

Immediate remedy was not provided by Ditech.Com despite repeated calls and e-mails insisting that the unauthorized charge on our credit card be rescinded.

Bruce of Carrollton, TX August 21, 2006

Bruce of Carrollton, TX (08/21/06)
I submitted an online application to DiTech. After going through the application, Mr. Williams said he had just ordered up a "merged report" from the big three credit agencies.  He said it was so they could remove the high score, the low score and use the middle number, plus the total of the outstanding liabilities.  After 40 minutes, he reported I was 420,000 in debt!!! He also said that I would have to be the Queen of England to get a loan - even from GNMA.

I immediately ordered all three credit agencies reports. Of the undisputed amounts, all three reported liabilities around 140K!!!  Finally, I asked Mr. Williams to send me a copy of the loan application. Well, there was no way to tell where this merge report came from, because there are no address or names on it as to who prepared it.

So, how did it get to 420,000? Obviously, the entity that prepared this report doubled or tripled the debts. If a debt was resold, or sent for collection, or whatever, it was assigned a slightly different account number - so the report totals what the software thinks are separate debts. But, when I reviewed the outstanding balances, and the text, it was clear to see the duplications.  I cannot seem to get a response from DiTech, nor a resolution, nor a resubmittal of a corrected loan application.

Bill of Gainesville, GA February 27, 2006

Bill of Gainesville GA (02/27/06)
After being approved for a HELOC, Ditech gave me all the rates, terms, and fees. I signed the paperwork and they sent an appraiser out that valued my house at 39,000 less than the appraisal done 2 months prior for GMAC. I contested the appraisal, and they sent another appraiser out that was a little closer. The Ditech rep said everything was fine.

A week later I had not heard anything so I called back. They said they needed additional information on a mortgage I had 2 years ago. I gave them the information in the format that they requested. Then they wanted more detail. I provieded more detail. Again, they said everything would be fine. Later, they need an additional W-2 form. I said ok - then they said they would have to the appraiser back. I told that I was tired of jumping through hoops and to stop the loan process. I do not understand why they would pay for 2 appraisals not knowing if they would fund the loan.

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