Complain about a product or service

EquiCredit

Nick of Germantown, MD writes (6/6/01):
I am in the process of attempting to refinance on my home loan. The new mortgage company informed me that there was a prepay penalty on my existing loan. On 5/9 I requested information about an alleged 3 point/3 year prepay penalty on nmy existing Loan with EquiCredit. I have no knowledge of this penalty, in fact, my note states, "You may prepay at any time without penalty".

I was informed that I would hear within 7 business days. Two weeks passed, no reply. I sent a fax request and an e-mail request for proof of a prepayment penalty, on 5/24. I escalated to a Supervisor, Annette on 5/30 when I still was getting nowhere! Called for Annette again on 6/1, not available, so I spoke with another Supervisor, Misti. She was to call me back, that day, but did not.

She was to fax me proof or a letter stating no prepayment penalty on Friday 6/1. No fax. Called again on Monday 6/4 and left another message. No call back. Again on 6/5 no call back.

I lost my lock on my loan while awaiting responses from EquiCredit. My APR went from 7.375 to 7.5. I lost my closure appointment, and now have to reschedule, and rates may still go up. Their phone system on 1-800-944-1212 is never answered, and sometimes is so busy the recording states "please call later" and will not even put us in a queue. This is horrible customer service, and is costing me money, aggravation and delays.

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