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.

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Back to the top | Finance Companies