Complain about a product or service

Lending Tree

Nic of Holton KS (11/15/08)
I contacted lending tree for my loan to buy a new house. The officer-Michael Rose told me that I will have no problem getting the loan. He asked for 400 to lock in the rate of 5.99% and so I did( 3 weeks to closing). Two weeks we talked back and forth for my information. No manager talked to me but only emailed me once to introduce herself. Then in the last week, he-Michael Rose is gone, never returned my call or anything.

My family was frustrated in the last week. I was stressed in the money (400) and the time consumed in the process. Lending tree just took the money I earned from my job.

Billie of Thorofare, NJ November 4, 2008

Billie of Thorofare NJ (11/04/08)
I applied for a debt consolidation loan through LendingTree. Two days later I was contacted by David (x592) from Cedarbrook Lending Group who stated he was the Account Executive. He said he reviewed my credit and I was approved for a 5000 loan. He said due to my bankruptcy, I was only eligible for a secured loan which was 6 months of payments (910) upfront. He faxed me the contract.

I had my attorney review it and she said it seemed legit. So I went to MoneyGram and wired the money to Michelle in NB Canada. The loan was to be deposited into my account on 11/3/2008 by 5pm est. At 2pm est I was contacted by Stanley in Customer Service (ext 0) who told me that the loan was reassessed by the lender and they required another 6 months of payments down, so I sent it. He then promised me that the loan would be deposited into my bank account by 3pm est on 11/4.

At 2pm est I was contacted by Richard (ext 173) who is the Executive Manager who then stated the lender backed out. I asked for a refund of the money because it was my rent money and he told me that I couldnt get my money until their next billing cycle on 11/24. Including the MoneyGram fees they got me for 1848.92. I have tried to call them over 50 times and they just hang up on me.

I was told today that if I didnt have my rent check by 11/5 that I was going to be evicted from my apartment with my 11 and 12 year old sons. My car insurance was cancelled because the check bounced.

Pam of Etta, MS November 4, 2008

Pam of Etta MS (11/04/08)
In 2002 we went through the same ordeal, out 500, constantly having to fax paper work to them, which had already been faxed numerous times. My work place verified several times that I had been with the company five years. All was well, lady for company came to our home we signed all the paper work for the refinacing of our home. Was told would take up to a week to finalize papers and we were set to recieve our loan and extra money for personal items.

In the mean time I became sick and had a minor surgery an was off on sick leave for a week, they called to verify my job once again, now this had already been done several times. Robin calls our home to inform us the due to my sick leave they can not go through with the loan. As soon as I was back at work we could start the loan process over. Needless to say I tried to explain it was only a week leave and could not afford another 500 to do again. So there was 500 down the drain plus apprasial fee.

Loss of 500, plus the fact my husband is disabled and I was stuck struggling to recover from loss of the fee. Also due to there selling of information I could not get a loan and stuck with a high interst loan and may lose a home i have worked my hard to keep for last fifteen years. Are there not any truthful lenders out there to help people like us? If a large lawsuit is brought against this company please let me know. Something needs to be done.

Julie of Bowie, MD September 25, 2008

Julie of Bowie MD (09/25/08)
In June 2008, I decided to try to explore options of refinancing or consolidating my equity line and mortgage. I had used Lending Tree for an auto loan years before, and had been pleased with the results, so I went to the website and started the application process. I was quickly contacted by Jerad, who reviewed my information and explained some options. He felt that the consolidation of mortgage and equity line would give me the best result (my mortgage rate was low, but my equity line was higher than current market). He then presented three offers from different banks, but I was extremely surprised to find that Lending Tree now offers their own loans. The rates were close to what was on the market, but certainly nothing special.

Of course, the Lending Tree loan (aka HomeLoan Center) was the lowest of the three, and I agreed to lock in with a 600.00 deposit after having the closing costs explained to me. The next day I received the loan documents, and the closing costs were more than double what was originally disclosed. I immediately contacted the broker, who said that the disclosure was just an 'estimate' of what the costs would be, and that some of the costs wouldn't show at closing time. He wouldn't refigure the Good Faith Estimate, and I couldn't trust a verbal 'Don't worry about it'.

I then did what I should have done to begin with. I contacted the Bank that holds both my mortgage and equity line and spoke with them. They recommended not refinancing the low rate mortgage at all, and just changing the equity line to a lower rate. I was able to drop the rate on my equity line 2 points, plus pull some additional money for debt; all without a dime of closing cost. I did lose the 600.00 deposit that Lending Tree refused to return, but consider it a lesson learned.

 I also suffered from multiple hits on my credit, I've received literally dozens of mortgage offers via mail and phone. They obviously sell the information as soon as the information hits their database. I think when Lending Tree started financing their own loans, we as consumers lost any true competition from the other lenders. Your personal information is open to all comers, the interest rates are poor, and they don't offer accurate information about the costs of the loans. I will never use them again, and will continue to tell anyone in the market for any kind of loan to stay away from Lending Tree.

Marshall of Mobile, AL September 20, 2008

Marshall of Mobile AL (09/20/08)
I was scammed out of the 600.00 Appraisal Fee. Lending Tree sends a 3rd rate adjuster out and your house does not appraise for what it is actually worth. They appraised my home at 250,000. My house appraised for 275,000 three years before. I even sent them comps in my area as they requested when the appraisal came back 100,000 lower than the actual value. I used another company and there was no question on the value of my home.

Lending Tree is not interested in lending you money, they are interested in their 600.oo fee and that is it. Please do not be swindled out of 600.00. I promise you, it will happen. Lending Tree is a scam. Banks do not compete for your business, they have their own finance company and then they sell the contract off to another lender they use. I called my credit card company and disputed the charge and had it reversed.

Dyane of Nyc, NY September 9, 2008

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