Complaint Review: Loanraft Finance/ - Wilmington Delaware

On October 15th, 2018, I was Pre-Approved for $147,000.00 Refinance Mortgage loan by Loanraft Finance as a result of Mortgage refinance loan inquiry I made online.

On November 11, 2018, I was asked to and I sent $515.00 in Money Order for Application and documentation fees and was told there will be no additional payment. That the loan will be funded within 24 hours so we can pay off our current lender. That did not happen

On November 29th, I received formal Approval letter for the same amount of $147,000 with interest rate of 2.65% APR for 10 year terms.

The account Manager told me it was a 100% loan and that I will not have to pay a dime upfront for the loan.

On the December 18, 2018, the account manager asked me to send $2,940 in cashier's check and I did for closing costs. He also told me that since it is a 100% refinance loan, this amount will be fully refunded at closing in addition to the loan amount. Again, I was told by the manager in writing that there will not be additional payment required from me and the loan will be funded 24 hours from the 18th of December, 2018.

On December 23, 2018, I called to follow up. The account manager told me that day was their last day in the office for the Christmas holiday. That the loan will be funded as soon as their offices resumes work in January 2019.

January 2019 rolls around and I called loanraft so we can final the process so we can pay off our old lender with higher interest rate. I was very wrong. 

On January 26, 2019, the came up whith what the termed "Affordability Verification Deposit" to show we can afford the loan. I told the account manager that they have done that when I sent them my household income and employment information. They insisted I pay 4 times what my monthly payment would be ($1,395.82 *4)=$5,580.00 in cashier's check and I did. Again this last request like others came with a letter there will be no additional payment and the loan will be funded 24 hours from 01/26/2019.

On January 28, 2019, when I called to follow up, I was told that my account manager was sick and that he is the only one on inquiry that can give clearance to fund the loan that we have to wait until he return. By now, I am chunked up.

February 4th, 2019 I called. The Manager was back. He apologized for his absence, confirmed all to be completed and that the loan will be funded within an hour. I waited for the next 5 hours before going home from work, no bank alert. Next day february 5th, nothing came in. February 6th by mid day, nothing came in. When I called to find out what was happening, another story emerged. "the money has been wired into your bank account. you should have received by now. but wait, let me check the wire transfer status".

 When he came back, he told me that the money was stock in their compliance department that there was an Internal Revenue Service Escrow tax fee of $5, 446.00 that must be paid before the loan will be found. At this point, I asked them to put in writing and send to me. After I received the letter via email, I called and informed them that I am no longer interested in the loan and that I want everything I have paid them back. I was told that the money is stock in their tax department and I will not be able to get it back!