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1.07/5
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Coldwell Banker Mortgage

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Last updated: Sept. 26, 2017

21 Coldwell Banker Mortgage Consumer Reviews and Complaints

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Verified Reviewer Verified Buyer
Original review: Sept. 26, 2017

Around mid of July 2017 we started to look for a place for my parents to purchase in Selden area. We found 11 Redwood court along with our agent Christine from Laffey real estate. We told sellers and the real estate agent Gail ** that my parents were closing on their home in Brentwood that they lived in for 45 years with perfect credit. In reference to my parents closing on their home our buyers kept on changing the closing date. Everything moved forward until our lawyer wanted to see the prospectus, that he legally had the right to see sent to him. It was supposed to be sent back to the seller's lawyer at completion. The seller and the real estate agent Gail ** refused to send these papers, for fear it would be lost by lawyers. Gail pushed my parents into setting up an escrow for 250.00 until papers were returned.

Upon speaking to her on the phone with lawyer on other line and my spouse on the line this turned into her screaming. Gail was furious with our "stupid" as she put it lawyer and said that now we have to give 500.00 escrow for her aggravation or lose the coop. I felt my parents were put against the wall because they were closing and would eventually have no place to live. I proceeded to tell her "Fine" and that I would physically go to Westbury that is 45 minutes away from me to bring papers. I picked them up from their lawyer's office" (which is next door to Coldwell Bankers in Patchogue and sign a paper that stated at the return of this paperwork I would get 500.00 back. Their lawyer actually agreed with me that this was not necessary but at the demand of Gail the agent he did it.

Eventually everything was completed and my parents' 500.00 returned. In the meantime numerous phone calls back and forth for 2 weeks continued with one day she was pleasant on phone the next demanding and almost harassing. I never once raised my voice to her in fear of retaliation that she would get other buyers that came after us to purchase place. Now we are at point again that she is using money in deposited escrow for coop 5,000, to manipulate my parents. The coop was lost unfortunately due to being denied for not enough funds even though my parents owned a home and paid double the about of expenses expected in this tiny 2 bedroom place.

It has been weeks with my lawyer Steven ** calling asking for the return of the deposit that was due to us according to contract. Gail the agent at this Coldwell Bankers company has breached the contract and my trust to this real estate company in Patchogue. In the meantime out of desperation to get this money to my aging parents who are beyond stressed about this. I called in their behalf too on 9/20/17 for one last time to the owner of this agency to please have a talk with Gail and her lawyer that this is not legal to breach this contract. She continued to now this 2nd time to use money to manipulate the outcome of this sale and emotional getting us back for something we truly did not do. Under the Suffolk County District court since nobody got back to me I will file a complaint under breach of contract and am hoping that others who think they want to go to this place of business stay away. It's not worth the headache.

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Verified Reviewer
Original review: June 5, 2017

We hired Eric ** from Coldwell Banker to sell our home. At first everything seemed ok then Eric calls to say he has 2 showings on these dates. Well the first showing date comes. We get the home ready to show only to sit and wait. No phone call. Nothing. So we call Eric and his excuse, "Oh I was sick." Oh so you couldn't call us, poor excuse and first strike. Then 2nd showing same thing. No one shows. No phone call. Then we get a phone call from a potential buyer who told us they were inquiring about our home and that the real estate company told them they were not sure if it was a 2nd home, not sure if anyone lives in it, etc., etc. Well that was the 3rd strike.

So we called Coldwell and talked to Pam who took over the home sale. She come to our house. Didn't look upstairs, downstairs nothing and was giving a dirty look, well that was enough for me. I told her right then and there, "We no longer need your service. We will find a professional real estate company who knows what they're doing." Some time goes by and we notice that Coldwell Banker is posting pictures of our home from 10 years ago online of our home that the previous owners had. So in my opinion Coldwell Banker in Farmington, Maine is trying to ambush the sale of my home. I think it's pretty sad that a company has to pull these stunts. It pretty much tells you how unprofessional they really are especially Eric and Pam. Word to the wise if you want to sell your home in Western Maine STAY AWAY FROM COLDWELL BANKER IN FARMINGTON, MAINE!!!

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    Original review: Oct. 29, 2015

    We suffered extensive water damage on our cabin. Mitigation was required and furnished by ServPro in March. State Farm wrote a check to pay for it, which had to be endorsed by us and CB. This was in March. We contracted with ServPro for the rebuild. State Farm has sent us checks for that as well. They did most of the work without receiving any money because CB wouldn't release the funds. This has been going on since March. Every time I speak with a "customer service" representative I'm told something different. One agent says I'm missing certain documents. I send them in. The next agent says I'm missing something else. I have sent two copies of everything they requested. I requested final inspections and was told twice that everything was cleared and that the inspection would be ordered. Both times, the orders were cancelled, but I was not informed.

    The next person I spoke with told me I was missing one document required for the inspection, but that everything else was in order. After sending it in a third time, the inspection was finally completed. They still have a check written by State Farm, in April, for the mitigation. For the first time, I was told today that there are two forms needed before that sum can be released. I'm beyond frustrated and have lost my patience with the service representatives. No one seems to be able to give the definitive answer. There's no way to know who to believe, especially when they say their own representatives were wrong. I have been trying to find a contact at CB to relay this experience to and try to get resolution. The service representatives will not give me that information and I can't find it online. If anyone knows how I can do that I would appreciate the information.

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    Verified Reviewer
    Original review: May 7, 2015

    Apparently Coldwell Banker Mortgages are serviced by PHH Mortgage. Nice to find that out surprisingly after a phone call about my payment not being received. This is about the second or third time my payment is not being received by them until the 21st of the month when it is sent out by the bank on the 1st. All of my other payments sent out are being received within a few days. Additionally, this is randomly happening and has started to happen within the last year, which raises reason for suspicion. I had to double pay for one month using the online system which charges another fee in addition to the late charge I am being assessed. Something is going on and I urge if anyone else is having this problem to also write a review on this gimmick they trying to pull. I really wish I could sue them but I am sure they know that an average Joe wouldn't go that far due to legal fees. Shame on you Coldwell Banker and PHH, whatever you are!

    Original review: Jan. 27, 2015

    I have had more than one bad experience using CB, but I am going to share with you the most recent one. I decided to put my house on the market due to financial difficulties. The agent I chose to represent me was Jeff ** from Coldwell banker of Denver. We ran all the comps in the area and came up with a listing amount that would put enough money in my pocket to give me a good start with my new life. I told Jeff that I needed about $130,000 and the listing amount would get me close to that amount.

    Within 1 week we had an interested buyer. At this point I told Jeff that I had received an insurance settlement of $12,000 to replace the roof and asked him if the roof would have to be replaced before my house sold. His response was that he had never had a situation where that would arise. The money I received from the insurance company was used to update the interior of the house and I told Jeff that I did not want to spend any more money on the house. So I signed the contract.

    Shortly after signing the contract the buyers were looking into insuring the house and the insurance company and "no insurance company" according to my agent Jeff ** would insure my house for any buyer. Jeff who claimed he had sold over 800 houses did not know that there is public record of insurance settlements and that this would happen. RIGHT! I have spoken to other agents who have told me this is understood and should be expected to happen. So at this point I had already signed the contract and there was no backing out. So the $130,000 that I needed for a good start at a new life was now cut to about $119,000.

    After the buyers did an inspection, we realized the furnace needed to be replaced. I told Jeff that I am not going to replace the furnace, I couldn't afford it. So he called the buyers and told them. He called me back and told me the "deal is dead" in a text that... I still have. He said they want to back out of the contract and that he was going to send me a termination of contract to sign. He did send it to me and I signed it but I noticed it did not have the signature of the buyer, I think he was tactfully calling my bluff because he knew how bad I needed money. He called me back and told me he would pay for the furnace out of his commission money, so that I would still walk with the $119,000. I agreed that that would be acceptable.

    I believe that the termination of contract document was a bluff to get me to purchase the furnace for the buyers, as well as the roof incident. While this case is not criminal and I do not have a leg to stand on to keep my house in a market that is appreciating. I want consumers to know that if you are working with Jeff ** or thinking of working with him. He will call you "my friend" and "my brother" and he may even tell you he loves you, "AWKWARD"! And he will tell you that he does not care about the money, when all the time he is working to give your buyer anything and everything he wants at your expense, even if you are almost in a bankrupt situation.

    For the record, this is not the first time I have dealt with Coldwell banker, all of their agents will call you friend and brother and try to make you think they are not concerned about the commission check. But I assure you that is ALL THEY ARE AFTER! Buyer and seller beware of Coldwell banker. I want you to know that I am an honest hard working person and I have integrity. 6 years of volunteer work at children's hospital. Numerous trips to 3rd world countries to do mercy work. 14 years owned a sign company. My intention here is not to destroy Jeff **, but I can assure you his intention is only to make sell and get the commission. I will post again to let you know whether or not I walked with the $119,000 which was my absolute bottom line to go through with the deal.

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    Verified Reviewer
    Original review: Dec. 18, 2014

    We just moved to Dallas area and I have naively took our realtor's advice to finance our mortgage through CB and it has turned into a costly nightmare. They provided a good faith estimate with fixed rate to match BoA and just a week before the closing date their broker Kim ** contacted me to let me know that they cannot honor their interest and have to change it to a much higher rate. The reason that they provided was change of my credit score due to late payment of a credit card. I checked with the credit bureau and the credit card and seems no problem. Also, they don’t suppose to check my credit score after the rate approval, which I felt unethical.

    I tried to speak to Kim and to her manager from Florida and they were very rude knowing that I did not have other option to finance my house on time. In addition during the process they are requesting enormous paper works unlike any other mortgage companies. I have spoken to many colleagues and neighbors and they report horrible experiences with CB underwriters as well. Finally, because of the limited time I have accepted their dictated rate and ending paying much high monthly payment waiting for next opportunity to refinance my mortgage. If you want a mortgage and don't want to be scammed, avoid Coldwell Banker at all costs.

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    Original review: Nov. 1, 2014

    We are using CB to buy a home, and naively took our realtor's advice to finance our mortgage through CB. It has turned into an unrelenting nightmare. We have repeatedly faxed the same documents to them, they requested that I send them a copy of the canceled check that I wrote TO THEM for the initial deposit to "show what account it came from." I said, "I wrote the check to you, look at it." But no, I must provide a copy of my canceled check to them along with a copy of my bank statement showing that they cashed the check. They are requesting reams of paperwork unlike any other mortgage process I have ever been through or heard of. This is because they plan to sell my jumbo prime mortgage the second they approve it so they are making us jump through hoops no legitimate bank would ever do. I have spoken to many friend and neighbors and they report horrible experiences with CB underwriters as well. If you want a mortgage and don't want to be tortured, avoid Coldwell Banker at all costs.

    Original review: Aug. 5, 2014

    We sold our house and the law office sent the payoff check that day (overnighted UPS) - OVER TWO WEEKS AGO. The check was received by Mortgage Service Center but seems to have disappeared. It wasn't cashed, and our mortgage wasn't paid off. And then the monthly mortgage payment drew on the first of the month! I've called the customer service line (overseas) three days in a row and get NO ANSWERS, other than that they will "send an email" about it. I can't even believe this is happening, and I'm not immediately forwarded to management level in the New Jersey office. Outrageous.

    Verified Reviewer
    Original review: May 19, 2014

    I called the service center for Coldwell to discuss removing my escrow account and was told all I had to do was sign if approved. A letter was mailed to me advising that there was a fee for this which I had not been advised about during my call to remove this and I called back to see what this was for. During my call I was misadvised that my loan to value ratio needed to be at 78% and that if I waited 2 months it would be ok and would automatically be removed. I advised this made no sense as I put down 20% when I bought the home and was placed on hold and then again advised the same wrong information. When I continued to press, she said, "Oh, I was referring to PMI" - I asked if she could see my account and she confirmed and I asked, "Did it show I paid PMI", and she said no - why would she tell me about something that did not apply to me. I requested a supervisor who said, "Oh yes, she did misinform you." I did not get my issue addressed. Their customer service if outside of the USA and on top of being hard to understand are not providing correct information. I would not use this company ever again.

    Original review: Nov. 19, 2013

    I had a dire emergency and wanted a deferment on just one month payment. But they will not work with you. They said I could not make the payment, but I will be charged a late charge, it will go on the credit bureau but, I could make additional payments for six months. I have talked to other people with mortgages and they said they were allowed 2 deferments total. I just hate the way these people are just so anxious to make things harder for you.

    Original review: May 21, 2013

    I have received a letter stating that my insurance coverage on my home lapsed since Feb. 2012. I have called numerous times giving them my insurance company information (MetLife) and even made conference calls to get this resolved. Each time I thought this was resolved, yet both companies kept saying the other dropped the ball. I continued and always have made my house payments on time with taxes and insurance included; and unbeknownst to me, the issue was never solved. They (CB) state that I ignored letters, which I did not, because I called them when I did receive one; but they never tried to call me.

    They now have slapped a $3,014 charge to my mortgage account for non-payment for 2012 and again for 2013 for non-payment of insurance. I cannot get them to remove those charges and this will put me into bankruptcy; and I will probably lose my house. I am in the process of purchasing insurance from SAFECO and am awaiting approval from my new insurance company. CB absolutely refuses to remove those charges. They told me to ask my insurance company (ML) to backdate my policy… fully knowing that they would not. I didn't know that it is illegal, but they sent me on this wild goose chase.

    I have offered to pay my regular premium of $566 x 2 for both years of coverage 2012 + 2013, and they still refuse to assist me. I did not do anything wrong. I pay my mortgage payment (taxes and insurance included) every month on time. This is criminal that they can "Backdate" premiums and attach them to my mortgage, and I cannot do anything about it. I have done absolutely everything in my power and did what I thought I was supposed to be doing all along. I am an upstanding honorable citizen. I was forced into early retirement from the State of CA in 2003 as a result of a bus running me down in front of the State Capitol building in a crosswalk, suffered a head injury and many other injuries and subsequent life changing injuries that leave me struggling daily with life's simple activities. This is only making my illness worse. Please help me.

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    Verified Reviewer
    Original review: Feb. 23, 2013

    We purchased our property in Nov of 2003. We were given the breakdown of everything in our contract, to include a monthly payment for Primary Mortgage Insurance. The payment was $48.64 a month for 10 months or until the mortgage reached a certain percentage below what we owed. So, as the months went along and we were making our payments, I decided to go online and make a payment instead of sending it. I browsed through to see the activity on the account. My PMI was billed for $111.43 a month until January of 2005 when it increased to $145.92. My contract rate was $48.64 a month, not the amounts they were billing me.

    I contacted Coldwell Banker and complained. They said there was nothing they could do at the moment - they would have to do an investigation, etc. I contacted the titling company and had them send me the entire contract in full. The lady was nice enough to explain to me that Coldwell Banker could not increase my PMI due to the set amount written in the contract and no wording stated they could do so. After 3 months of constant calls to Coldwell Banker, they finally corrected the problem and refunded me half of the money they charged. I called and complained again, wrote to the BBB and nothing came of it. There was no way to fight it and an attorney would have charged us more than what was owed, so we let it go.

    5 years later, I was assaulted by a patient and was not able to work. I was fighting workman's compensation and we became behind on our bills, but we always paid the mortgage. Everything piled up and we finally had to file bankruptcy; however, we reorganized our debt for 3 years and it was finally discharged in Sept. Now, in February 2013, Coldwell Banker still has not updated their system and they have been charging me various amounts from our account. When calling, they told me it was to pay their attorney fees. I told them it was prohibited to charge me for their attorney's fees. I kept calling and calling, and still to this day, no resolution. I have been billed numerous times and my mortgage payments are showing a missing payment, which was deducted from my bank account.

    When calling, I can only speak to someone in the bankruptcy department who cannot answer any of my questions, but do a so-called escalation. I wrote a letter and sent it certified, which stated I wanted a breakdown of all the fees being charged within two weeks. It is now 4 weeks and I still have not received the breakdown of these so-called fees. I called them again and yet, “I will escalate the matter, ma’am.” I asked to speak to a manager, but I only get people who do not know what to do. The customer service center is in India, so I am not able to speak to anyone at the actual company! I will be calling my attorney on Monday, definitely.

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    Original review: Feb. 10, 2013

    My husband started the refinance process with Coldwell but was never told that we actually qualify for the FHA streamline refinance loan where there are no fees and appraisals required. This was a hard lesson learned. He should have been more informed going into it, but they certainly took advantage of us by proceeding with the loan and not being forthcoming about our options. So because the appraisals had already been done, even if we back out of the loan, we still owe them hundreds of dollars now. It is still more reasonable for us to back out and go with the actual FHA streamline loan (definitely through another lender), but I frown upon Coldwell Banker for being dishonest and would have expected more as they are a well known, large company.

    Original review: July 30, 2011

    My clients went online to Quicken Loans and were told they met the qualifications for a loan from them. Sara ** called to introduce herself as the person handling our account number **. She assured me that they used a team approach, stayed on top of their loans 24/7 to make sure everything goes smoothly. At the last minute, a few weeks before we were to close, my clients were rejected. I called Sara who knew nothing about this and was going to look into this first thing. We never heard back from her and my clients received a loan from a "legitimate" loan agency, Mortgage Masters, and we close this coming week.

    I seriously suggest staying far away from Quicken Loans!

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    Original review: Nov. 24, 2010

    We contacted Coldwell Banker Mortgage to ask whether we would qualify for the Home Affordable Refinance option (to initiate the loan, we went to the government website that explained Home Affordable Refinance and it says that if we did not know if we qualify for the loan, to call our mortgage company). We were told that we would and were pre-approved over the phone by Rebecca **. We were also told all fees would be waived and that we would only have closing costs to pay, which would include the appraisal, escrow shortages, per diem interest and title fees. When we were within a week or two of closing and after an appraiser had come to the house, we were told that we did not qualify for the loan because we currently hold a VA loan.

    We switched to a VA refinance loan application, having to start the entire process over. We asked that we be refunded the appraisal fee ($405), since we had mistakenly been qualified for the other refinance option which required an appraisal (the VA refinance did not). We have yet to get an answer or refund. Last we heard, in early October, we were told by Rebecca that she had submitted a request for the refund to the Office of the President and that we should hear the outcome within a week. After a week, when we still hadn't heard anything, I contacted Rebecca to ask for an update. After an additional week with still no response from Rebecca nor the Office of the President, we filed a complaint with the BBB. They also could not get Coldwell Banker to respond, so they have closed the case and lowered the company's rating.

    To give further background information: Rebecca stated that she had checked the Sallie Mae system herself and that based on what she saw in the system, we did qualify for the Home Affordable Refinance. Later, when she called and told us we didn't qualify, she said it must have been an error in the system. We recognize that these sorts of errors happen, but we certainly should not be responsible for the $405 that we had to pay because of an error in a system that we have no access to or control over. We relied on CBM's expertise (as the government website told us to do), which was apparently wrong. We feel that it is only fair that we be refunded the appraisal fee of $405, which we should never have had to pay in the first place.

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    Original review: Aug. 29, 2010

    I am a retired, severely disabled resident of Slidell, LA. I signed a lease for property located in Slidell, LA for residential usage through Coldwell Banker Company, agent Mike ***. Prior to signing the lease, I reviewed the condition of the property and identified several areas that needed to be corrected prior to my scheduled move in date of July 1, 2010. These concerns were passed to agent Mike *** on June 15, 2010. When I signed the lease, I gave the agent a check for $1300 as a deposit for the property. This check was dated July 1, 2010. I was told the check would not be used until July 1. I went to the property on June 30, 2010 to ensure that it was ready for my move in. I found the house to be in filthy condition and most of the appliances were inoperable. There was no hot water in the bathroom and the air conditioning was out of order. I was told that repairs would have to wait a few weeks since the owner was too busy to respond.

    Since I had given notice to vacate my previous apartment as of July 1, 2010, I was forced to notify agent Mike *** that the property was unsuitable for habitation and that I was canceling the lease at the new property and reversing the vacate notice at my apartment. I immediately went to my bank to stop payment on the $1300 deposit check and found that it had already been cashed on June 22nd, despite the agent's promise to the contrary. To date, the deposit has not been returned, and the property owner is attempting to sue me for the accelerated lease amount of $7150, even though the house is still unusable and I did not move in.

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    Original review: May 24, 2010

    I am 60 years old and my total income is disability, but with the 8000 benefit I was able to buy a home built in 1963. I did get an FHA loan and the home had to go through the normal inspection. After I moved in I started to paint the area were the washer and dryer go. I moved a piece of plywood and found a 2 foot by 2 foot hole through the concrete neatly concealed. The dirt is washed away under the house as the shower leaks onto the ground. The water meter moves with everything turned off. The corner of the drive way has sunk 4 inches. I was told the sewer is leaking and this is why the driveway has sunk. I have three est all about $20,000. All I have been told the sellers are not taking anymore est. Why the inspector did not catch this I don’t know. I was told everything is so wet under the house there might be fungus in the air the last tenant died. I have no money to repair any of this. Please help me. Thank you.

    Original review: Feb. 25, 2009

    When I signed my loan documents the amount with held for my impound account for property were grossly understated to make my payment more appealing to me. All the information was provided to make a very accurate and correct estimate. I did not question the amount witheld because the documents, in bold letters, stated that the closing agents need to review dates and amounts for accuracy which was obviously not done.

    My mortgage payment is set to go up $325.00 which now makes our mortgage above our means which eguals foreclosure. Or I have to come up with $2,000.00 dollars to make up the shortage in my impound account. A $2,000.00 dollar error in property taxes is impossible to miss because it equates to a $200,000 increase in the property value.

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    Original review: July 8, 2008

    As of June 5th I was told by Lee of Caldwell Banker my house was sold. I needed to move out of the home and prepare to sign the papers. I moved on the 14th of June, 2008. And was told the paperwork would be ready to sign on the 18th.

    Late evening on the 18th I was told by Patty, that Mann Mortgage did not have the information on the flood insurance and zone. I had turned all paperwork including elevation certificates and flood zone information to the realtors(Lee& Patricia- my realtors/ Bob - representing the couple buying the house). The Realtor, Bob, (representing the couple buying the home), said he forgot to give them the information on the flood zone, insurance and certificates. The mortgage company said by the time they got the paperwork, which was after the 20th of June 2008, it changed the financing of the loan and the couple no longer qualified.

    I moved out of my home, paid a deposit/rent costing me $1875.00. I signed a lease. If I break the lease I will owe rent and any advertising costs until the place is rented. My home is now facing foreclosure. This is the second month I am not able to pay. I cannot pay both rent and mortgage. I'm losing my home due to negligence and inexperience. The mortgage company that was involved is: Mann Mortgage, Reno, NV.

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    Original review: April 21, 2006

    I had rates changed on me today, 3 days before closing even though I have a letter of lock, have 2 good faith estimates showing the lock rate. I got a call from Coldwell Banker Mortgage this morning saying that my rate is now 8.25% even though I locked my rate at 6.35 back in Feb. they say they pulled a credit report in march that has something on it that dropped my score and therefore they have the right to change event thought I have a rate lock letter and 2 good faith estimates. Since my closing is in 3 days and I am closing on my current house tomorrow, I don't have much choice but to do this.

    This is going to cost me over $200,000 in the life of the loan and is causing me enough stress right now to hurt someone. I cannot believe that this is legal

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    Original review: Sept. 9, 2003

    Spouse & I own two houses that we began refinancing six weeks ago. Our lock expires on 9-19. The appraisal for the smaller house came in $9000 less than two years ago. And the larger house appraised for less than the neighboring house- of the same floor plan with less square footage and less acreage. My wife is a realtor and the 'Comps' (value comparison of neighborhood properties, run when fixing the selling price of houses)show the larger house more than $24,000 below the average. Something is very wrong here! John W, the head of Coldwell-Banker mortgage services for the north Texas area does not return calls to his office. Suddenly, everyone at Coldwell who had been friendly and available six weeks ago has become distant and arrogant. It can't be my credit rating because it is excellent. I heard the NPR report eight days ago where others are complaining of companies delaying until the lock period expired. And this looks like the same treatment.

    The obvious consequence is being stuck at our current rate - a cost to us of $1,000 a month over the lower rate. More if you consider that we would not have to escrow the taxes and insurance on the bigger house. The monthly savings of $1,000 was planned to pay down our other debt, much of which is credit cards at high interest rates. The savings on the two mortgages would have allowed us to be debt free in thirteen months. We were also planning to buy a new car in the spring as the mileage on the oldest is 176,000. This is a staggering loss for us.

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    Coldwell Banker Mortgage Company Information

    Company Name:
    Coldwell Banker
    Website:
    www.coldwellbanker.com