Embrace Home Loans review: Scam 7

we responded to an advertisement that read lower rates and lower monthly payments if we refinance. we were required to pay $395.00 for an appraisel before they would do a thing. I asked them to run our credit before we did annything incase there was an issue, they agreed and said the reports came back good. I then paid the $395.00 for the appraisle then came the hoop jumping, then aweek later he tells us that there is a judgement against us that could hold up the loan along with some painting that had to be done in the house and outside. all the painting was complete and the lawyer was going to write a letter stating we were paying on the judgement which is what they asked us for. when the appraiser came back out as soon as she steped out of her car she said the brick chimney had to be painted because it was chiping at the top and if it was not painted the loan was not going to happen. I then repainted the brick chimney and called them back, now about a month and a half have gone buy and now he says the underwriter wont even look at it if we dont pay the entire judgement off. If we had known this in the begining when i asked them to look at our credit i would have said no way to the $395.00 appraisle fee because i dont have over 1500 dolars to spend it was alot for me to come up with the $395.00. I asked for my money back and the jentleman began to get rude telling me that he told us this from the begining so on and so forth. there was alot of other little things as well as far as paperwork they said they didnt get and faxes they didnt recieve which was bull. the bottom line is they refuse to give us our money back i asked them to check our credit before we paid for the appraisle and they said it looked good then as soon as we gave them money it was nothing but bad news, they knew they were not going to give us this loan and strung us along until they got paid, iwould have never gave them that money if i knew i was going to have to pay that big settlment off and they knew it. I feel like they deliberatly misled us and stole our money
Desired Outcome/Settlement
Desired Settlement: Refund-Credit Card Credit
all i want is my $395.00 back which they recieved and did not provide me with a service. that appraisle was useles to me and the fact that she told us the loan would not go through if i did not paint the chimney tells me they were working for th broker and not an autonomis appraisle co. Somthing stinks in denmark!

Understanding your concerns about your credit did you put into writing your concerns what does the contract between you and this company state? In other words what were the terms and conditions outlined and what were your expectations of those terms and conditions.

Understanding the cosmetic work that was asked of you what specifically required you to make such repairs in the first place? You mentioned a "She" that stepped out the car requiring a paint job for the chimney - that obviously was a condition of funding - possibly you should ask in writing what the conditions of funding were and also who the specific lender was. As far as the lien - with exception of private lenders I am not sure of any financial institution that would have funded your loan.

I had a similar experience with Embrace. I received a letter from them saying I was pre-approved, which led me to believe my credit had already been checked and I qualified for a loan. Searching for a lower interest rate, I called the 800 number and got a complete runaround. The gentleman I spoke with did run my credit report, but my score was low and, had I gone forward with it, my payment would have only been reduced by less than $50 monthly. That does not help me, so I decided against it.

Hi 2010SadPuppies, I am sorry you had to find this out the hard way. I myself am not a fan of embrace home loans, which I don't use capitol letters in their name, because they don't deserve that level of respect. Anyway, that is what they do there, they suck you in by giving you every guarantee under the sun, telling you that nothing can go wrong and they'll have you closed in 2 weeks. Meanwhile, 60 to 90 days later, as you're wondering what happened, you're chasing your mortgage person around trying to get him/her on thephone, even chasing their manager to get him/het on the phone, you're out $425.00. Personally I would be ecstatic to see embrace go out if business, because they don't belong in the business to begin with. I've even refied some people, where as embrace dropped the ball, because they don't know what the heck they're doing.

Thank goodness for the internet and the good sense to check things. I got their pamphlet in the mail yesterday. I scanned it, it looked good, but I wanted to check it out first. Of course BBB gives them A+. They paid a fee to get it. That's, unfortunately, how BBB works. The real measure is how others have faired with the company. I see nothing good there. So into the trash it goes!

So what do they (Embrace) get out of this "scam" process? $500 for an appraisal? Sounds like they are misleading people up front regarding their eligibility for a consolidated loan. then they are cherry picking the best looking loans and making those, if any. Low appraisals are not uncommon in today's real estate market. But I would think the lender wants to get a valid, but supportable appraisal in case one of the loans should go bad. But they don't get any benefit from not making your loan. That is the business they are in after all.

Misleading consumers is an understatement. I myself, have been in the home loan industry, in various aspects, from sales, to underwriting, to compliance quality control, and I have to say, Embrace employs the least knowledgeable, and most unprofessional people they could find. It's not that they just take money out of people's pockets for appraisal services, because that is not how they make their money, but the problem is they give BS answers, when people are actually looking for upfront honesty. They make anybod believe they can help, no matter what, but when they find out they can't for one reason or another, you can never get ahold of anybody there.
Oh, and on top of that, recently, the word is there is a class action lawsuit pending, along with an investigation for mortgage fraud being pursued by various states, also HUD, and from what I understand the FBI may be involved as well