Quicken Loans - www.quickenloans.com

I recently had the pleasure (not) of working with Quicken Loans. I consider myself a very smart person when it comes to matters of finance. I've had some bad things happen in the past that made my credit situation not so great. I have a first and second mtg. on my home. The first is fixed at 6.75% and the second is also fixed, but at a much higher 14%. The first is for $315,000- the 2nd is around 30,000. I was hoping to combine both of these mortgages for 1 nice low interest rate and was very thrilled when Quicken called me to say that they could offer me one low rate (6.75%) mortgage by combining both of my loans. They just needed a credit card to put my 'good faith' deposit on in order to lock my great low rate. The red flags started going up, but they were promising to deliver. I told them my home was valued somewhere in the $380-390,000 range and was again, insured that I shouldn't have any problem receiving financing. I am aware that the housing market is at an all time low and asked the broker several times what my chances were of my home appraising for enough to make this work. He said that he was 99% confident and that based on the tax records, I should have no problem with the appraisal and if I'd just give him my $500, he would go ahead and lock my rate and order my appraisal. Supposedly, he did that and the appraisal was done within the next 2 days. Unfortunately, my appraisal came back at only $335,000- which made ABSOLUTELY no sense to me because I just had an appraisal done in the beginning of the year that came back at $375,000!! There have been several home sales in my area since and it makes sense that that number should have gone up- not down in just a few months time!! Well, my Mtg. broker never called after the appraisal and I finally decided to call him to find out about it. He told me the bad news ($335,000) and said that he would speak to his mgr. about doing a value appeal??? If that didn't work, he would order a second appraisal. That is where I stand as of now. I should have explored the Ripoff Report before dealing with this company, and I also should have gone with my gut instincts and NEVER have given them my credit card number. My mortgage broker got rude when I told him that I just didn't feel comfortable giving him a credit card before anything was done, and he promised that all would work out and that I didn't have anything to worry about. Does anyone have any suggestions on what I can do now? Is that $500 just gone, or do I have any recourse?? HELP!

Did a cash out refinance with Quicken Loans. My closing costs were also higher than expected, but I proceeded due to being in a hurry and already paying the $300 appraisal fee. Broker convinced me to take out a home equity line of credit in case of future need due to it being free at this time. Agreed, but was very clear we did not want a draw at this time. Signed closing documents immediately, but broker agreed to change the cash out amount (plus old mortgage payoff) to 80 % of the appraisal value as soon as that appraisal came in. Thought that happened when we got a higher amount of cash at closing. Just now found out (when I got a bill in the mail), that he did not adjust the amount on the mortgage at 5.9 %, instead he gave us a draw on the equity line at 10.375 %! I don't want the money at this rate, but don't want to pay closing costs to refinance again. What a scam! They will do anything to raise their commissions. They do not care about their customers. Avoid doing business with Quicken Loans!