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Metro Atlanta, Athens and NE Georgia

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Consumer Complaints

BBB Accredited Business since 11/16/2012

Equity Loans, LLC

Phone: (678) 205-3554

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Customer Complaints Summary

6 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint TypeTotal Closed Complaints
Problems with Product / Service6
Advertising / Sales Issues0
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints6

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (6)BBB Closure Definitions
09/11/2013Problems with Product / Service | Read Complaint Details
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Complaint
Equity Loan, LLC lack sense of urgency. They fail to meet deadlines without regards to the consumers they are affecting.
Our offer on home was accepted 6/24, scheduled closing date 8/5. Documentation provided on a timely manner,no later than 48 hrs after request. I confirmed with Loan officer I did my part, but processing dept has failed to meet deadline. I have not received a call from management or have a valid excuse to why it has been delayed. It is now 8/21 and I am hoping the sellers will grant another extension (3rd one). Because of this delay now I am forced to pay another month of rent where I currently reside and because my contract is up I will be paying more than I normally do. My family and I also had 2 birthday parties and 1 graduation we had planned to celebrate in our new home (8/17 graduation), (8/24 my birthday), (9/14 daughter's birthday). Home Equity LLC has demonstrated nothing more other than disrespect to my family and I. I knew the process would not be easy and that it would be a lengthy but they have constantly overpromised and under delivered. During the past three weeks I have been told the same line "it will go out to title within 48 hours" I would suggest they change their advertising before they get a lawsuit for false advertisement.

Desired Settlement
I will most likely go with another lender but at the same time I run the risk of losing Earnest money, appraisal cost, inspection fee and to top it all off I already purchased home warranty. I don't want to lose any money, but would prefer another lender.

Final Consumer Response
Consumer indicated they have heard from the company, but the issue has not been resolved. Comments follow below:
After asking sellers for several extensions I decided to go with a different lender. Equity Loans contacted me asking if I was aware of the request I told them I was aware and would like for file to be released. I checked in with the new lender 2 days later and the file still had not been released. I accused them of unethical practice and told them I would call ***. They said we could close the following day but when my realtor tried to confirm with title they knew nothing about my file. I again asked for my file to be released. My file was released to the new lender mid-day Aug. 30 and I signed closing documents today Sept.10

12/10/2013Problems with Product / Service
06/12/2013Problems with Product / Service
02/03/2014Problems with Product / Service
06/19/2013Problems with Product / Service
04/29/2013Problems with Product / Service

Industry Comparison| Chart

Mortgage Bankers, Financing Consultants, Real Estate Loans, Loans, Financing

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.