We've been trying to close a mortgage refinance with NovaStar Mortgage since 6/2/07!First they took $370.00 from our checking through a "third-party" who then hired an appraiser.
She came to our home appraised our home incorrectly by comparing to houses that have 1/2 the land we do, no pool and 1/2 the bedrooms we do then came in under the city appraisal which we pay taxes for. We filed a complaint through BBB and she says to go to our lender. Well NovaStar nor the woman who appraised our home will give us the company information of who took our $370.00 and we cannot find the company anywhere??? Now NovaStar over a month later has been saying for a month "we need one more piece of paperwork from you" over and over it's always something new.
They said they'd pay for a second appraisal and never did we get one. Now they send us paperwork with an appraisal amount of $10,000 higher than the woman who appraised us $40,000 under the appraisal we had done 30 days before hers for a home equity loan through another company!!!!! We never got the 2nd appraisal, we never got our $370.00 back and because of this faulty appraisal putting our home's worth way under they've upped the rate and want us to pay $300.00 more per month for a mortgage payment than originally stated with our home's actual worth. It's a big scam and there's some fishy stuff with NovaStar Mortgage and I urge people to stay clear.
Now we're out $370.00 and no deal after 2 months!!!!!!They suck and we want everyone to know their scam
Review about: Refinance Loan.