Ditech Mortgage Review
Ditech Mortgage owned by GMAC Mortgage, is famous for their schlocky TV ads with a fat loan officer who always loses clients (even his own mother in one) saying, “Lost another loan to Ditech”.
These same ads pummel the viewer with the misleading, but very enticing $395 Flat Fee idea.
Ditech Mortgage recently canned that ad campaign in favor of “People are Smart” slogan which everyone should see through immediately as pandering…except the extremely stupid which clearly is the Ditech market.
After all, Ditech can run the “flat fee” loan scam or the “non-refundable deposit” scam easier on the dolt who believes Ditech Mortgage truly thinks “people are smart”.
Ditech Mortgage perfected the $500 non-refundable deposit scam with their boiler room telemarketers, their “hard sell tactics” until they get the credit card number.
I posted this Ditech Mortgage article outlining the scam in detail. So I won’t rehash it all here again.
Also, check out the Rip Off Report website on Ditech Mortgage to read the plethora of complaints from folks attempting to get large deposits returned to no avail.
Suffice it to say, there are a lot better ways to get a home loan than though Ditech Mortgage.
Learn the best way to find a loan provider as outlined in The Mortgage Advantage shopping system rather than trusting TV commercials.
Good Luck!
Update: 4/3/2008: Ditech can seem to get their act together on what image they want to present to you the consumer. Once it was the “People Are Smart” campaign which we reported on when it started noting the $90 Million ad campaign would fail. So let us take a bow on that prediction.
Now they’ve move to on to the “Clear and Straight Forward” campaign showing an office made of clear plastic and glass to demonstrate their “transparency”. Ha Ha!
In the same Orwellian “Clear and Straightforward” TV spot, they are anything but straightforward. The rate the spot advertises is a “low-ball” rate…a rate that could only be achieved by paying a ton of discount points. The discount point requirement is hidden in the disclaimer…a disclaimer that flashes so fast with print is so small, we had to record it and slow-mo it 5 times to read the whole thing.
Is the average consumer going to go to all this trouble or are they just call on what appears on the surface to be a really great rate?
We all know the answer to that one!
RKB
Author: The Mortgage Insider
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My husband and I suffered a big loss when hurricane katrina hit, my credit score was a 622, which went down to a 300 in a matter of months. We now have been working on our scores and they are up to a 500 or better. Is it possible to buy a home with scores that ours?
Camie,
No 500 is too low. You’ll be certain if you get the score up to 640. But you really should be looking to buy for another year at least to let home prices hit bottom. Use that time to build your scores.
My wife and i have bad credit right now that was created by a failed business last year. We are working our way out of this, but have a ways to go yet. No bankruptcy, do have tax lien and a forecloresure on vac prop.
Will we be able to get a home mtg. or is it impossible at this time?
Phil,
You are right. A “non-standard” home mortgage is going to be off the shelf for a long time.
Good Luck,
RKB