ComplaintsforHometap

• Initial Complaint

  02/26/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Took all personalized info Must be PDF Got pre approved Closing date in same month Perfectly ok just an appraisal left Got phone calls that he got a red light ????? I questioned what it was His answer was he either gets a red or green light but when it's red he don't have any explanation why I ask for a number ,email or else to find out why.He said he can't give out that info.after they took ALL of mine.He said thanks have a good day but that's all he had.

  

  Business response

  02/28/2024

  Hi *******, we're truly sorry to hear we're unable to work together at this time. Unfortunately, we must consider information of all applicants when we determine if an application can move forward. We completely understand that this is frustrating and that you'd like more clarity on why we couldn't move forward with your application. We take into consideration many attributes before making the decision to invest, so in most cases, it's not one specific factor causing the disqualification. Please reach out to ******************************** for more details regarding your application, or with any further questions or concerns.

• Initial Complaint

  01/25/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I filed a HomeTap Equity Loan on 11/28/23. *********************************** was assisting me. She said process would take 5/6 weeks.She contacted me after the new year, she said she needed pdf mortgage statements.I sent her what I had. She stated, its ok if youre late with your mortgage payments. We can make payment once the loan is approved. Low and behold, she contacted me and stated, your over 2 months behind in your mortgage payments. I advised her I made a payment on Tuesday, 01/23/24, and another one scheduled for 01/24/24.She stated, you can only be late one month as underwriters will not approve loan.Never heard back from her. Only to find out my application was closed and no written letter has been sent to me.Deceiving practices from this business

  

  Business response

  01/26/2024

  Hi ******, we're sorry to hear you have not been satisfied with the service received from Hometap. In your situation, we had to request additional documents. Once we received the proper documentation, certain factors indicated that we'd be unable to move forward with the investment, which included the length of time payments have been missed. Please reach out to ******************************** with any further concerns or questions.

  Customer response

  01/26/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  I would like to advise you of some additional information to my complaint as to why I dont agree with the companys response.
  
  First of all, ******************** The representative handling my loan first stated it would take 5 weeks.
  
  She asked for everything in pdf form, I supplied everything in pdf form in their portal by end of business day on every request she made.
  
  My next to last communication with her, she stated to just send all mortgage statements even though I was late. They will pay mortgage from loan.
  
  I did just that. Then week goes by and she states that since I was late on two payments, underwriting would not approve my loan.
  
  Her story changed.  I told her and I immediately made those two mortgage payments in arrears.
  
  My loan was closed without no written confirmation of why loan was closed and was never sent to their underwriting department.
  
  This gal ******************** Is a joke!
  
  ***************************
  

  
  

  

  Business response

  01/30/2024

  Hi ******, we're disappointed to see you continue to be unsatisfied with your experience. We carefully reviewed the documentation you provided us, and unfortunately, we are unable to proceed with an investment at this time. Please reach out to ******************************** with any additional questions or concerns.

  
  

  Customer response

  01/31/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  I never received a response from my inquiry to Hometap, last Thursday.
  
  Nobody has ever communicated with me. 

  

  Business response

  02/08/2024

  Hi there, we understand that you are disappointed with the outcome of your application for a Hometap Investment. We apply the same review criteria to all applications, and unfortunately, we're unable to offer you an investment at this time. At the time of the decision, we provided an email with additional explanation of why we could not proceed with an investment. During our last communication with you, you declined further contact about the decision. We're happy to discuss things further, if you would like to speak with someone, please reach out to ********************************.

  Customer response

  02/08/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  I do not accept nor agree with the business decision.
  
  First of all, my application was never sent to the underwriters to reject my loan application. Only the representative handling the loan application for 6 weeks.
  
  The one who advised me not to pay my mortgage payments because she, ********************, would have the loan department offset the mortgage payment towards my loan!
  
  So, I did not pay the mortgage payments. Because she stated, application looks fantastic and you should not have any problems! What a LIAR!
  
  To this date, I have received no correspondence regarding my formal application to my loan.
  
  How do I know, as an applicant and a consumer, that my application fell into the right hands and that this bogus representative didnt just decline my loan application? 
  
  You are supposed to receive formal correspondence in the mail, regardless of an e mail, to ensure your applicant is informed. 
  
  No matter what, this should be a **** of unfair business practices with this business! 
  
  Thank you so much, 
  
  ******************************
  

  
  

• Initial Complaint

  01/10/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I tried to borrow money against the equity in my home. After providing all of the needed documentation Hometap tells me that they cannot enter into an agreement with me because "The property listed on the application is owned or held by an LLC or similar corporate entity, which Hometap currently cannot invest in."This is not true. It is easy for me to prove this is not true my providing the deed for the property (which I have done) and the full purchase history. My wife and I own the home as individuals and there has never been an LLC or corporate entity as the owner of our home.I have told this repeatedly to ******* at Hometap I have been working with, and he mostly does not respond nor is he willing to do anything about it. I have told him via voicemail, email and text that this is not true, that my home is not owned by an LLC or corporate entity. I have also asked for the documentation that shows this to be the case, but he does not respond. I am very frustrated.

  

  Business response

  01/16/2024

  Hi ******, thank you for sharing your experience with us, as we value your feedback. We choose to prioritize a personalized tailored application process and as such we treat each Homeowner application uniquely. To ensure accuracy and fairness in the qualification process, we run a full report and process for each application aiming to avoid any incorrect disqualifications. In this case, there was some back and forth and additional documents being leveraged to try and get the application approved. That being said, we do value your time and provided the update as soon as it was available to us. Nonetheless, we recognize the frustration and apologize for any inconvenience caused. Please know we are here to provide further support or clarification if needed.

  Customer response

  01/16/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  [You must provide details of why you are not satisfied with this resolution.  If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  Regards,

  ******

   

   

  

  Business response

  01/26/2024

  Hi *******,

  We're sorry to hear you have not been satisfied with the response to your initial complaint. There was some initial confusion around the *** ownership, and we apologize for that. Unfortunately, we're unable to invest in properties if there's a ground lease. Please reach out to us at ******************************** and we'd be happy to further clarify any questions you may have.

  Sincerely,

  The Hometap Team

  Customer response

  01/30/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  [You must provide details of why you are not satisfied with this resolution.  If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  I do not accept the response from the business because they keep stating incorrect facts. They keep calling the ownership of my unit an LLC which is not correct. They do not understand what the land lease situation is in Battery Park City. They keep stating incorrect things as facts. I am not going to be satisfied until they acknowledge that my home is not owned by an LLC. They seem wildly incompetent so I guess it is more than I can hope for that they will admit their mistake and lack of understanding of real estate, but that is what I want.
  Regards,

  ******

   

   

• Initial Complaint

  11/20/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I applied with HomeTap on August 22, 2023 and the experience was an emotional rollercoaster. Although the representative assigned, *******, was dynamic, the process lacked clarity, communication and consistency. At the end of the day, after three months of going through the process, they declined my application. It wasn't due to credit, as they pulled that as soon as I applied. It wasn't due to title issues as they gave me the run around about my home being titled into a Trust and made me make modifications to my Trust to satisfy their process. The representative also advised me that they ran reports on me and all of the reports came back good. It wasn't because I didn't have sufficient equity in my home as they sent an independent appraiser out who appraised my home at $1,058,000.00 and I owed about half of that. And it wasn't because my bank didn't cooperate as my bank was on high alert about HomeTap and communicated with them in a timely fashion although they sent an unsigned third party authorization consent form the first time and then a pay off agreement the second time. They lied and said they sent a request for a VOM (Verification of Mortgage) to my bank, which my bank never received. They lied and said that I was in the final stage of underwriting and everything looked good, only to be told a week later that there still wasn't a guarantee of an approval after THREE MONTHS. Although the concept of what they offer seems valid and initially I was impressed, I hate the day I ever heard about them. The supervisor, *******, called me bright and early to let me know that they decided not to move forward. No explanation, discussion, appeal process or insight into why. Just "unfortunately we can't move forward at this time". Totally insensitive considering they had me dangling for three months on what they claimed would be a six to eight week process. Don't do it. Go through your bank or credit union. At least then, you won't be misled.

  

  Business response

  12/01/2023

  Hello ******,
  
  Unfortunately, we are not a mutual fit at this time. We understand the disappointment this may have caused and apologize for any inconvenience. We wish you the very best of luck. 

• Initial Complaint

  10/25/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Hometap appraised my home at $512,796 back in April 2020. They gave us an investment amount of $37,235. Now only 3.5 years later, they appraise my house for $910,000. They want to use the $910,000 to calculate my payoff. The payoff will be around $70,780. That is $33,545 in interest. That would be an estimated interest rate of 30%. Is this legal on primary residences? Who managers these types of loans? It can't be the ***** they would not allow this.

  

  Business response

  10/31/2023

  Hello ******,

  
  We understand your concerns regarding your settlement amount. At Hometap, we prioritize transparency in all our transactions, which is why throughout the investment process, we work to ensure that homeowners fully understand the settlement process and what potential settlement looks like over time. We recognize that market fluctuations can significantly impact property valuations, and we rely on objective third-party valuations to obtain an accurate value of your home at time of investment and settlement. It's important to clarify that a Hometap Investment isn't a loan and thus doesn't accrue interest. The settlement amount is a pre-agreed percentage of the home's total value and is determined and agreed upon at the time of the Investment as part of your Option Purchase Agreement. The amount is also capped at a 20% annualized rate of return to Hometap as the investor.  We are fully committed to providing you with further clarification and support throughout your settlement process. Please don't hesitate to reach out to us at ******************************** if you need any additional assistance or information.

• Initial Complaint

  09/22/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Home tape was working on hour Hime Equity Investment. The customer service agent was good and helpful however the process was smooth until we got the appraisal they send out an independent appraiser. The appraiser came in with a valuation that was 30% lower than every home value in our neighborhood. The appraiser spent a total of 60 seconds in our home didn't ask a single question didn't go into the backyard and simply gave the worst appraisal we could possibly get now we can't get our approval because hometap will only go by this terrible appraisal. They asked me to look for mistakes in the appraisal to see if they could order another one. The mistake is the valuation it's just not accurate at all. We received an appraisal in March of 2023 that is 600k higher this was prior to some significant home improvements including a pool. This was a very unprofessional situation with the appraisal we have asked hometap to please send out another appraisal. The appraiser claimed our pool was not complete so did not add to the evaluation which is not true the pool was complete we were doing work on the deck

  

  Business response

  09/29/2023

  Were sorry for the initial experience youve had with the appraisal process. We understand your frustration, and we want you to know that we are firmly committed to supporting our homeowners. Our ultimate aim is to ensure that the process is not only fair but also as smooth and hassle-free as possible because when homeowners succeed, we succeed. We understand members of our team have been in contact with you and have found a positive solution to move forward. 

• Initial Complaint

  12/08/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Hometap uses deceitful verbiage to invest in home equity for a 1.5 year advance of 30% of a home value. After 1.5 yr to repay advancement of funds, company requests 50% of the value of the home. Elderly customers forced into late night rushed signing of confusing contracts, then were required to sign more documents 9 months later, conveniently adding the 50% payment disclosure, not in the original contract. Refuses to release lean on home for sale until 50% payment provide to them. Taking advantage and causing major stress on 2 elderly (80+y) customers.

  

  Business response

  12/14/2022

  Hi *******, we're sorry to hear you feel Hometap has caused stress to Homeowners currently invested with us. It's our understanding that senior members of our team are currently working to resolve this with the Homeowners. We can confirm that at the original signing all of the important details were fully disclosed to the Homeowners. Please reach out to ******************************** with any further questions or concerns.
  
  

• Initial Complaint

  10/19/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have applied for home investment loan after the first situation where I was given appointments with **** for phone time and he didn't show up. After numerous times of this I wrote to the **** after a period of time **** called and then I started getting help and assistance, a little pushy like calling 3 times a day, texting etc. but i let it slide then things started to happen again, not returning calls asking for extra information like replacement cost on home owners policy which I was told the home owners was not required. Then unreturned calls, promises of being called on a certain day never happening. When finally an appraisal was set up I thought, finally. Ha more and more time waiting, ********************* is my "contact " tells me the appraisal company felt the house was incomplete which they should have been told,so they had to appraise it as is, more time passes, more calls lied about,more excuses. Finally the appraisal comes, *******, now **** says his team thinks the appraisal company lied so they are going to check it out, more time more calls lied about. Then when I threatened to call an leave a bad review **** says the property tax is late. I proved it was not until January 2023. More waiting more calls lied about,finally to speed it up I paid the tax bill by credit card. I texted him to let him know, He said he would look at it. No communication yet and its now Wednesday. This whole time **** knew I was finishing the house to sell and repay in a year which meant less profit, but with the appraisal it meant a higher loan .It is like they are trying to drive me away. I have been discriminated against made to provide more personal info then necessary. He has dragged this thing out and just made excuse after excuse. They are suppose to provide investment money from equity and **** has tried to minimize the house, purposely drag things out leave me hanging and he enjoys it when he knows I am upset. I want my investment money now and with all the hassle no fees.

  

  Business response

  10/26/2022

  *******, we apologize for the lack of communication upon your initial inquiry. **** was being transitioned into the Investment Manager role during this time and we're working to improve this process to avoid this issue in the future. The appraisal took longer than usual due to the location of the home. After reviewing this situation, it's our understanding that *********;always takes the information that comes in from his operations partners and relays that accordingly and accurately. Lastly, **** was not made aware of certain information that was important for the appraisal process. We're sorry that your experience has been frustrating. Please reach out to us at ******************************** with any further questions or concerns. 

• Initial Complaint

  04/15/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  We received a settlement statement from Hometap on March 23, 2022. We, through our title company Amrock, mailed a check for payment in full to Hometap and we have confirmation of delivery of this check for Wednesday April 12, 2022, at 10:02 a.m.. We reached out to Hometap today and they informed us they did not receive our check. Hometap recently put three (3) liens on the title to our home and have assured us through their settlement statement these would be released.

  

  Business response

  04/20/2022

  We're sincerely sorry you have been disappointed with the settlement process thus far. The liens were placed on the property 6 months ago as part of the investment and are released as soon as the investment is settled. We request all settlements to be sent via wire, as noted in the settlement statement, to ensure timely receipt as it greatly reduces our processing time. The release of the liens is filed once the check is processed. Please reach out to us at ******************************** if you have any further questions. We appreciate the feedback and will get this resolved. 

  Customer response

  04/20/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 
  
  Regards,
  
  **** & *******************

   

  Dear Hometap,

   

       Thank you for getting back to us and we understand because of COVID you were unable to process the checks coming in through the mail as quickly as you would have liked to.  We also understand our escrow department had problems with wiring the settlement money to you and that is why it was sent in the mail.  But we all seem to be on the same page now and we want to thank you again for following up with us.  We would consider Hometap as a resource in the future should the need arise.

   

  **** & *******************

   

   

• Initial Complaint

  01/04/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I am not fully satisfied with Hometap during my initial process. At first, the representative provided great customer service. I was coming from Unlock. After comparisons, I have decided to hear Hometap out. We have attempted to compare charges. Home tap is 2% higher than Unlock. My main concern was for the company to do a Hard Imquiry to my credit report. After I explained to the lady about it, I told her NOT to proceed with the application if it involves a hard inquiry. The credit score required to avoid a hard pull is 65. I was above it. She decided to talk with your peers to see if hard inquiry is still required. After submitting the application, she texted me that I will NOT get a Hard pull to my credit. It will be a soft inquiry. So I informed her to proceed since a hard pull is not necessary. Within a week later, I have received a hard inquiry after speaking with the representative for nearly 30 minutes. I have truly dissatisfied. What made it worse, she believed I have lied about that it was ok for her to do a hard inquiry even though there is a text message thread. Moving forward, every conversation need to be paper trailed. I chose Hometap for two reasons: soft pull and higher return amount. If I knew I was getting a hard pull, I would went back to Unlock. I have very dissatisfied with it. I have proceed to dispute the inquiry and needs to be remove immediately. Additionally, I have provided an appraisal from their competitor to reduce any charges to provide with the process.

  

  Business response

  01/24/2022

  We appreciate your feedback, and we apologize that our credit inquiry policies were not clearly communicated to you. Clear communication is important to us, and we strive to ensure that homeowners understand our policies and processes and their application status at all times. Please be assured that we take this feedback seriously and will use this information to improve our training and strengthen our processes.

  Customer response

  01/25/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Please remove the hard inquiry immediately. Injave never agreed to a hard inquiry. I have text message flow from your representative that I was not required a hard inquiry at all.
  
  Better Business Bureau:
  
  
  I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 
  
  
  Regards,
  
  
  *******************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩