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EdHollywood, FL
Customer ServiceStaffLoan Process
Reviewed July 31, 2024
My name is Ed R. (FLORIDA) After going through the entire process, 35+ DAYS, always promptly providing all docs that were needed, the representative "Daniel ** Home Equity Consultant" contacted me after I had confirmed twice via Email, that my Canadian mother was on the title and on the 1st mortgage with LOANDEPOT (And several of my other mortgages, I'M AMERICAN), Said representative, calls me yesterday, confirming his lack of knowledge, and apparent inability to consult with underwriting, he asks me for the 3rd time, if my mother is a greencard holder or american citizen, I told him, "For the 3rd time, 2 in emails and now, on the phone, What's so complicated about a Canadian parent on title with their son, every other bank accepts it" (I own several rental properties, this happened to be my primary) and he got triggered - rudely hanging up the phone. And today I receive an email saying: "Unfortunately we're unable to approve your App..."
Unprofessional, clearly took it personal, probably because I called him out on his lack of knowledge, and if that's the process guideline, he should have advised me of it, on at least one of the 3 (three) Times he inquired about the same subject - Rude and unprofessional, the guidelines are there to be followed, this was clearly not the issue.
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Response from Unlock
Thank you for reaching out about your experience working with Unlock. We do require that any owner in a home we invest in be a "U.S. person" as defined by the Internal Revenue Code. Typically, this would mean that the owner is either a U.S. citizen, holder of a Green Card, or holder of a visa that permits the owner to live and work in the United States. That requirement, which is somewhat different as it relates to many types of "residential mortgage loans," should have been communicated to you much earlier in the process we apologize for the confusion and frustration this caused. To the extent you believe and can provide documentation that the co-owner meets the definition of a "U.S. person," we would be happy to reconsider our prior decision based on any new information.
You raised valid concerns about our process, and we are re-evaluating our practices based on your feedback. We aim to keep customers well informed throughout the process and it’s clear we fell short in this instance.
Thank you,
The Unlock Team
Resolution In Progress
SamuelMaryville, TN
Customer ServiceLoan ProcessTransparency
Reviewed July 25, 2024
My wife and I were just funded by our Home Equity Agreement with Unlock. The whole process took 30 days. I can't say enough good things about Shelly and Gloria. Both updated me, every step of the way. This isn't a HELOCK, this isn't refinancing. Before others speak negative about Unlock, they need to understand the service Unlock provides. Honestly, the only downside I see, is this opportunity is only available in 14 states. Thank you all! To ones who are hesitant, give them a call! They will explain all the details with you are more than happy to answer any questions.
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Response from Unlock
Thank you for your wonderful review! We're happy that you and your wife had a positive experience with Unlock and that Shelly and Gloria kept you well-informed throughout the process.
Thank you for recommending us.
The Unlock Team
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WILLIAMParker, CO
Loan Process
Reviewed July 23, 2024
The whole process was drawn out and took a ridiculous long time at the end when I had jumped through every hoop that they had put up and we were due to close within a couple of days. They misread our tenant agreement on our house and just like that shut it down and said, "Too bad it was our mistake but you lose." Terrible place to do business with. I would not suggest you ever contact these idiots.
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Response from Unlock
William,
We’re sorry you had a poor experience working with Unlock. We strive to keep our customers engaged and informed throughout the process and it sounds like we fell short in your case. We will use your feedback to improve our practices.
Sincerely,
The Unlock Team
JosephWest Linn, OR
Customer ServiceLoan Process
Reviewed June 27, 2024
This company is so sketchy. Red Flags at every step of the way. I wasn't 5 minutes into my application before I got a call, following up with me to finish it. Once I was able to get a hold of someone who could provide details about the loan, they provided little information. They provided so little information I withdrew my application right there. They didn't address the different APR % increases per year, or the loan origination fees, or the appraisal cost you have to pay upfront, and pay again later. They only accept payment in full as well. This is a predatory company. You will lose your home, or wind up in a debt situation far worse from the reason you've been in contact with them.
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Response from Unlock
Hi Joseph,
Based on your review it does not sound like you called Unlock, and we don't have a record of ever interacting with you. At Unlock we do not provide loans, we are a provider of home equity agreements which does not have an APR. While we have an origination fee, all appraisal, title, and other typical costs accompanying a real estate transaction are removed from the HEA proceeds. So there are no out-of-pocket costs. In addition, Unlock is the HEA provider that allows partial buyback of the HEA during the 10-year term. That 10-year term has no monthly payments and no interest charges. We have thousands of homeowners who have successfully used a HEA to pay off high-interest unsecured debt and get on a better financial path, primarily because a HEA is not a debt-based product. If you're interested in learning more about how an HEA could be a good solution, please call us at 1-800-560-3450. Thank you, The Unlock Team
John ASacramento, CA
Customer ServiceTransparency
Reviewed June 26, 2024
It took them 3+ months to ultimately decline my file. Absolutely no communication, no disclosures, no follow up. In the end, they blamed it on me. But referred me to three of their competitors… Beware!!!!
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Response from Unlock
Thank you for your feedback. We apologize for the delays and lack of communication you experienced. We strive to provide timely and transparent service and regret that we fell short in your case. Your input is valuable and will help us improve. Sincerely, The Unlock Team
MarkSaint Augustine, FL
Loan ProcessRates
Reviewed June 24, 2024
Worst decision I ever made. It's pitched as a saving grace at the time but the reality is that it will end up costing you way more than you expect. Basically got $28,500 but actually only received $25,000 because of closing fees. Then a year later, the repayment is expected to be $34,000 - $36,000. So pretty much $10,000 in interest for one year of borrowed money. Loan sharks probably have better rates. Not sure how anyone can pitch this as a positive. Don't do it!!!
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Response from Unlock
Thank you for your feedback. We are sorry to hear about your dissatisfaction with your experience.
Unlock’s Home Equity Agreement (HEA) is not a loan and has never been positioned as such. Throughout the process, we provided numerous disclosures and detailed information to ensure you understood the cost of the transaction.
The initial amount received includes closing fees, which were disclosed upfront. The cost of the HEA depends on the duration it remains in place. Terminating early may result in higher costs, subject to the annualized cost cap. If the HEA is kept for the full term, the annualized cost would be significantly lower.
We strive to ensure our customers are fully informed and make decisions that best suit their financial needs. We appreciate your feedback and will use it to improve our services.
Sincerely,
The Unlock Team
JoelTaos, NM
Reviewed May 30, 2024
From our experience Unlock is anything but seamless. As a potential lender, they lack transparency in their process and qualifications for underwriting. Highly recommend finding a more trustworthy option.
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BreezeOther
Customer ServiceStaffLoan ProcessTransparency
Reviewed April 16, 2024
My experience with Unlock was great! Communication is key for me and they was great at that. The process took around what they advertise and the staff was great! Thank you very much Abby L. You was amazing.
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Response from Unlock
Thank you for taking the time to share your experience working with Unlock! We're happy to hear that you had a positive experience with us and that we could meet your expectations.
Sincerely,
The Unlock Team
MescalHesperia, CA
Customer ServiceSales & MarketingStaff
Reviewed March 5, 2024
I am a retired deputy sheriff who was severely injured and was as really hoping I could work with a solid investor. I own a 1 acre property zoned in the city as rural ranch and everyone has items in the back of their property, including goats, horses, equipment, storage, and barns: I’ve been living on the property for over 50 years. The price of my home has raised in value with the latest appraisal being $200,000 more than the last one. It’s the hottest real estate location in California with everyone moving in from Los Angeles and the Bay Area. I began going though the process with Unlock a month ago and everything was moving along well. I was looking for an investor so I could put 30 grand back into the property and pay some bills especially after COVID and how hard things have been. I applied with Hometap and with Unlock both, but I decided to go with Unlock, however it was a huge mistake.
I was advised by Unlock that they had flew a drone or something over the 1 acre and saw some areas in the back where some things needed normal cleaning up. I was denied by the Unlock investors even though it’s really simple cleanup and normal and has zero affect on the property value. Everyone has items on their properties especially on big Ranch properties. People have horses and chickens and goats barns and storage here in the Mojave desert. Like I’ve said I’ve been here for over 50 years and am disabled. I was denied by Unlock even though it didn’t affect the appraisals I had got done on the property and the home prior. It’s amazing that Unlock investors didn’t want to help a disabled public servant try to improve his life especially since Unlock posts testimonials from people on their webpage showing how they help people’s lives! It’s false advertising 100%.
The money I would have got would have went into landscaping and making the home mint and really would of helped me and my family. Plus Unlock would have a solid investment for the future. It just blows my mind. But it’s OK because it’s more money for me in a few years when I sell. I just get the feeling that Unlock investors are in it to make a buck maybe to flip homes and to not really work with the homeowners. I’ve lost trust in this company and they seem really shady. It makes no sense to me. I was approved by Hometap but I cancelled it when I got a call from my Unlock rep who said I was approved and going to sign. Then bam my family gets blindsided and I have the results of my credit getting pinged and what a waste of time. The rep was really good and even stated that they didn’t know what the investors were thinking and went out on a limb to try to convince the “Investors”. It’s just so unfortunate.
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Response from Unlock
We apologize for any inconvenience you experienced regarding your home equity agreement application with Unlock. Our team strives to provide transparent and timely communication throughout the application process. As soon as it became evident that your property was ineligible, we promptly communicated this information.
We understand how disappointing it can be to receive such news, and we sincerely apologize for any frustration this may have caused. Someone from our team emailed to learn more about your experience.
RogerAndersonville, TN
Reviewed Feb. 8, 2024
Doing a Home Equity Agreement sounded like a good option upfront. However, the more you speak to them, the more things change. The only thing I realized was that doing a HEA with them is a horrible idea that I believe you will regret in the future. Do not give up such a large portion of the equity (ownership) in your home for a much smaller amount of money under their terms. I am looking at other HEA companies just to see if they all do business the same way as Unlock. But, from my personal experience with Unlock, I would recommend staying away from them. I wish I hadn't wasted my time.
RM, Attorney
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Response from Unlock
Thanks for sharing your concerns about your experience with Unlock. We researched your file and found that our team clearly communicated our underwriting requirements to you during the process and explained why preliminary terms may change. Our requirements are in line with industry standards.
Sincerely,
The Unlock Team
