Complaint: Business Information Home Partners of America 180 N Stetson Ave STE 3650 Chicago, IL 60601 My real estate agent convinced me to apply with Home Partners of America after she had met with one of the owners at her office. She told me that the application would involve a $75.00 application fee with a hard pull, which would affect my credit score. But she claimed that it was worth the try and that they would refund the application fee in the event my application were to be denied. I applied on 11/11/2015 and my application was denied within an hour. I contacted Home Partners of America and requested a refund. They emailed me back and informed me that the refund was non-refundable and that they would not refund it. Home Partners of America should have never requested a fee, as this is a very uncommon practice when one is trying to purchase a house. Their business model is one-sided. The program is predatory as it requires customers to pay twice the closing costs for the house they are considering for purchase, charge inflated rental rates, provide low quality landlord services that require bidding for repairs that cost above a predetermined certain amount, impose a 5% increase over the second and third years based on the already higher sales price of the house, and their lease contract is very long, which is telling of how one-sided it truly is. I believe this company takes advantage of customers who cannot afford to get a loan, and is very similar to the sub-prime banks and loans that have negatively impacted the economy in the United States. I highly recommend anyone who is considering their program to not even attempt to go through them. A house must show double digit appreciation for the program to make any sense. And with the likely increase in federal interest rates, a customer is very likely to end up paying either for an above market rental rate or a very inflated purchase price with the amazing requirement that they pay their closing costs twice on the same house. It makes absolutely no sense. I feel sorry for anyone who has signed a contract with them. Please ask your local bank about their program to get a real sense of how bad it is no matter what situation you are in. It is much better to pay low rent until you are able to afford a house that isn’t highly overpriced and with fees that are simply outrageous. Who, in his or her right mind, want to pay closing costs twice? I don’t expect Home Partners of America to refund the $75.00 charge. The amount itself isn’t my main concern. My credit has been negatively impacted by the hard pull required to apply, and I believe it is a very predatory practice to have consumers, who are already under financial difficulties, to pay for an application for a lease-purchase program. Any reputable company would never ask for such a fee. The fee itself is insignificant but is telling of the true nature of this company.
Address: 180 N Stetson Avenue, Suite 3650, Chicago, IL 6060 Chicago , Illinois USA