I had a very good initial experience with Cobalt Mortgage-Lake Oswego when it came to establishing a mortgage — everyone was super nice and professional and they seemed genuinely motivated to get me the best rate I could. So for that I’m pleased.
However, a year out the true Cobalt steps forward (or runs away to be more accurate) — they told me more than once when I asked, they *promised* me in fact, that they would never, ever sell my mortgage to another company and I fell for it.
I should have known better. Now they’ve sold my mortgage to Seneca Mortgage out of New York.
Cobalt is no better than most mortgage originators in that they do NOT want you as a long-term customer — just get the money up front and then pass you on to some other company — and you have no say in any of this.
So with Seneca my payments immediately went up 66% with no explanation and I haven’t been able to reach anyone via the phone.
I’ve been calling twice a day for a two weeks now and have waited for 20 minutes each time and then get forwarded to voice mail or get disconnected entirely.
While on hold they continually state they are a “debt collector”.
So, I guess they don’t see me as a customer with a mortgage but rather a deadbeat who “owes” them money.
Wow, how insulting! And this for someone who makes payments promptly each month.
How do they treat people who don’t make payments?
So, Cobalt Mortgage, I feel you have to share this review with Seneca, who I give zero stars, and one star for you because I can’t go lower — zero for the fraud and lies and one for being nice while you lied to me.
So I guess that adds up to maybe a half which I cannot give so by default you get one star.
People, If you are looking for a mortgage just go with your local credit union.
Their rates will be decent, they will be nice, and more importantly, they won’t lie and then abandon you.
Good luck future home owners…