bluzeslider
Junior Member
Misrepresentation by Mtg. Broker
What is the name of your state? California
On 01/02/2005 I went to my bank acct. on-line to check that my mtg. pmt. had been sucessfully debited. It had not. I called my lender and they said thier records indicated my pmt. had been received. The lender advised me to keep an eye on the acct.
I was working on a refi with a company in S. Calif. The man told me I didn't need to make my mtg. pmt. for Jan and Feb., 2005 as that would be done in the refi. on 01/14/2005 I signed docs for this loan. On 01/18/2005 I exercised my right to cancel the contract. (01/17 was a holiday).
The reason I canceled the the deal above is this.. A close friend who had been helping me shop for a good refi deal called me and said she found a great deal through a mtg. corp. in Emeryville, Ca. My friend had allready provided the broker my ssn to obtain credit info as well as tax info, pay stubs, dollar amt. of my recent appraisal, etc... I had authorized this in advance.
I'll refer to the agent In Emeryville as "MJ."
I'll refer to the my friend as, "MF."
MJ stated to MF via a telephone call that based on my previous appraisal of $340,000 she could get me $60,000.00 cash out on a two yr. ARM with no pre-payment. That my total monthly pmt. would be less than $1,000.00, and she could do it all in ten (10) days.
MJ requested my mtg. statements. I made copies and sent them to her within 10 minutes. This was appx. 8:30 pm, 01/14/2005 I made it clear to MJ that the mtg. statements did now reflect non payment of my 01/02/2005 mtg. payment. MJ said, "That's not a problem, it will be figured into the refi!"
We asked if she was sure she could do this loan, and MJ re-affirmed enthusiasticlly "Yes no problem." We accepted MJ's proposal and gave MJ the go ahead to process the loan.
We phoned MJ on 01/18/2005 for an update. MJ said she had spoken to her appraiser who told MJ the following.. "I can't believe the previous appraisal was only $340,000.00." He said He would come to my house. "For $100.00 cash plus $300.00 at closing, he would guarantee an appraisal of $400,000.00 to $450,000.00 no problem." He stated to MJ that my old appraiser must be crazy. MJ said with the new appraisal figure she could get me $100,000,00 to $160,000.00 cash out and still keep my monthly pmt. less than $1,100.00. What a deal!
The appraiser came to my house on 01/27/2005 did the appraisal, and stated "I'll have the appraisal docs on MJ's desk no later than 01/29/2005."
MJ also said she would keep us updated. She never called.
Monday 01/31/2005 I call MJ to make sure she has received the appraisal. She has not. I phone the appraiser who states, "I need the phone number of your home owners assn." I gave him the nimber. He then stated he'd have the appraisal docs to MJ no later than 02/01/2005.
I phone MJ on 02/01/2005 Mj states she has not received the appraisal. I again phone the appraiser. He now tells me his computer system has crashed and he can-not provide the appraisal until the tech. "Drives up from L.A.!!!!" and gets the system back on-line. He states the system should be fixed by the following afternoon.
I will have to get the exact date from MF but I believe it was 02/04/2005 I again phoned the appraiser. He said he'd finished the appraisal and it would absolutly be on MJ's desk by the close of business that day. At 3:00 pm 02/04 I phoned MJ.. Still no appraisal. I phoned the Appraiser. He stated "He had e-mailed the appraisel to MJ and that she should have it in her mailbox.
I phoned MJ and asked her to check her email. MJ said she would check and phone me back. MJ never called. At 7:00 pm I phoned MJ she said, "No, I have not received the appraisal." She further stated that she phoned the appraiser and expressed her anger for him having "Lied" to a customer of her's about sending the appraisal.
Throughout this I had reminded MJ that my creditors had phoned expressing concern over my now delinquent accounts.
On 02/07/2005 MF spoke with MJ and MJ stated that the appraisal had arrived and that the dollar amount was not 400 - $460,000.00 but only $371,000.00 BUT! Not to worry. MJ said, "I can still get you $100,000.00 cash out Plus! I have a friend who works at CW Mtg. and she will "arrange a $50,000.00 equity line of credit to compensate after this deal closes." Fine...
MJ says she will push it through underwriting and the loan should fund no later than 02/16/2005 and not to worry about the overdue mtg payments.
Between 02/07 and 02/16 MF and I both had phoned several times to make sure everything was going ok with the loan process.
On 02/16/2005 MJ stated that the doc's were drawn and she needed to contact thier notory to schedule an appt. for us to sign.
02/17/2005 MJ states the notory will contact me on 02/18/ to sched. a time to sign. On 02/18/2005 at appx. 1:30 pm I phoned MJ to see why I had not been contacted. She was shocked that her notory had not called me yet. She said she'd look into it and get back to me.
Saturday, 02/19/2005, 10:30 am I phone MJ. She is just baffeled by the notory situation. She says, "I have to do a signing in Watsonville as well as yours. I am going to the office in a few minutes. I will call you when I get there. We will do your signing first since you have been waiting so long."
Naturally, I never get a phone call. I call her back. no answer on the Cell or the office number.
02/21/2005 I finally make contact with MJ at appx. 5:00 pm She now states that the escrow company needs "verification of my employment!!" Hmmm, I thought....
I work for the state of Ca. I get all the worknumber verification info and phone her back so that her escrow people know I have a job. She thanks me and says someone will call for a signing appt. I don't remember who at this point.
02/22/2005 I phone MJ. She says she's at a doctors office getting a biopsy and tells me to phone another person at her office who she has made familiar with my account and he will help me.
I phone this guy right away. He says he knows nothing of why all the delays are happening. He says I should phone him at 6:00 pm that night and he'd know more.
6:00pm I phone and the guy starts asking me all the questions all over again like I am talking to thier company for the first time ever. He says he's going to be working on the loan now. He also says they will no longer be doing business with thier appraiser (like I care). He say's for me to call him back at 6:00 pm 02/23/2005 and he'd inform me of what type of deal he could offer me.
02/23 @ 6:00 pm I phone he himhaws around and says to call him back on
02/24 I did he said he had to go over the figures but that I'd definetly sign docs the next day.
on 02/25/2005 I signed docs. I signed them because I had no choice as on the 2nd of March I would have 3 mtg payments due. I needed the money.
I very much want to cancel this deal and I have until 03/01/2005 to do so (I think).
There has been a new appraisel done which came in in only 2 days and gave me a value of $395,000.00
Well, it seems that my Fico score is much lower now that I have a late payment to my current lender. one credit place gave me a rating of 588 It was 695.
I started this refi in January to pay off my bills, my car, and have some money in the bank for piece of mind for once in my life.
Any input would be appreciated. Time is critical.. Thanks and my apoligies for the Looooong post..
...joe
What is the name of your state? California
On 01/02/2005 I went to my bank acct. on-line to check that my mtg. pmt. had been sucessfully debited. It had not. I called my lender and they said thier records indicated my pmt. had been received. The lender advised me to keep an eye on the acct.
I was working on a refi with a company in S. Calif. The man told me I didn't need to make my mtg. pmt. for Jan and Feb., 2005 as that would be done in the refi. on 01/14/2005 I signed docs for this loan. On 01/18/2005 I exercised my right to cancel the contract. (01/17 was a holiday).
The reason I canceled the the deal above is this.. A close friend who had been helping me shop for a good refi deal called me and said she found a great deal through a mtg. corp. in Emeryville, Ca. My friend had allready provided the broker my ssn to obtain credit info as well as tax info, pay stubs, dollar amt. of my recent appraisal, etc... I had authorized this in advance.
I'll refer to the agent In Emeryville as "MJ."
I'll refer to the my friend as, "MF."
MJ stated to MF via a telephone call that based on my previous appraisal of $340,000 she could get me $60,000.00 cash out on a two yr. ARM with no pre-payment. That my total monthly pmt. would be less than $1,000.00, and she could do it all in ten (10) days.
MJ requested my mtg. statements. I made copies and sent them to her within 10 minutes. This was appx. 8:30 pm, 01/14/2005 I made it clear to MJ that the mtg. statements did now reflect non payment of my 01/02/2005 mtg. payment. MJ said, "That's not a problem, it will be figured into the refi!"
We asked if she was sure she could do this loan, and MJ re-affirmed enthusiasticlly "Yes no problem." We accepted MJ's proposal and gave MJ the go ahead to process the loan.
We phoned MJ on 01/18/2005 for an update. MJ said she had spoken to her appraiser who told MJ the following.. "I can't believe the previous appraisal was only $340,000.00." He said He would come to my house. "For $100.00 cash plus $300.00 at closing, he would guarantee an appraisal of $400,000.00 to $450,000.00 no problem." He stated to MJ that my old appraiser must be crazy. MJ said with the new appraisal figure she could get me $100,000,00 to $160,000.00 cash out and still keep my monthly pmt. less than $1,100.00. What a deal!
The appraiser came to my house on 01/27/2005 did the appraisal, and stated "I'll have the appraisal docs on MJ's desk no later than 01/29/2005."
MJ also said she would keep us updated. She never called.
Monday 01/31/2005 I call MJ to make sure she has received the appraisal. She has not. I phone the appraiser who states, "I need the phone number of your home owners assn." I gave him the nimber. He then stated he'd have the appraisal docs to MJ no later than 02/01/2005.
I phone MJ on 02/01/2005 Mj states she has not received the appraisal. I again phone the appraiser. He now tells me his computer system has crashed and he can-not provide the appraisal until the tech. "Drives up from L.A.!!!!" and gets the system back on-line. He states the system should be fixed by the following afternoon.
I will have to get the exact date from MF but I believe it was 02/04/2005 I again phoned the appraiser. He said he'd finished the appraisal and it would absolutly be on MJ's desk by the close of business that day. At 3:00 pm 02/04 I phoned MJ.. Still no appraisal. I phoned the Appraiser. He stated "He had e-mailed the appraisel to MJ and that she should have it in her mailbox.
I phoned MJ and asked her to check her email. MJ said she would check and phone me back. MJ never called. At 7:00 pm I phoned MJ she said, "No, I have not received the appraisal." She further stated that she phoned the appraiser and expressed her anger for him having "Lied" to a customer of her's about sending the appraisal.
Throughout this I had reminded MJ that my creditors had phoned expressing concern over my now delinquent accounts.
On 02/07/2005 MF spoke with MJ and MJ stated that the appraisal had arrived and that the dollar amount was not 400 - $460,000.00 but only $371,000.00 BUT! Not to worry. MJ said, "I can still get you $100,000.00 cash out Plus! I have a friend who works at CW Mtg. and she will "arrange a $50,000.00 equity line of credit to compensate after this deal closes." Fine...
MJ says she will push it through underwriting and the loan should fund no later than 02/16/2005 and not to worry about the overdue mtg payments.
Between 02/07 and 02/16 MF and I both had phoned several times to make sure everything was going ok with the loan process.
On 02/16/2005 MJ stated that the doc's were drawn and she needed to contact thier notory to schedule an appt. for us to sign.
02/17/2005 MJ states the notory will contact me on 02/18/ to sched. a time to sign. On 02/18/2005 at appx. 1:30 pm I phoned MJ to see why I had not been contacted. She was shocked that her notory had not called me yet. She said she'd look into it and get back to me.
Saturday, 02/19/2005, 10:30 am I phone MJ. She is just baffeled by the notory situation. She says, "I have to do a signing in Watsonville as well as yours. I am going to the office in a few minutes. I will call you when I get there. We will do your signing first since you have been waiting so long."
Naturally, I never get a phone call. I call her back. no answer on the Cell or the office number.
02/21/2005 I finally make contact with MJ at appx. 5:00 pm She now states that the escrow company needs "verification of my employment!!" Hmmm, I thought....
I work for the state of Ca. I get all the worknumber verification info and phone her back so that her escrow people know I have a job. She thanks me and says someone will call for a signing appt. I don't remember who at this point.
02/22/2005 I phone MJ. She says she's at a doctors office getting a biopsy and tells me to phone another person at her office who she has made familiar with my account and he will help me.
I phone this guy right away. He says he knows nothing of why all the delays are happening. He says I should phone him at 6:00 pm that night and he'd know more.
6:00pm I phone and the guy starts asking me all the questions all over again like I am talking to thier company for the first time ever. He says he's going to be working on the loan now. He also says they will no longer be doing business with thier appraiser (like I care). He say's for me to call him back at 6:00 pm 02/23/2005 and he'd inform me of what type of deal he could offer me.
02/23 @ 6:00 pm I phone he himhaws around and says to call him back on
02/24 I did he said he had to go over the figures but that I'd definetly sign docs the next day.
on 02/25/2005 I signed docs. I signed them because I had no choice as on the 2nd of March I would have 3 mtg payments due. I needed the money.
I very much want to cancel this deal and I have until 03/01/2005 to do so (I think).
There has been a new appraisel done which came in in only 2 days and gave me a value of $395,000.00
Well, it seems that my Fico score is much lower now that I have a late payment to my current lender. one credit place gave me a rating of 588 It was 695.
I started this refi in January to pay off my bills, my car, and have some money in the bank for piece of mind for once in my life.
Any input would be appreciated. Time is critical.. Thanks and my apoligies for the Looooong post..
...joe
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