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Old 02-16-2007, 10:16 PM
 
Location: Ponte Vedra Beach, FL
159 posts, read 572,590 times
Reputation: 57

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Quote:
Originally Posted by MITCHMEYERS1020 View Post
ALERT ALERT!! Premier Mortgage Funding of Ohio, Inc. ripped my wife and I off $300 for an appraisal that when going VA you don't need to spend. This was done in an effort to obtain a better interest rate and this company went as far as coming out to our house to sign papers and then hired a third party company to do the final appraisal. Low and Behold they didn't do their homework and the bank refused our loan when this company stated everything was complete. We left several messages with the company and even paid a friendly visit. The only answere we got is that, they messed up and unfortunately we paid the price. Won't return calls or refund money. Basically said don't call back



They even have poor customer service because they didn't even contact us by phone or email about the loan and they let a letter from a lending institution come to us with the denial. Shows how personal and big they are.



With all the Lending Instutions out there I would CROSS this company off my list.



If I knew this was going to happen I would of flushed my money down the toilet. See if I ever follow someones elses advice when they claim to be the Branch Manager of one other individual.

I think Premier has crossed itself off permanently. I heard thru the grapevine that they are going out of business. Our office hired a number of their employees recently who said they had been given the word. (I am a Loan Officer and licensed Mortgage Broker). One of my clients had 2 loans in row fall thru recently that this company was handling. The client's business has dried up - big time. Unless a miracle happens they will go under soon too.

There are bad companies out there in every business and even good ones that do stupid things. I chose carefully when I picked the company I work for. I looked for honesty, integrety and professionalism. I found it. We are going strong while many others are bellying up.

I am sorry you and who knows how many others were put thru that. I have been victimized myself by a mortgage company.
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Old 02-16-2007, 10:37 PM
 
Location: Ponte Vedra Beach, FL
159 posts, read 572,590 times
Reputation: 57
Quote:
Originally Posted by tiki24 View Post
Hi, I am new here. I am looking for information about bad mortgage companies and solutions that we have been experiencing. This is pretty amazing story.

My husband and I own a house in Florida and we purchased a condo in June
for investment and for my office use. When we were arranging the
loan for the condo, we were told that there was delinquency from the 1st mortgage. In March, our previous mortgage comapny was taken over by a new mortgage company while we did not know. Then, for a couple of months, the new company did not withdraw mortgage payments from our bank. My husband usually pay online, and the money was there entire time. We needed to close on the condo, so we paid the delayed payments ( in our opininon, it was not delayed at all) plus the late fee of $400.00, just to close the condo.

We were out of the country during the summer, assuming that the mortgage payment has been completed each month. A month ago, we have started receiving the phone calls from this comapny, and they told us that there are overdue. They always called home when my husband was at work and said they can not talk with me for the details because I was not authorized. My husband was trying to reach them numerous time unsuccessfully.

In the last couple of days, we started to receive letters from investors and
realtors who want to help us to prevent foreclosure!! It was a total surprise. So, my husband called the mortgage company and they said they would send us the total delinquent amount on Monday. And, today, WE HAVE RECEIVED the PLAINTIFF from the district court. They filed to the court using their attorney. Without warning, without using creditor, the paintiff arrived all of a sudden to my door. Again, the money was there for the entire time, waiting to be transacted. The plentifi was sent in to me also, with my name written, while they did not want to talk to me for the details. I am confused.

We own a couple of properties here and in overseas. How come do we take a risk to loose our main house at where our two young children are living. If you have the similar terrible story or heard from somebody, please let me know. And if anybody knows options for solution, please write to me. I am ready to fight with this evil mortgage company who is about to ruin our life.
We have enough money to pay the overdue amount, but to pay off all the
debt, that's what they say in the plaintiff, we have to sell another property that we have purchased in June, which we don't want to do that.

Thank you for reading through, and any comments are appreciated.

Tiki24

Tiki,

I would bet you got your 1st mortgage through a bank or Bridge Lender. They always sell the mortgage to another company. They make their money and do not have to carry the loan the whole time. Banks don't carry portfolios of loans as a rule. They have to have so much of their depositors' money available at any given time due to laws. Bridge Lenders are Mortgage Companies that are allowed to carry a loan for only 3 months by law. They also have to sell the loan.

Most people have had mortgages that were sold. Usually you get a notice in the mail and in my experience they don't even tell you where to send the payments. I have had to call to find out.

I would love to put all my bills online on auto-pay but I don't trust it to get done or get done properly. I pay online - but I manually key it in for the payment to be actually MADE. I print out my reciept when available. Then I KNOW it was done. I understand what you are saying about thinking the payments were being made (sounds like an automated checking debit). If you were not notified in a timely manner to make your payments to another party then you should go to bat with them over that.

Since you have received notice of Foreclose you must get an attorney to fight for you.

Good luck and let us know what happens.
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Old 02-17-2007, 03:37 AM
 
Location: Central Florida
800 posts, read 2,665,026 times
Reputation: 304
Quote:
Originally Posted by tiki24 View Post
Hi, I am new here. I am looking for information about bad mortgage companies and solutions that we have been experiencing. This is pretty amazing story.

My husband and I own a house in Florida and we purchased a condo in June
for investment and for my office use. When we were arranging the
loan for the condo, we were told that there was delinquency from the 1st mortgage. In March, our previous mortgage comapny was taken over by a new mortgage company while we did not know. Then, for a couple of months, the new company did not withdraw mortgage payments from our bank. My husband usually pay online, and the money was there entire time. We needed to close on the condo, so we paid the delayed payments ( in our opininon, it was not delayed at all) plus the late fee of $400.00, just to close the condo.

We were out of the country during the summer, assuming that the mortgage payment has been completed each month. A month ago, we have started receiving the phone calls from this comapny, and they told us that there are overdue. They always called home when my husband was at work and said they can not talk with me for the details because I was not authorized. My husband was trying to reach them numerous time unsuccessfully.

In the last couple of days, we started to receive letters from investors and
realtors who want to help us to prevent foreclosure!! It was a total surprise. So, my husband called the mortgage company and they said they would send us the total delinquent amount on Monday. And, today, WE HAVE RECEIVED the PLAINTIFF from the district court. They filed to the court using their attorney. Without warning, without using creditor, the paintiff arrived all of a sudden to my door. Again, the money was there for the entire time, waiting to be transacted. The plentifi was sent in to me also, with my name written, while they did not want to talk to me for the details. I am confused.

We own a couple of properties here and in overseas. How come do we take a risk to loose our main house at where our two young children are living. If you have the similar terrible story or heard from somebody, please let me know. And if anybody knows options for solution, please write to me. I am ready to fight with this evil mortgage company who is about to ruin our life.
We have enough money to pay the overdue amount, but to pay off all the
debt, that's what they say in the plaintiff, we have to sell another property that we have purchased in June, which we don't want to do that.

Thank you for reading through, and any comments are appreciated.

Tiki24
The law says if payments were late within 60 days of a servicing switch or sale of the loan, those lates cannot be held against you. Contact the credit bureaus to despute lates due to a new mortgage service.

However, you delayed payments to close on another property. If that is true, then you caused the late payments. Late payment terms are part of your note and without reading what you signed, it is impossible to tell for sure how much you agreed to pay. Check your note.

To stop foreclosure, pay what needs to be paid to be in compliance with your agreement.

You must be pretty far behind to get to this point. Seek legal advice from an attorney now. Don't wait because once in foreclosure, costs are racking up quickly. Good luck.
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Old 02-17-2007, 10:30 AM
 
Location: Florida
540 posts, read 1,066,269 times
Reputation: 163
[quote=tiki24;160461]Hi, I am new here. I am looking for information about bad mortgage companies and solutions that we have been experiencing. This is pretty amazing story.

My husband and I own a house in Florida and we purchased a condo in June
for investment and for my office use. When we were arranging the
loan for the condo, we were told that there was delinquency from the 1st mortgage. In March, our previous mortgage comapny was taken over by a new mortgage company while we did not know.

What did you do when you learned about the delinquency from the 1st mortgage? I would have been on the phone then. Who took over the mortgage? Mine was just taken over in Jan., would like to know who it was, and I am sure everyone else does too.
A similar thing happened to my mother years ago. She got a new mortgage, was never late paying, but when it was down to the last $1,000. or so, they wanted all the money or they would take the house! I guess you have to read the fine print. There are so many out their that have no conscious!
Good luck, find an unscrupulous atty!
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Old 02-17-2007, 11:27 AM
 
Location: Central Florida
800 posts, read 2,665,026 times
Reputation: 304
If you are in complianse with the note you signed, a lender cannot take your property. All you have to do to be in compliance is to make the payments on all mortgages, taxes, and insurances.

It's not the lenders fault if you don't make the payments! You can't blame them if you default on a note. Just think about it, if someone agreed to pay you and didn't, wouldn't you do what you had to do in order to get paid? Lenders are responsible to their investors and stockholders and are doing their job when people default.

Most loans are sold. Your closing documents will tell you the percentage of loans they sell. Often loans are sold several times, in fact. It does get confusing. However, lenders are required to notify you of the new contact information. And if payments are late due to the transition, they are required to NOT report you for being late. However, after 60 days, that option goes away and you must make your payments on time to be in compliance with your contract.

When you get a notice that your note is being sold, you need to pay attention and be proactive. Make sure you get the information you need to pay on time.

Also notify your insurance company(s) of the new lein holder so you don't have a problem with forced-pay insurance that have premiums that are rediculously high.

Yes, it's a pay in the butt to do this if your loan is sold but it's just how lenders do business to keep the money flowing to loan out more money which keeps our economy going. However, since lenders disclose that they could sell your loan, you are warned at closing.

The important thing to do is to ask questions at the closing about things you do not understand.
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Old 02-27-2007, 06:37 PM
 
5 posts, read 24,049 times
Reputation: 11
Default Don't assume Mortgage companies are ethical

Quote:
Originally Posted by Dee2e View Post
If you are in complianse with the note you signed, a lender cannot take your property. All you have to do to be in compliance is to make the payments on all mortgages, taxes, and insurances.

It's not the lenders fault if you don't make the payments! You can't blame them if you default on a note. Just think about it, if someone agreed to pay you and didn't, wouldn't you do what you had to do in order to get paid? Lenders are responsible to their investors and stockholders and are doing their job when people default.
(portion deleted)
The important thing to do is to ask questions at the closing about things you do not understand.
I have had a re-curring problem with one of my mortgage companies posting payments I had made. At first I didn't realize they were not posting my payments, as they WERE cashing my checks, by the time I realized what was going on I started paying through Western Union Quick Collect so I had proof I had paid. Its an extra $12+ dollars, but my mortgage company posted two default notices claiming several thousands (each time) were owed, but I could show most had passed through my bank account on personal checks, and that the remaining had been paid by WU. It took another 14 months before I finally served them papers because they refused to correct their records. In all it took almost two years before it was finanly wrapped up in an Agreement and settled. Now, just over a year later I received another notice that they are now claiming I am 5 months behind. Unbelieveable!

Fortunatly I have receipts for my payments. Plus, I have three+ bank boxes that contains the dozens of letters (one letter was eight pages long and had 22 attachments which included proof of payment), incorrect statments, a log of literally HUNDREDS of phone calls, and some simply PRICELESS items like a letter notifying me that my "Adjustable Rate Mortgage" was adjusting effective the following month (my Mortgage is fixed and was at the date of the letter), as well as a record that they were still reporting late payments to the Credit Agency after they agreed per the settlement to correct those reporting errors. Nice eh? Beware of Equity One, Inc. or, as they are now known: Popular Financial Services, LLC or Popular Mortgage Servicing, Inc. this is predatory lending. These are BAD BAD companies. This is WAY too incompetant for mere accidental negligence. This is gross negligence.

There are dozens of small details I left out in order to keep the story short and succint, but basically these companies are niether ethical not competant.
- Zeepie
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Old 02-27-2007, 07:09 PM
 
Location: Central Florida
800 posts, read 2,665,026 times
Reputation: 304
Here's the definition of a predatory lender according to HUD at HUD.GOV:



Don't Be A Victim Of Loan Fraud




Protect Yourself from Predatory Lenders
Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud.

Don't let this happen to you!

11 Tips On Being A Smart Consumer


Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies.
Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.
Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much.
Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy. Determine whether you or the seller is going to be responsible for paying for the repairs. If you have to pay for the repairs, determine whether or not you can afford to make them.
Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender.
Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties.
Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.
Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks.
Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost.
Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing.
Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime.
What is Predatory Lending?

In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:

Sell properties for much more than they are worth using false appraisals.
Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan.
Knowingly lend more money than a borrower can afford to repay.
Charge high interest rates to borrowers based on their race or national origin and not on their credit history.
Charge fees for unnecessary or nonexistent products and services.
Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.
Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems.
"Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower.
Use high pressure sales tactics to sell home improvements and then finance them at high interest rates.
What Tactics Do Predators Use?

A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.
The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.
You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.
You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.
The cost or loan terms at closing are not what you agreed to.
You are told that refinancing can solve your credit or money problems.
You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.
______________

It does not appear your lender falls into that category from your description. There are rules about applying your payments in a timely manner, however. Without your documentation, it's difficult to make an assessment of your situation.

Typically, the lender sells the loan to someone else. It's unfortunately up to you to keep the documents, which you have done, apparently. The practices you described are not predatory, however.

Good luck!
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Old 02-27-2007, 07:12 PM
 
Location: NE Florida
9,361 posts, read 21,501,927 times
Reputation: 9223
Is the mortgage company using an attorney by the name of David Stern by any chance? He has gotten into trouble for this type of thing in the past. Google his name and watch the slime slip out.
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Old 03-02-2007, 11:42 AM
 
5 posts, read 24,049 times
Reputation: 11
Dee2e: Thanks, I am well aware what the HUD defines as Predatary lending, and my mortgage company purchased my loan, so most of that does not apply. However, one thing they did do, is that the first "Default Notice" posted indicated I was in default for nearly $3000, I called them, and I legitimatly owed about a $900 (one full monthly payment for that current month, and a portion that I was legitimatly late on). I did not realize at the time that they had not posted all my payments, and assumed that I was soley at fault for being a partial month behind on my payment. I was told I could pay the remaining amount due on that same day and the matter would be taken care of. I then borrowed money (cash) from my parents so I could wire them the money the same day, and when I called back (again, the same day) I was told it was too late, that I was already in foreclosure, and that there were an additional $1400 in attorney fees. I was very specifically told that in order to pay both the $900 and the $1400 I would have to sign a forebearance agreement and get onto a payment plan. I did not realize at the time that according to (my own) state law that I can pay the amount due up until eleven days prior to the trustees sale. Since the time line was less than a full week after the posting of the Default Notice, all I had to do was paythem the remaining $900 and I would have been fine. Then all I had to do was maintain my monthly payments (which I did) and the payments they had not posted coud have been figured out at a later point. However, being extreemly nieve, and knowing none of this, I paid over the full amount past due and an additional $3000 in fees and costs according to the forebearance agreement which was niether necessary nor legal, and on top of that (and I can show EVERY payment) about halfway through the "forebearance Agreement" they again stopped posting my payments and posted yet another "Default Notice", this time for over $4000 "past due". As I said, I left out many details. But telling me that I had to sign a forebearance agreement when not even a full months behind in payments, and after arranging to make payment due in full is intentionally misleading. While this might not fit perfectly within the definition HUD provides, I bet a judge would take the circumstances and see "Predatory Lender" all over the situation. I am certain in fact. I think that's why their attorney was so ready to settle the case.


Quote:
Originally Posted by hereinfla View Post
Is the mortgage company using an attorney by the name of David Stern by any chance? He has gotten into trouble for this type of thing in the past. Google his name and watch the slime slip out.
lol, No Hereinfla, they did not use David Stern, although I've heard his name come up as I did a lot of research when I tried to get the mess cleaned up originally. Their attorney was actually very competant, and probably a benefit to me, in that she spent less than a month before she had the case and offered to settle it quickly by getting the company to post all the payments, delete the 16 months of late fees and whatever else they kept adding, and lower my interest rate, and fix it at that rate. She also made the Mortgage company retract all the late payment to credit report companies that they'd made, although as mentioned previously, they did not do so for at least two months after they agreed to. This tells me either she was extreemly competant and had no patience with her client, or else that they had screwed up so badlty that my suit would have brought to light potential liability and penalties. I am guessing it was the later. Also, she no longer represents them, they now use another attorney and another Trustee Agent.

Thank you both for responding.

Zeepie
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Old 03-02-2007, 11:53 AM
 
Location: downtown Sarasota
4,545 posts, read 11,483,614 times
Reputation: 1867
Coast bank is defaulting on some mortgages in FL as well...Get a lawyer!
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