Comments on: Mortgage Scam – Home Mortgage Fraud http://www.bustathief.com/mortgage-scam-home-mortgage-fraud/ Protecting You and Your Finances Wed, 14 Dec 2011 21:27:40 +0000 hourly 1 By: Todd Runnels http://www.bustathief.com/mortgage-scam-home-mortgage-fraud/comment-page-1/#comment-6570 Todd Runnels Tue, 02 Mar 2010 15:52:51 +0000 http://www.bustathief.com/?p=53#comment-6570 I have spent years keeping my credit A-1 and now no one will even talk to us now about getting a good mortgage, this is our dream house that we built and would really like to keep it and with good loan. I guess I was asking Wells Fargo for too much to be a great customer and prompt payer, they would rather jerk people around and get that high interest no matter what. here are the things we are going through with Wells Fargo Financial, very unhappy with and abusive predatory tactics/promises on 02/18/08 we financed our home with Wells Fargo Financial to pay off debt that we inquired during the rebuilding process of our home, the home was previuosly free & clear, we dealt with Trishia Hunt, she contacted us cold call, and we were promised a fixed rate loan, no problem, get to closing and it turned out to be an ARM @12% interest with 3 year adjustment, my wife had a few things on her credit that was paid off so according to Trish that we can refinance at a good rate in 1 year, Great! Now we have good credit, no late payments on anything and I mean everything. also extra used funds to put in a new septic system & other improvements so we can get ready to refinance at 95% of value next year as Wells Fargo will do that, but for them to get around that, they have their own appraiser and he will low ball the appraisal, We had house appraised for $90,000 a few months earlier by another appraiser, (but that deal did not go through), and Wells Fargo says it is only worth $70,000 and that was before/after many expensive updates. Now comes April of 2009 and we were contacted by David Olson one of the managers at the Grand Rapids, mi. branch and said we are ready to roll this loan into a 4.5% 30 year mortgage, $7500, in closing costs, very high but he said was negotable Great! so we sent all the paperwork in, in April which was all there, and David also said the sooner we get our paperwork in the sooner we close this loan, so I did just that, then 05/28/09 comes along and we finally got the Truth in lending Disclosure, Great! every thing looks good, the terms and everything were good for us. Ok, now that the home still needed a little work to be perfect, I finished some small projects and still needed to complete the garage, siding, electrical, wood floors, landscaping, etc. so I contacted David Olson and he said the loan is all approved and just waiting on the appraiser, so I waited for a few weeks and asked David Olson again what was going on?, again he said the loan has been approved and still waiting on the appraiser, busy guy, so I asked if I could get my own appraiser and he said no. and David Olson advised me to borrow money to finish your home before the appraiser gets there to get the best appraisal, OK, borrowed about $5000 to finish home and everything was good to go now, just waiting on the appraiser. Now I also asked David if we should get another fianace company to refinance since they were having trouble getting a appraiser here and David said just be patient, the loan is all approved and the appraiser will be there/well this went on all summer, if I would have known this guy was lying to me, I would have found another finance company, but I would have 2% prepayment penalty on the loan , so we would just stick to the plan. Ok now here comes 08/31/09 a refusal letter stating that we insuffceint income, which we did not a year before and excesive obligations, yes that is true but since we borrowed money to fix up home, thanks to David Olson's advise, I would think that would be expected, since I was going to pay off all debt with loan proceeds and we are on a good path to great credit, I have been borrowing money to pay some bills till this loan went through, well since the loan did not go through, I cannot pay my unsecured debt Now I am in big trouble, it is my fault for listening to these lies from David Olson and Wells Fargo. should have seen it coming. Ok, now comes the Home Affordable Modification Loan since our income has dropped $900.per month due to my tenants not paying and the overwhelming unsecured debt ( my wife is a Vet and we are both on Social Security fixed income due to disability's), that was 09/11/09 We sent all required info for the Home Affordable Modification to Kerrie Holst and on 11/04/09 Kerrie Holst needed more info, we sent that out promptly and about a week later Karrie Holst called me and said we do not qualify for the Home Affordable Program, we received too much money and the payment would go UP instead of down, I then asked her if there is another way of getting this home in a good loan, and she said it was in a good loan and 12% ARM is a very good rate? WHAT? and she kept insisting me that she trying her best to help me? WHAT?, well that conversation did not end well. 1. OK now check out these 3 situations- 02/18/08 had good credit except wife, not too bad, promised a fixed rate-we get 12% ARM 40 year $675 a month, Ok no problem say Trishia Hunt, at time promised us refinance next year when these marks are off of credit. 2. now we apply for a good loan all credit issues cleared up, April 2009 4.5% 30 year fixed-$399.51 a month, down from $675.00 mo. perfect! come 08/31/09, got refused for this loan, findings-could not afford this loan/payment? WHAT? 3. Now we apply for the Home Affordable Modification 11-09, since our monthly income went down $900 a month, got refused because we receive too much money and the payments would go UP from $675. month, instead of down, Well That is our nightmare with this bank. I don't get it? Please help Thanks, Todd & Cori Runnels 9496 S. Gulley rd Baldwin, MI 49304 231-898-6058 I have spent years keeping my credit A-1 and now no one will even talk to us now about getting a good mortgage, this is our dream house that we built and would really like to keep it and with good loan.
I guess I was asking Wells Fargo for too much to be a great customer and prompt payer, they would rather jerk people around and get that high interest no matter what.
here are the things we are going through with Wells Fargo Financial, very unhappy with and abusive predatory tactics/promises
on 02/18/08 we financed our home with Wells Fargo Financial to pay off debt that we inquired during the rebuilding process of our home, the home was previuosly free & clear, we dealt with Trishia Hunt, she contacted us cold call, and we were promised a fixed rate loan, no problem, get to closing and it turned out to be an ARM @12% interest with 3 year adjustment, my wife had a few things on her credit that was paid off so according to Trish that we can refinance at a good rate in 1 year, Great! Now we have good credit, no late payments on anything and I mean everything. also extra used funds to put in a new septic system & other improvements so we can get ready to refinance at 95% of value next year as Wells Fargo will do that, but for them to get around that, they have their own appraiser and he will low ball the appraisal, We had house appraised for $90,000 a few months earlier by another appraiser, (but that deal did not go through), and Wells Fargo says it is only worth $70,000 and that was before/after many expensive updates.
Now comes April of 2009 and we were contacted by David Olson one of the managers at the Grand Rapids, mi. branch and said we are ready to roll this loan into a 4.5% 30 year mortgage, $7500, in closing costs, very high but he said was negotable Great! so we sent all the paperwork in, in April which was all there, and David also said the sooner we get our paperwork in the sooner we close this loan, so I did just that, then 05/28/09 comes along and we finally got the Truth in lending Disclosure, Great! every thing looks good, the terms and everything were good for us.
Ok, now that the home still needed a little work to be perfect, I finished some small projects and still needed to complete the garage, siding, electrical, wood floors, landscaping, etc. so I contacted David Olson and he said the loan is all approved and just waiting on the appraiser, so I waited for a few weeks and asked David Olson again what was going on?, again he said the loan has been approved and still waiting on the appraiser, busy guy, so I asked if I could get my own appraiser and he said no. and David Olson advised me to borrow money to finish your home before the appraiser gets there to get the best appraisal, OK, borrowed about $5000 to finish home and everything was good to go now, just waiting on the appraiser. Now I also asked David if we should get another fianace company to refinance since they were having trouble getting a appraiser here and David said just be patient, the loan is all approved and the appraiser will be there/well this went on all summer, if I would have known this guy was lying to me, I would have found another finance company, but I would have 2% prepayment penalty on the loan , so we would just stick to the plan.
Ok now here comes 08/31/09 a refusal letter stating that we insuffceint income, which we did not a year before and excesive obligations, yes that is true but since we borrowed money to fix up home, thanks to David Olson’s advise, I would think that would be expected, since I was going to pay off all debt with loan proceeds and we are on a good path to great credit, I have been borrowing money to pay some bills till this loan went through, well since the loan did not go through, I cannot pay my unsecured debt Now I am in big trouble, it is my fault for listening to these lies from David Olson and Wells Fargo. should have seen it coming.
Ok, now comes the Home Affordable Modification Loan since our income has dropped $900.per month due to my tenants not paying and the overwhelming unsecured debt ( my wife is a Vet and we are both on Social Security fixed income due to disability’s), that was 09/11/09 We sent all required info for the Home Affordable Modification to Kerrie Holst and on 11/04/09 Kerrie Holst needed more info, we sent that out promptly and about a week later Karrie Holst called me and said we do not qualify for the Home Affordable Program, we received too much money and the payment would go UP instead of down, I then asked her if there is another way of getting this home in a good loan, and she said it was in a good loan and 12% ARM is a very good rate? WHAT? and she kept insisting me that she trying her best to help me? WHAT?, well that conversation did not end well.
1. OK now check out these 3 situations- 02/18/08 had good credit except wife, not too bad, promised a fixed rate-we get 12% ARM 40 year $675 a month, Ok no problem say Trishia Hunt, at time promised us refinance next year when these marks are off of credit.
2. now we apply for a good loan all credit issues cleared up, April 2009 4.5% 30 year fixed-$399.51 a month, down from $675.00 mo. perfect! come 08/31/09, got refused for this loan, findings-could not afford this loan/payment? WHAT?
3. Now we apply for the Home Affordable Modification 11-09, since our monthly income went down $900 a month, got refused because we receive too much money and the payments would go UP from $675. month, instead of down, Well That is our nightmare with this bank. I don’t get it? Please help

Thanks, Todd & Cori Runnels
9496 S. Gulley rd
Baldwin, MI 49304
231-898-6058

]]> By: eileen http://www.bustathief.com/mortgage-scam-home-mortgage-fraud/comment-page-1/#comment-3479 eileen Tue, 26 May 2009 16:14:34 +0000 http://www.bustathief.com/?p=53#comment-3479 my title company change my mortgage and deed after i left the closing my title company change my mortgage and deed after i left the closing

]]> By: Unknown http://www.bustathief.com/mortgage-scam-home-mortgage-fraud/comment-page-1/#comment-3137 Unknown Mon, 06 Apr 2009 18:24:40 +0000 http://www.bustathief.com/?p=53#comment-3137 I recently was propositioned by a company for something i believe to be a scam offering me to save my home from forclosure.. upon contacting this company they requested that i give them 2500 dollars so called money back guarantee in order for me to help them... seeing something wrong in this i told them no thank you and hung up on them....believing it to be a scam because people suffering from forclosure can't even pay thier mortgage yet ..2500 dollars fee to restucture thier loan so how could this be legal? i didn't fall prey to the scam however i'm wondering exactly where can i turn this company in for even trying to scam me before they get away with scamming others? thank you... I recently was propositioned by a company for something i believe to be a scam offering me to save my home from forclosure.. upon contacting this company they requested that i give them 2500 dollars so called money back guarantee in order for me to help them… seeing something wrong in this i told them no thank you and hung up on them….believing it to be a scam because people suffering from forclosure can’t even pay thier mortgage yet ..2500 dollars fee to restucture thier loan so how could this be legal? i didn’t fall prey to the scam however i’m wondering exactly where can i turn this company in for even trying to scam me before they get away with scamming others? thank you…

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