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  #1  
Old 01-23-2006, 01:29 PM
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Royal Tiger Royal Tiger is offline
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F***ed by Mortgage America

I was a victim of "Predatroy Lending". Without getting into to many personal details, I went to Mortgage America and received a pre-approval for the loan amount up to the amount we were looking to spend on a house. We went into the office after finding the house and "locked" in a rate after buying 2 points. I called around and found someone that blows them away. They explained that most major lenders give you a higher rate then the independants and milk you for their overhead. I told Mortgage America I was no longer intrested in their money. In between they ran 3-5 credit pulls on me, lowering my score and fouled up my mortgage with the idependant I'm going with. My new broker explained they will give me my original deal, but they shopped me for a better rate, then they keep the difference in their pocket. It's quasi legal, but very unethical. Not sure if I can push it with the Attorney General's Office. Closing is coming up on the 9th af Feb, and I can't delay it. Until they can get my score back up, I have to take a higher rate. I'm out $7k and over $300 a month. Bye-bye 951. I'm feeling like going postal, but I don't think it will do my career any favors. This blows. Stay away from these idiots.
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  #2  
Old 01-23-2006, 02:18 PM
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Dan,

I'm terribly sorry to hear this. I hope things work out and you're able to at least get the house. You could always refinance the loan 6-12 months in (when your credit score recovers) and get a better rate.

I know you loved that 951. I know another will come along...

-Chike
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  #3  
Old 01-23-2006, 11:39 PM
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Quote:
Originally Posted by Chiketkd
Dan,

I'm terribly sorry to hear this. I hope things work out and you're able to at least get the house. You could always refinance the loan 6-12 months in (when your credit score recovers) and get a better rate.

I know you loved that 951. I know another will come along...

-Chike
I have been TRYING to get a handle on this sort of thing for quite some time!!
My credit was bashed to s#^@t by LOWES, and nationwide insurance.
I recieve about 30 calls per week from companies that want my mortgage, but I will not deal with ANYONE that I cannot grab by the LAPELES and YANK off the floor!
I HATE faceless voices on the phone (that are most likely recieving minimum wage, and a commission for each SUCKER they hook)...
We grow as we mature!!
You WILL survive, Learn from your past mis-deeds, and deal with only people you can CONFRONT, in the local courts, if necessary!!!!
Jerry
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  #4  
Old 01-24-2006, 12:25 AM
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Landshark Landshark is offline
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wow, that sucks! hope you can sort things out and still get the 951.
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  #5  
Old 01-24-2006, 11:39 AM
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Royal Tiger Royal Tiger is offline
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The only silver lining is that I will probably hold out for a year or two and get the 928 S4 as it will be a little cheaper by then and I should have a little more cash. It still sucks either way.
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