I was looking to refinance my multi-family home.I told my need to a friend of my who actually has couple of houses. He told me about his fried that he has used him to procure one of his houses, and that he is very good in closing loan in a week. My friend exchanged the contact info of the so called broker with me. The next day, I called the broker. Didn't get him. He returned my call later that day and introduced himself to me.He asked me the value of the property and the location. He took all my personal information and my wife's over the telephone.
I trusted that my friend wouldn't put me in an unsafe hands and went ahead with the broker. He pulled mine and my wife's credit report to determine my interest rate. He asked me what rate was the previous mortgage company offering. I told him in the 8s on 30 years loan. He asked me the appraised value of the property. Told him. However, he said since the appraisal was prepared in the name of th previous company I was using that I have to do another appraisal, and that he will reimburse me with the cost of the appraisal. That it will written in the document and will reimbursed at the closing. The reports came out good , he said my interest rate would be lower than 8s because he will places me in a fha loan program.
I faxed all necessary documents; pay stubs and both of our employers information. He called me the following day to tell me he got 7.5. He said he would go ahead to apply for the loan. I concord with him.The next day he called me to tell me that he got my a case number for the fha gov.Loan. I loan. I requested to have all prepared paperwork to me so that I can take a look. He agreed to do that, but did not fax it the day I requested it. He said that the underwriter is compiling all paperwork. We did not speak for 3 days, but I did called him and left him a message to call me back. He called me back on that day and requested me to order for pay-off quote from my current mortgage company.
He said that he has ordered for the appraisal for the property, he asked me to contact the appraisal company to schedule appointment. Due to my interest to have it closed on time because of my adjustable rate expiring in one month, I made appointment with the appraisal company for the next day. The appraisal company said that they are available for service any time scheduled. Prior to the appraisal, the broker said the cost for the appraisal for the 3 family building under fha govt loan is $650. I said no, that the last time I appraised my house for purchases was $450. He said I will get the money back anyway at the closing, that I should paid the money. I called my friend that introduced me to the broker to let him know how everything is going. I have not met the broker for the first time and I don't know what he looks like, but he did have a professionally chamming voice when speaking and on hos voice mail. So, the appraisal guy showed up to the house 1hour 15minutes late. He came in with his camera and drivable measurement tape. After 20minutes of inspecting the 3 units, he requested for the ckeck of $650. I wrote out a ckeck for same amount.He talking all nice with me all throuhg his stay. 2 Days later, I called the broker, he told me that the appraisal came up to be more than the previous value by the previous company. Later in that week I called the broker for 3 straight day with no responds. He called later only to tell me that he has 6 loan on subprime that he is trying to close, but the fed. Raised the interest rate and changed the rules on them, that am lucky to be in the fha loan and I was not affected by these changes. In that conversation, he promised to call me back the next day.He failed to call. On Saturday of that same day I met with my friend who introduced me to the broker to ask him what is wrong with his friend, that we were surpose to be closing any day now that everything is fine, but he doesn't call me as promised. My friend responded that, the broker told him that there was problem in the fed and the subprime. This could be the reason why he has not called me back. He promised to tell him to call me. On Monday of the following week, he called. Said I should stay by the fax and receive the "good faith estimate". I received it. However, after going through it together over the telephone, we both figured some mistake with his calculation. At this time, he said he will call me back in the afternoon of the same day after making necessary correction.
I did not hear from him since then, I left almost 50 voice message in the last two weeks. I called my friend who referred him to me to complain, he told me he finish speaking with him couple of hours ago, and he will tell him to call me. I did not still receive any call yet for one week. I call my friend again and discuss the matter with him, he still told me he spoke with him yesterday and he will tell him to call. I frustrated with my adjustable rate expiring soon.
Discussed this matter to other of my relatives, they told me to locate the address through phone and internet and drive the in person to know what is going on. I followed their advise and got the address on the internet. I took a day off from work and drove down there for anout 1hour 20minutes. On getting to the area, searched number to number, block to block, I discovered that the business building, number and business sign doesn't exist. I approached a man who runs appraisal business closer to the business building the broker gave to me for help. He told me he has been in that area for for many years and has not seen or heard that such an address exits. He assured me that it's a scam. He tried to search through his computer by the name of the broker and the appraisal company, not no result. He stated that the broker collaborated with the appraisal company to carry out the scam.
He advised me to contact this agency for help to track this group down. Please, I need your help, and my adjustable rate is expiring in 2 weeks.
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