Complaint Review: American Business Credit - American Business Financial Services Inc. Upland Mortgage

This has been a long extended battle and to no end so far. I just found this site yesterday and filing today. Notice other complaints filed on this same company or companies I should say. Many names used but all the same.

Back in year 2000 my parents had obtain this loan from american business credit, Inc in order for them to receive this loan of 119K they needed security of our building. My parents did not own this building. Their three sons did. So gave them the security. I nor my 2 brothers signed up for this loan or applied as far as were concerned. Well when the one rep. was in with paperwork I and others were stunned with the charges and would not sign. Dealing on the phone with them at the time, they said it would cost us 5,000.00 dollars to back out of this. Well it was left not signed and the very next day was back with New paperwork and things were signed. It was different paperwork also.

Beware. I had worked with my parents to get a payoff about a 2 years later. Cause this was the time period we had to wait before we could pay off without a prepayment penalty. Well they didn't and wounldn't honor that. Also after 2years loan was to be switch over to my brothers name and my parents off of it. That also didn't happen not honored again. Payoff paper came and wow! Our principal balance is still at 118,987.18 and added interest due, outstanding assessments, interest on fees, Prepayment Fee of 18,370.21, sat fee all of a total of 143,544.61. I have since received two other payoffs and each one received later the payoff was higher. There is a late fee charge of 649.72 and the very same paper is stamped payment history of 0 times late in all three areas. Never late.

Lawyer hasn't gotten anywhere. Pulled my paperwork from him. Now parents filed bankrupty 13 ....is all worked out with them. They have payment plan worked out from the court with abc for so many dollars to take care of this balance loan. Well that still didn't end now they want my blood and my other two brothers. I received paperwork for Judgment of 156,326.91.....Wait!!! I didn't apply for this loan or take it out. What is this.

New lawyer just isn't getting my problem down. Believe I need another. We are all in a small town and he say to me well your parents are in defaut the money is owed he can't stop a foreclosure. Its not my loan whats up.

Currently, we already received our notice to be sheriff's sale on March 4, 2005. Tried state of banking no Help also. Its not a Mortgage they can't help, but all my paperwork says Mortgage all over. Just hoping some news area tv or state goverment would look into these people they are doing things wrong and not legal.

O..did I say were at 16 1/2 percent interest. I think only thing left is us other 3 families file bankrupty too in order to get away from this bad company or oops RIPOFF Co. They are Thieves and alowed to get away with it. Well thats it for now.

James
St. Marys, Pennsylvania
U.S.A.