Complaint Review: American Community Lending

The following is a letter that I e-mailed to the company, it explains it all... July 30, 2008

To whom it may concern,

My husband applied for a loan with your company and was approved on July 10, 2008. We were sent the loan documents via e-mail on July 14 in which we signed and faxed back along with receipt of a Western Union transfer in the amount of $750.00 that was to be applied to the insurance premium for the loan on July 16. At that time your loan specialist informed us we would be receiving our funds within the day, or no later than midnight of that night in our bank account via direct deposit.

After not receiving the funds that day, or the next, and several messages left with the loan specialist that were not returned, we finally came in contact with another loan specialist on July 17. This specialist informed us we needed to Money Gram an additional $495.00 by July 20th to cover Canadian taxes. Also there was the need for a different routing number from our bank that was needed to route the funds into our account from a bank in Canada. At this time we were told that the funds would be directly depositted into our account on July 18 and would be available on July 22.

On July 23, when we still had not received any funds in our account we made several calls to the secound loan specialist and left several messages. Later that afternoon we finally reached the loan specialist and were informed that the wire transfer to our account did not go through on July 18 and the funds were going to have to be mailed. We verified our mailing address and were told the funds would be mailed out of Canada on July 24 and we would received them via regular mail on July 30.

It is now July 30 and our mail has ran for the day and once again no funds have arrived to us. We called the second loan specialist and left a message, but no return call.

We are both very upset and the toll this process has taken. We have be told three seperate times to expect our funds and each time comes and goes with no funds.
We have done everything that was asked of us including sending on two seperate occasions a total of $1245 but still have not received our funds.

In the loan documents we signed and faxed back it is stated that the funds will be sent to us via direct deposit or bonded carrier within 48 to 72 hours. That time has come on gone now on several occasions.
Your cover letter states that borrowers are uneasy because of the "bait and switch" techniques of other unethical lenders. Well I am sorry to say you have not proven yourself to not be one of those lenders. We trusted in your company to help us in a difficult financial time, even borrowing funds to pay the insurance and taxes on our loan, and in return all we have received is unanswered phone calls and postponed dates to our loan funding.

We would like to think that this is just an unfortunate situation where things did not go as planned, but at this point we are not sure as to what to believe and who to trust.

We would very much appreciate a reply to this letter and perhaps and explanation to this situation.

Cheryl
Porterville, California
U.S.A.