Charles Anthony Vaughn - Immediate Funding ripoff of my home without having legal status to do real estate transaction as his salesperson's real estate license was revoked ENCINO California
Charles A. Vaughn, presumably worked for IMMEDIATE FUNDING, INC., in Encino, CA manipulated my brother, and me to take out a mortgage loan on our home, inherited from our parents, and fully paid for; on October 19, 1999. He persuaded us to take out a loan with payments beyond our means, even though we had earlier agreed to take out a $20,000 loan with payments within our budget. He reported that we couldn't get approve for that loan as we owed a no-interest loan to the County for repairing our roof under a low-income housing preservation program in 1985.
Instead he created a loan for $40,000, which turned out to be $47,000 due to unexplained fees and his costs for his service. Within three months, our loan was sold to another loan servicing company, EquiCredit out of Florida.
Within less than a year, it was sold again to Fairbank Capitol, Inc. also out of Florida. Due to their fraudulent business practices, our home ended up in foreclosure and was sold Feb. 28, 2003, without us ever being sent a Notice of Default or Notice of Foreclosure.
Their loan rep. rudely told us that we couldn't save our home even though we had a private investigator willing to pay off our entire loan prior to the sale of our home. She lied and said that the home was already sold, but it wasn't. Even though we filed a Chapt. 13, it wasn't enough to save our home.
We had to leave our home, with which was sold to Billion Enterprises for $150,000, even though it was worth $350,000. Though we received the remainer of money after they subtracted the loan balance and had to pay Billion Enterprises, $2,000 of the remainder of the money left from the sale because we had fought trying to save it by filing a Chapt. 13 and going to court, as they failed to served us though they stated in court records that they did, which was found to be a lie.
The entire thing was a financial fiassco, with definite elements of fraud, broken laws, and deceit. Recently, I found out that Charles Anthony Vaughn's salesperson real estate license to do real estate transactions in the state of California was revoked by the California Department of Real Estate August 2, 1994. Also, an Accusation was file against Immediate Funding, Inc. requesting that their corporate real estate license be revoked as of June 23, 2003.
So our family was ripped off of our family home, leaving us with minimum funds which were not sufficient to purchase another home, especially within California's bay area and insufficient for us to move out of state, due to permanent bay area employment ties.
Betty
Richmond, California
U.S.A.
3 Updates & Rebuttals
Charles
California,USA
Misunderstanding and mis-representation: A sad Affair
#4REBUTTAL Individual responds
Wed, February 22, 2017
A couple of dear friends of mine brought to my attention that there was a complaint against me by a person who's name is Betty from Richmand Ca. As I read Betty's complaint my heart was heavy and sympathized with Betty and her brother ultimately loosing their home they inherited. My hope is that she and her brother were able to move on from this horrible ordeal and not carry the spirit of bitterness and heaviness in their hearts forward.
I must respond to Betty's complaint, although her complaint is warranted from her perspective, it is misleading in many ways and paints a negative picture of who I am as a person.
I worked for Immediate Funding back in the early 90's and my job role was to collect information from clients that called in looking for a home loan to satisfy their motives. Once the information was collected from the potential clients I would submit the application to the Broker and underwriter for their approval. The Broker would inform me if the clients were approved and under what terms and stipulations according to the companies policies. Betty's loan was approved but was not approved for the $20,000.00 loan amount she requested. It was Immediate Funding's policy that the minimum loan they would do is $40,000.00 dollars, for it didnt make financial since for them to do anything lower than that. Once I conveyed Betty's approval and her stipulations per Immediate Funding, it was then her responsibility to accept or decline Immediate Funding's offer, which she and her brother accepted. This was a far-fetch from her statement that I / We manipulated her to take out a higher loan they could not afford. The ultimate decision to accept a loan or not lies in the hand of the potential client. Once their final loan papers were completed Betty and her brother recieved a Estimated Settlement Statement from the Escrow company that gives them a line by line description of what each fee and cost are for. Once a loan has funded and closed the mortgage company generally sells their loan to another company that has the capability to service loans. It is my understanding a loan can be sold many times but will Always be under they same original terms the borrowers agreed. I can not speak for Fairbank Capitol Inc. who Betty's loan ended up with but I don't believe that a lender could foreclose on a property unless the Borrowers are not making their payments.
Betty is correct that my Real Estate Liscense was suspended and then revoked, not for any fraudulent activity pertaining to loan dealings, but from me not informing the Deapartment of Real Estate that I received a traffic violation that I could not pay at the time, that turned into a warrant and then a misdemeanor. In short, I have been a traveling Notary for over 20 years and have notarized over 40,000 documents and have never had one complaint accept for this one. Anyone who knows me knows this is not my character at all how Betty describes.
Inclosing, Again my hope is that Betty and her brother were able to move on and were able to turn this awful ordeal from lemons to lemonade.
Sincerely,
Charles Vaughn
Charles
California,USA
A misunderstanding and representation
#4REBUTTAL Owner of company
Wed, February 22, 2017
A couple of dear friends of mine brought to my attention that there was a complaint against me by a person who's name is Richmand Ca. As I read Betty's complaint my heart was heavy and sympathized with Betty and her brother ultimately loosing their home they inherited. My hope is that she and her brother were able to move on from this horrible ordeal and not carry the spirit of bitterness and heaviness in their hearts forward.
I must respond to Betty's complaint, although her complaint is warranted from her perspective, it is misleading in many ways and paints a negative picture of who I am as a person. I worked for Immediate Funding back in the early 90's and my job role was to collect information from clients that called in looking for a home loan to satisfy their motives. Once the information was collected from the potential clients I would submit the application to the Broker and underwriter for their approval. The Broker would inform me if the clients were approved and under what terms and stipulations according to the companies policies. Betty's loan was approved but was not approved for the $20,000.00 loan amount she requested. It was Immediate Funding's policy that the minimum loan they would do is $40,000.00 dollars, for it didnt make financial since for them to do anything lower than that. Once I conveyed Betty's approval and her stipulations per Immediate Funding, it was then her responsibility to accept or decline Immediate Funding's offer, which she and her brother accepted. This was a far-fetch from her statement that I / We manipulated her to take out a higher loan they could not afford. The ultimate decision to accept a loan or not lies in the hand of the potential client. Once their final loan papers were completed Betty and her brother recieved a Estimated Settlement Statement from the Escrow company that gives them a line by line description of what each fee and cost are for. Once a loan has funded and closed the mortgage company generally sells their loan to another company that has the capability to service loans. It is my understanding a loan can be sold many times but will Always be under they same original terms the borrowers agreed. I can not speak for Fairbank Capitol Inc. who Betty's loan ended up with but I don't believe that a lender could foreclose on a property unless the Borrowers are not making their payments.
Betty is correct that my Real Estate Liscense was suspended and then revoked, not for any fraudulent activity pertaining to loan dealings, but from me not informing the Deapartment of Real Estate that I received a traffic violation that I could not pay at the time, that turned into a warrant and then a misdemeanor. In short, I have been a traveling Notary for over 20 years and have notarized over 40,000 documents and have never had one complaint accept for this one. Anyone who knows me knows this is not my character at all how Betty describes.
Inclosing, again my hope is that Betty and her brother were able to move on and were able to turn this awful ordeal from lemons to lemonade.
Sincerely,
Charles Vaughn
Sharon
San Diego,California,
Had a better experience with Mr Vaughn
#4Consumer Comment
Mon, June 30, 2014
I'm so very sorry to hear about Betty's experience, and it sounds like the sale of her loan to 2 separate companies just added to the nightmare of her story, which is so unfortunate. I wanted to add something to her comments about Charles Vaughn, as I recently had the opportunity to work with him.
As with Betty, I too was assigned Mr. Vaughn to work with me on my recent home closing, and documentation. I was very confused about the whole process, and had many questions. I 'googled' Charles Vaughn with Immediate Notary Service and found this comment, on this site, and was concerned, but I had a much better experience. I found Charles extremely clear, knowlegable, attentive to my specific needs, and very helpful. It had been 10 yrs since this past review, and I was in a time crunch, so I went ahead with the appointment with him, and I'm glad that I did. Mr Vaughn explained the process to me, and seemed very confident about his knowledge of this business. I found he'd been in this industry for many years, and had several experiences pertinent to my particular situation. He offerred me excellent advice and guidance, and I felt much better after working with him on my paperwork, closing, and asked him all of my questions.
I felt it only fair to tell Mr Vaughn about this unfavorable report, so that he may address these unfortunate issues. In the meantime, THANK YOU CHARLES!! I will continue to refer you to my friends who are in my similar situation, and again, Thanks for the time you spent with me, addressing all of my concerns.
Sharon