Complaint Review: Donald Sternhagen

I was referred to the mortgage store and Donald Sternhagen because he was the OWNERS brother. WOW, what an experience.

He lied from the minute he opened his mouth. His far fetched statements started with they were the largest lender in the country lending there own money therefore they could offer the best rates.They were a direct lender so my closing cost would be much less than anywhere else I went. He was the owners brother so he could advance my file more quickly and I would receive preferential treatment with my application. My loan would only take a couple weeks to close because the processor worked directly for him. I would get a rate of 6.25% on a thirty year term fixed rate, the list went on and on with the lies... Nothing was as he said, My closing costs were $10,000.00 higher than what he said. My loan took two months to close title company which they owned messed up the disbursement and caused my mortgage to be late and my credit to be effected. But worse was yet to come, all the way up to closing he told me I had 6.25%. When the title closer came to my home to close my loan I was told by the title company the rate was 7.5%. When I tried to reach Don Sternhagen he hid like a coward afraid to face the lies he portrayed. A short time later I found out the company was in trouble and he and his brother Jason Rauschebach were at the head of The Mortgage Stores unethical business practices. I tried to cancel the loan but Don told me, "Its past your right to cancel therefore you own the mortgage and there's is nothing you can do about it, SORRY!! (With this sick twisted laugh).

Although I had my reservations about him due to his inability to speak effectively I wanted to give him the benefit of the doubt.

I know now to trust my instinct when it comes to people like Don and his brother.

All I can say is WATCH OUT!!! These two guys are definitely cut from the same clothe.

Francis
Tampa, Florida
U.S.A.