Foundation Financial Group These are the biggest scammers/liers/predatory lenders in the business! Atlanta Georgia
We got ripped off from the first loan which we are still in. We had our documents audited and found many violations. We went back to refinance the second time to which we had no idea that they still owned the loan, we thought that is was through Wells Fargo and being serviced by ASC, but, they led us along and told us to default on the current loan because it would be covered in the payoff of the refinance. That put us 2 months behind on our current loan. They kept telling me everything was a "go" and that we should close on the loan soon.
When it came time to close out, all the pricing had changed so we said we could'nt do it; the payments were too high. They called back and threatened us with this credit crap and how we were going to be in a lot of trouble if we did'nt pay that loan off. Well, we did, and we closed out and everything.
10 days later, after much panic, they sent a letter of credit denial because of "lack of collateral". So, by then, we were 3 months behind on the mortgage to them so we had to work out something to save our home.
We paid a reinstatement fee so we would not get foreclosed on. We went along and they finally came back with this rediculous high amount of a payment, we knew we could not do. We asked for a loan modification because by now, we are just about financialy exhausted. We dickered along for 4 months. I learned everything I could find out about these documents as I just could not see how someone could get you in this kind of a mess and just drop you like a hot potato. They knew we could not come up with the money to catch it up.
Well, I sent complaints to: FTC, BBB's, etc. trying to find someone to help with this. The GA. Dept. of Banking and Finance are still investigating at this time. In October 07, they said they were going to foreclose Nov07. I sent them the violation letter and I also finally retained an attorney so they put the foreclosure on hold. We found out that Foundation Financial was still the holder of the mortgage after it had been run in our local paper for over a week.
My attorney and the GA. Dept. of Banking and Finance received a letter from their supposedly, Senoia Managing Partner, that was all a bunch of lies. He twisted everything around; he did not know what went on before. He was just grabbing what he could because he knew they were in a lot of trouble. When my attorney got the letter, he dropped us. He then told me that Foundation Financial has offered me $2500 dollars to drop all the complaints about them.
Does'nt this all sound so fishy? This is one of the biggest flipping schemes I have ever seen! They have violated the: GA. Residential Mortgage Fraud Act, GA. Fair Lending Act, Deceptive Trade Practices Act., HOEPA, and many more that I probably dont even know about.
Now, I don't have legal representation any more, I feel they will try and foreclose again for March 08. I have found one attorney, but he will not take it until the Dept. of Banking and Finance says that there is something here.
I will not quit with this until justice is done. There is not a law in these United States if they dont enforce these mortgage and consumers laws!
Cindy
Sharpsburg, Georgia
U.S.A.
2 Updates & Rebuttals
Cindy
Sharpsburg,Georgia,
U.S.A.
Jonathon in PA.
#3Author of original report
Sat, May 01, 2010
I am so happy for you!! You just got suckered.
Jonathan H.
Pinola,Pennsylvania,
United States of America
I beg to differ
#3Consumer Comment
Fri, April 30, 2010
I recently Started the Process of Refinancing my house on Feb 20th 2010. I kept getting a lot of phone calls because my credit was pulled by Wells Fargo, who i originally inquired with. I picked up the phone because I was tired of the calls. I spoke with a young lady who actually made me think about a lot of things. I immediately googled FFG and saw this report about how the company was a rip off. The young lady had me go to the BBB website to assure that this article was about one person who had a bad experience and that Bank Of America Services their loans not Wells Fargo nor ASC. This objection was clarified in the 1st call. I must have spent 40 minutes on the phone. I was told that they can close in 15 days or less and Wells told me in about 2 months but wouldnt guarantee me a closing date. I decided to pick FFG because the young lady I spoke with actually cared about my goals with refinancing. After I got off of the phone with her I called Wels and I couldnt get the same person I originally spoke with on the phone. This concerned me. The next call I received was from the young lady's licensed loan officer who was absolutely on point. I received accurate numbers the same day and ordered the $490 appraisal fee the same day (a little bit pricy) but it was well worth it. The Appraiser came out the next day and I was now guaranteed a closing date on paper. I started with FFG on April 7th and Closed April 20th. Only 13 days total from start to finish. Now Bank Of America holds my loan and I went from a 6.375% interst rate to a 4.875% and paid off my credit cards. All in all I saved $382 per month and I definitely would tell someone not to be discouraged from working with Foundation Financial I would go out of my way to recommend them to any perosn who doesnt want to deal with the Refinance Headaches. They made it simple, fast and the rate they initially gave me did not change. Thank you Foundation Financial for helping me even though I too was skeptical at first