Instafi Bait and Switch on mortgage rate THEN refused to return $3800 escrow and interest payment for 8 weeks Irvine California
Called for a low guarenteed rate on a refinance loan for my home in California to Instafi in Irvine CA. We filled out all the paperwork and it was notorized, we sent them 3800$ of escrow and interest payment up front, and then we waited. And we waited. We called them about twice a week for a month. They never returned the calls.
Then suddenly, they call us, and say "Gee, we are sorry, the rates have gone up and we didn't finish your refinance within 30 days, so we have to renegotiate your loan". They did this when I wasn't home and my wife was. She felt extremely pressured to "act now before the rates go up again". They almost had her say OK to a refinance at a much higher rate, with much higher fees and a added point! Talk about a bait and switch operation! What a bunch of con artists!
I called them up and said since they went back on their original deal with us to please send us back the 3800$. Eight weeks later and about 50 phone calls later they finally did. During this period one employee that I spoke to told me that instafi had done this same thing to "thousands and thousands of people". It's shameful that they can get away with this. It caused me a lot of grief and upset my family a lot. These people are victimizing people and should be stopped.
Jim
Vallejo, California
U.S.A.
9 Updates & Rebuttals
D.D.
La Habra,California,
U.S.A.
Sean Roberts in business again - beware!
#10Consumer Suggestion
Fri, February 24, 2006
Sean Roberts has opened another refinance business. The name is different, but interestingly enough, it can be accessed from the old instafi.com website. His new business is called diversifi.com. Watch out!
Wayne
Fontaa,California,
U.S.A.
Buyer Beware
#10Consumer Suggestion
Mon, August 15, 2005
I have been in the Mortgage Industry for over 11 years, there are MANY Sean Roberts just waiting for customers to prey on.
What I can tell you from a consumer protection side,( I am in the process of writing a book on this very subject) is this.
Do business with people you know, and have done business with in the past. At the very least ask for referals from friends the way you would a movie or resturant.
Sean Roberts of the world never prosper for long. They lose everything,including thier freedom. I read recently Mr. Roberts was warned against resuming his dubious career in the Mortgage field. Do not be a victim.
Sean
Newport Beach,California,
U.S.A.
bad mouthing a company that only tried to help you, longer in business because it lost several millions dollars
#10REBUTTAL Owner of company
Sat, January 03, 2004
First of all Instafi did not charge you a fee upfront and the monies you sent Instafi were due because the payoff amount you stated was less than what was actually owed. You also received a rate lock agreement, which you apparently didn't read, because it stated the signed agreement must be received by Instafi no later than seventy-two hours of receipt. As far as I can tell you sent it back a week later. Instead of wasting your time and bad mouthing a company that only tried to help you, why don't you look in the mirror and say this "It was me, I was the one, I screwed up"! Instafi is no longer in business because it lost several millions dollars in the month of August by funding every loan in which it had a valid rate lock.
Sean
Newport Beach,California,
U.S.A.
bad mouthing a company that only tried to help you, longer in business because it lost several millions dollars
#10REBUTTAL Owner of company
Sat, January 03, 2004
First of all Instafi did not charge you a fee upfront and the monies you sent Instafi were due because the payoff amount you stated was less than what was actually owed. You also received a rate lock agreement, which you apparently didn't read, because it stated the signed agreement must be received by Instafi no later than seventy-two hours of receipt. As far as I can tell you sent it back a week later. Instead of wasting your time and bad mouthing a company that only tried to help you, why don't you look in the mirror and say this "It was me, I was the one, I screwed up"! Instafi is no longer in business because it lost several millions dollars in the month of August by funding every loan in which it had a valid rate lock.
Sean
Newport Beach,California,
U.S.A.
bad mouthing a company that only tried to help you, longer in business because it lost several millions dollars
#10REBUTTAL Owner of company
Sat, January 03, 2004
First of all Instafi did not charge you a fee upfront and the monies you sent Instafi were due because the payoff amount you stated was less than what was actually owed. You also received a rate lock agreement, which you apparently didn't read, because it stated the signed agreement must be received by Instafi no later than seventy-two hours of receipt. As far as I can tell you sent it back a week later. Instead of wasting your time and bad mouthing a company that only tried to help you, why don't you look in the mirror and say this "It was me, I was the one, I screwed up"! Instafi is no longer in business because it lost several millions dollars in the month of August by funding every loan in which it had a valid rate lock.
Pat
Irvine,California,
U.S.A.
Instafi is finished as a business.
#10Consumer Comment
Sat, December 20, 2003
If you read the papers, Instafi is finished as a business.
There is pending class action suits for unpaid wages as well as suits for unpaid rent, etc. Also there are people with pending loans paid upfront with no where to go.
The company owner still has his cars, boats and such but there's a For-Sale sign on his house. My suggestion is you kiss you $3800 goodby OR waste $50 and file a small-claim suit. You'll have to get in line, several months of wages are unpaid.
Good riddance, Instafi. Your commercials were irritating.
Pat
Irvine,California,
U.S.A.
Instafi is finished as a business.
#10Consumer Comment
Sat, December 20, 2003
If you read the papers, Instafi is finished as a business.
There is pending class action suits for unpaid wages as well as suits for unpaid rent, etc. Also there are people with pending loans paid upfront with no where to go.
The company owner still has his cars, boats and such but there's a For-Sale sign on his house. My suggestion is you kiss you $3800 goodby OR waste $50 and file a small-claim suit. You'll have to get in line, several months of wages are unpaid.
Good riddance, Instafi. Your commercials were irritating.
Pat
Irvine,California,
U.S.A.
Instafi is finished as a business.
#10Consumer Comment
Sat, December 20, 2003
If you read the papers, Instafi is finished as a business.
There is pending class action suits for unpaid wages as well as suits for unpaid rent, etc. Also there are people with pending loans paid upfront with no where to go.
The company owner still has his cars, boats and such but there's a For-Sale sign on his house. My suggestion is you kiss you $3800 goodby OR waste $50 and file a small-claim suit. You'll have to get in line, several months of wages are unpaid.
Good riddance, Instafi. Your commercials were irritating.
Pat
Irvine,California,
U.S.A.
Instafi is finished as a business.
#10Consumer Comment
Sat, December 20, 2003
If you read the papers, Instafi is finished as a business.
There is pending class action suits for unpaid wages as well as suits for unpaid rent, etc. Also there are people with pending loans paid upfront with no where to go.
The company owner still has his cars, boats and such but there's a For-Sale sign on his house. My suggestion is you kiss you $3800 goodby OR waste $50 and file a small-claim suit. You'll have to get in line, several months of wages are unpaid.
Good riddance, Instafi. Your commercials were irritating.