Complaint Review: Money Tree Mortgage

In June of 2003, I got online to see if I could qualify for a home mortgage loan after a bankruptcy. Money Tree Mortgage contacted me to let me know that with my current income, they could help me get the loan. I went through the process of applying for the loan and then was told that I had to pay a $300 origination fee. I told Russ Satterfield at that time that I did not have the cash but would send it within two weeks.

One of the things that attracted me to this was the fact that the $300 would be applied toward the first mortgage payment once I closed on a house. Also, I had worked with Money Tree Mortgages (I guess not the same one!) on the purchase of a manufactured home several years before, so I trusted the name.

Remember that I was trying to re-establish my credit after a bankruptcy. Two days later I received a call from Russ telling me that I had been approved for $60k and that I now had to send the $300 for being approved or face charges for receiving services without paying for them! Needless, to say I was terrified of my credit be sent bad again, so I made arrangements for my bank to send them the money.

I received my loan paperwork via email with instructions on how to print it up (in adobe) and to review it; send it back with various copies of w-2's, income statements, etc. I did not have the means to print it in legal format at the time and had just signed a one-year lease for an apartment.

I am now in a position to update my loan application, buy a house and get on with my life. Imagine my surprise when I can no longer get in touch with my mortgage company! All phone numbers and email addresses are no longer valid! I unfortunately am one of those people who have lost their origination fee of $300. Now I have to start all over again trying to find a mortgage for the home I have found to buy!

Patti
Shalimar, Florida
U.S.A.