Complaint Review: MORTGAGE MONEY MARKET INC

Mortgage Money Market Inc and its agent Terry O'Shaughnessy took $1000.00 from two of my companies borrowers.  My company submitted their applications to Mortgage Money Market Inc. and Terry O'Shaughnessy to see if they could make a mortgage refinance for them.

After reviewing their full and total application including their tax returns, credit report, all income documention and the rest of requested items Terry O promised in writing a certain refinance loan of their apartment buildings.  They promised a rate of 5.85% fixed rate for 5 years.  They said these applications have been reviewed by their underwriters and have given them a pre approval .  They sent out a term letter to each of the applicants saying what they could do and said they needed $1000.00 to move forward.  If they did not give them the $1000.00 before 4 days passed they would charge them $1500.00.

Both borrowers were personally contacted by Terry O and he said on the phone how he could help them get their refinancing needs accomplished.  He demanded $1000.00 on the phone from them before he would move forward with getting them this refinance loan.  Both borrowers were talked into sending him their $1000.00 based on him getting them their loan.

Both borrowers signed a document that said the money was not refundable and Terry told them that it would not be refunded only if the borrower decided not to take the loan.  The borrower told him that it doesn't mention that in the document and Terry O assured him that only if he backed out of the loan they would keep his money eventhough the document said otherwise.

Once he received their money and after a few weeks he called them both.  He told one borrower he could not get them a 5.85% rate but could get him an 11% rate.  The borrower was very disapointed and said he would not pay 11% and demanded a refund based on not providing him with the loan he said he could get them in writing.  Terry O then told him it was non refundable and kept his money.  The borrower then referred to the written letter stating the original terms were not met and he wanted his money back based on that.  He also told Terry O that there was no mention of the possibility of not getting him the original loan and that Terry O should have told him at that time the money was not refundable if he didn't perform.  Terry laughed and said too bad.  The borrower told him that was a rip-off using a promise to get his money then not delivering on his promise and not giving him his $1000.00 back.

The other borrower was told by Terry O that he could not even get him anykind of loan based on the location of the property.  The borrower asked him why he did not tell him that before he gave him the money.  Terry O had no answer and kept his $1000.00  

Both borrowers obviousely felt riped off by Terry O'shaughnessy and Mortgage Money Market because Terry O was so positive about getting them a refinance mortgage loan.  They both felt he was deceptive about the $1000.00 and never gave full disclosure.