Mountain Mortgage Corp, Ripoff of Mountain Mortgage Corp, Union New Jersey
I applied for a mortgage from "Mountain Mortgage Corp" for NJ state 's First Time Home Buyer program. They gave to the best quote and gave me Good Faith Estimate. I paid a Fee of 595$, for applicaiton fee and appraisal fee. And I gave 1% downpayment of $3230 as a cheque. Just 15 days before the closing they denied my loan and informed me that I do not qualify for the program. They delibratly do this at the end so that you are stuck with them. Then I cancelled the Home Appraisal, which was sheduled a day after.
After the application was denied and after I cancelled the home appraisal, still they went to the sellers home without any appointment or knowledge with me or my agent and did the home appraisal. The reason for this because they dont have to return me the appraisal fee of 300$, if it is complete. The cheque of $3230 was encashed after a week of the denial. I did not know that the 1% goes to the mortgage lender, The owners are husband and wife, Philip Merola and Nora Merola. The Marketing person Philip merola informed me that this amount goes to the state, and you can never lose the money to the state, but later I found that they have encashed this check with the bearer of Moutain Mortgage. Now if I call or email, they do not respond.
Now I am an not sure whether I will get my 3230 and 595 back. This whole thing of application is a scam, they find some point in your documents that will not qualify so that they dont have to refund 595$. Now I am worried how to get the 3230 back. I have applied a month back, and it was only 15 days before the closing they informed me that the loan is denied. They could have informed well in advance so that I had enough time to check with other lenders.
Please think 100 times, before you apply through Mountain Mortgage.
Kumar
Parlin, New Jersey
U.S.A.
2 Updates & Rebuttals
Larry T.
new york,New York,
United States of America
Mountain Mortgage is the best to work with
#3General Comment
Sun, November 11, 2012
I have continually had incredible experiences with Mountain Mortgage, particularly working with Mark Grossman. He is trustworthy, honest, reliable and an all around fair and knowledgeable man. I would never go anywhere else for a mortgage. I was not an easy customer and had so many questions, Mark always took the time and patience to answer each one of my questions and he always followed through.
Mark
Union,New Jersey,
U.S.A.
Response to complaint
#3REBUTTAL Owner of company
Thu, November 13, 2008
The applicant applied and stated an income figure for application purposes that was much higher than the actual income indicated on his W2's and paystubs that were received subsequent to the application. As a result, his loan was denied and the one point he paid to secure his rate was refunded. As soon as we realized the loan would be denied, we told the applicant we would gladly refund has application fee per his request if the appraisal had not been completed (since the appraisal fee is a large part of the total application). Unfortunately, the applicant's real estate agent had already allowed the appraiser into the property and as a result no refund was warranted.