Steel City Mortgage Corporation Changed terms of Loan, Wanted to use FRAUDULANT info to secure a loan Pittsburgh Pennsylvania
We (my spouse and I) are actively involved in a rent to own property. We contacted Steel City Mortgage based upon the ability to help people with bad credit. We called simply to seek answers on what more we needed to do to secure a loan the following January or February (this was in June).
The loan office pulled our credit and advised that while still not great our numbers had gone up 30 points each from a previous inquiry 6 months prior. He advised us that we could be approved and would even receive $$ back from our current landlord since we paid the entire years lease out right. WOW GREAT NEWS! Things were going well! We filled out all the paper work, provided bank statements, 2 most recent pay stubs, insurance paper work, tax forms from the past 2 years~everything they asked for.
We even signed our good faith paper work and were told we could close by mid July since we had a PRE APPROVAL from the actual lender. We were impressed told all of our friends and family how fairly we were treated...even told our landlord we were moving ahead w/the purchase.
Fast forward a week later...all of a sudden our interest rate DOUBLES! Why? Nothing had changed...we were still paying the same amount in bills and paying on our good credit lines. Oh and NOW only my husband who makes LESS $$ than myself could go on the loan! Oh and the best part...we were to originally receive aprox. $7500 at closing...we would now IF LUCKY receive $1000 back.
Then the owner of Steel City call and asked if I would mind stating that I lived with my parents for the past 2 years so I would have to prove my rental history! WHAT? I wrote the checks for the rent how is that possible! Plus since I was no longer on the loan why would it matter? Finally after researching "sub prime" lenders we realized that all these practices were 1. illegal 2. geared to make a bank forclosure a very real possibility and 3. a way for the mortgage broker to make more money.
Finally we pulled the plug. Only to recently be contacted by the company...conviently the original broker was no longer w/the company and the new gentleman advised that our loan was "mis handled" What a joke. So I advised him we had gone to the BBB already...but he assured me he could fix everything. Well I called today and got the "well the owner is handling this matter but I will call you back" Guess what...they did call back...only to yell at my husband for reporting them to the BBB.
Stay away. There are other companies who can legitimately help those w/really banged up credit. Don't jump on what ever offer they give you, and certainly don't risk lying on financial records just to get credit. We did it to ourselves, and will fix our mistakes ourselves. We just wanted to let you know to stay away from this mortgage company!
S
Pittsburgh, Pennsylvania
U.S.A.
5 Updates & Rebuttals
Blacky
Clarion,Pennsylvania,
U.S.A.
Unfortunate Situation
#6Consumer Comment
Thu, November 18, 2004
Its shameful what companies try to do to the little guys. Everyone has to start some where, and everyone deserves a second chance. It is an unfortunate situation however I commend you. For once the little guy who suffered is speaking out. Bless you. It is my sincere hope that your new mortgage company was able to get you the best rate possible and that you are able to enjoy your home for years to come.
George
Pittsburgh,Pennsylvania,
U.S.A.
Had Problems Also
#6Consumer Comment
Thu, November 18, 2004
I am glad I stumbled upon this report. I to had problems with Steel City Mortgage. They are very unetheical. They are capable of getting anyone their loan so long as you are willing to lie and cheat to get it. Explain to me how someone in bankruptcy that isn't closed can get a loan? Easy you just fudge your numbers. Steel City uses sub prime lenders. If you look up sub prime lenders on google one of the topics that you will find is things they use to get you a loan. I would say a good portion of the items listed are on the list of the opening poster.
I find it astonishing that the owner would degregate her self by coming on here to plead her case. Obviously the opening person is a moral upstanding individual who knew that mistakes were made, corrected them, and was then not willing to risk those corrections on an immoral company.
I also find it astonishing that the immoral owner would rebutt only the things that make the opening poster look bad, but not rebut the fact that the loan office is no longer with the company, the second offer being made, nor them not taking the time to respond to the BBB. I personally looked at the BBB website and notice they have more than one blemish. To me that is not an angered poster, but a lack of charicter on the part of the rebutter.
You will notice as I did that a different company was able to close the loan for the opening poster using correct information not the fraudulent information that was requested. Another point that the owner didn't rebutt. So you tell me. You now have two disattisfied clients who from my under standing are annonymous.
I suggest to the opening poster that we find a way to come together and perhaps open an investigation into Steel City's business practices with the attorney general of Pennsylvania. Then we shall see who has the last word.
Vasilia
Pgh,Pennsylvania,
U.S.A.
Some Prospects Want the Last Word
#6REBUTTAL Owner of company
Wed, November 17, 2004
Again, the person complaining was referred to us by her sister who worked here and who left on good terms. We also closed another family members loan for them.
My point to this matter is this, we practice great business ethics and we promote good will to anyone that we can't close.
I'm sorry that your so tempered and unsatisfied. I think you're more upset that we didn't close your loan.
Remember if we chose to close your loan and returned your hasty messages- We Would Not Be Having This Discussion.
Fell free to go on and have the last word. This will be Steel City Mortgage's last response.
S
Pgh,Pennsylvania,
U.S.A.
Response to rebuttal
#6Consumer Comment
Wed, November 17, 2004
Your response is a joke. Our seller called us many MONTHS after the initial paper work was filed. Asking if the deal was still on because SC had not contacted them. This was AFTER SC was contacted by the BBB (to whom they have not replied). Incidentally we were able to secure a mortgage with the ACTUAL correct NON FRAUDULANT information that Steel City asked us to provide when they realized that they would loose money.
Yes we made many mistakes in our early marriage with bills, we however worked MANY years to correct them. My sister no longer works there because she was DISGUSTED witht he business practices.
I will be more than happy to provide ANYONE with the original paperwork we have. That includes the MEDIA, AUDITORS, ATTORNEYS, ANYONE. We did take all of the paper work to our new mortage company~who by the way was able to approve the loan in 2 weeks~and we were told we were smart to walk away.
We walked away from Steel City when we smelled a rat. Then called the BBB, and guess who they respond to. The Rip-Off Report because they know more people will read it.
I just don't want people to think they need to stoop to felonios actions to get a mortgage. Work you toosh off to improve your credit. If your number is over 500 you will get the mortgage. Just stay away from Steel City to do it!
Vasilia
Pgh,Pennsylvania,
U.S.A.
Bad Credit Customer who Doesn't Pay their Bills Blames Broker
#6REBUTTAL Owner of company
Tue, November 16, 2004
It's amazing on how a bad paying customer who doesn't pay their bills at all has time to place this ad.
We informed the clients that we would try to get them the loan based on the information they supplied to us on the day they came on. We provided them with a prliminary Good Faith Estimate when they came in based from the discussions we had over the telephone. Once we looked futher (we called the seller's and did research)the loan was not possible. We notified the buyers.
The buyer's are obvioulsy not satisfied. We suggested that they pay their bills and try again in a year. A second quote was never given to them.
We have happy satisfied customers. We've been in business for over 8 years.
This customer was referred to us because her sister worked here and she knew the quality of work we produced. How bad could we be if she was referred to us by her sister?
It's unfortunate, we can't help everyone- We sure do try our best.