Templeton Mortgage Corp Bait and switch mortgage contract Lubbock Texas
My mortgage got sold to Templeton Mortgage Corp from the William Mitchell. William Mitchell was the previous owner of our home and he was carrying the loan. We had a three year mortgage with Bill Mitchell. During that time I feel ill and I credit got missed up with medical bills. He agree to extend our load.
William Mitchell said Templeton Mortgage corp wanted to buy our loan and they would extend the terms to 30 years if I agreed and I would not have to refinance our home. Sounded great and I agreed. I signed agree that I accepted the deal.
Then the bait and switch came. I not sure how they made the switch, I was not looking real close. We trusted them. The contracts got passed back and forth several time to get signed and notarized. They said we would get a payment book in a few weeks. When we got the payment book it had only two payment notes and said due in full Feb 15 2009. When I called they said they only agreed to buy the existing mortgage contract and the balloon payment was due in two months for 98,000.
They deny any wrong doing, but it was there hope we could not get a loan in two months so they get our equity in our home worth 120,000. Our home was apraised for 220,000. Not sure what we are going to do. We have ok credit now, but the loan market is hard right now.
Pb
Del Valle, Texas
U.S.A.
1 Updates & Rebuttals
Pb
Del Valle,Texas,
USA
never was any bait and switch
#2Author of original report
Fri, May 21, 2010
I sued Templeton Mortgage and Bill Mitchell in Travis County, Texas for mortgage fraud. I and the court could not find any wrong doing by Templeton Mortgage. I have since reached an amicable and mutually beneficial settlement agreement with Templeton Mortgage.
There never was any bait and switch done by Templeton Mortgage..
I was to pay on the existing loan starting in the month of February 2009 in the amount of approximately $1000.00 per month. Between February 2009 and today, I have made no payments whatsoever. We have lived on the property for more than a year and have not paid for the loan. Also, we have not paid the real estate taxes for 2008 or 2009.