Complaint Review: US Mortgage Funding Inc.

The first week in February 2010, I received an invitation in the mail from US Mortgage Funding stating that they were aware of my home mortgage loan currently serviced by Wells Fargo.  The letter stated that I was eligible for a mortgage reduction of principal and/or interest.

I called the number listed on the mailing. Bill Phillips was the representative with US Mortgage Funding who returned the call.  He explained how US Mortgage Fundings employees were experienced and possessed the expertise and knowledge necessary to provide me with a reduction in my monthly mortgage payment which is currently $5,114.97 (this is an interest-only loan).  He guaranteed a reduction in my payment, telling me that it would ultimately be somewhere around $3,200.00 per month, and that this payment would happen within 60-90 days from the date in which he received my payment of $3,000.00.  He told me that I would be receiving an email from Karissa Peltier with his office forwarding the supporting documents so I could fill them out and return with my payment.

I told Mr. Phillips that my wife had been diligent in her efforts and had worked with Wells Fargo since January 2009 submitting documents requesting modification.  My wife was laid off from her job the beginning of January 2009, and the workload for my small business began to decline at the same time.  I explained to Mr. Phillips that I was current on my mortgage and was under the impression that Wells Fargo would not modify because I was current on payments.  I also explained to him how I had an excellent credit score and did not want to jeopardize that status.  He stated that it is better to be delinquent when looking to modify, and that he was not advising me to miss a payment, but suggested that, the mortgage company would move closer to modification if I were behind on at least one payment.   

Since my wife and I exhausted our efforts to get results for modification from Wells Fargo ourselves, we trusted Bill Phillips was being honest and forthright by assuring us that we would be in a better position if we hired his company.  He told us many success stories as well as stories about his very own family and how they had fallen on hard times and were taken advantage of by mortgage companies.  He also spoke of how rewarding his job was since it enabled him to help people escape bad mortgage loans by getting them into a more affordable monthly payment. 

Mr. Phillips called nearly every day the entire month of February and into March.  After discussing the situation with my wife, I decided to give US Mortgage Funding a chance, with the knowledge that I would receive a full refund (which was written in the contract) if they could not get me into a lower monthly payment.  Mr. Phillips assured expedient results, saying this would happen within 60-90 days, and if I were not completely satisfied, he would issue a refund for the entire $3,000.00.  

The paperwork which was emailed to me by US Mortgage Funding (which happened to be the exact paperwork my wife submitted for an entire year on her own), was completed and sent to Mr. Phillips via overnight delivery, together with a check.  

Approximately sixty (60) days later, having not heard a word from US Mortgage Funding, I followed-up as to the status.  My wife attempted to reach the office, the phone system was not working, and she was repeatedly disconnected.  The employees she finally spoke with became defensive and belligerent during the conversation, and offered no information whatsoever.  After many attempts, she called Mr. Phillips who finally returned her call several days later.  He said our file had been passed over to Ron Loprimo and provided my wife with a phone number and email address.  After attempts to contact Mr. Loprimo, and getting no response from emails directed to him, we were told to contact one of three people -- Jamie, Stephanie, or Stan (last names were not provided).   Finally, my file landed on the desk of Tara Infiesta.  Tara became frustrated, unable to provide answers to our specific inquiries and eventually passed the file to Sharlene Munro.  Ms. Munro was the only person to actually work on my file with any concern and honesty.  On August 14th, Ms. Munro emailed me stating that we should contact Wells Fargo ourselves because she had been let go and no longer employed with US Mortgage Funding.  She was the only person who actually worked on our file with any honesty and real concern.  There must be a prerequisite of being dishonest to qualify for employment with US Mortgage Funding.

Today my wife researched the company and found that there are many people out there who hired US Mortgage Funding and had their monies taken without results.  It appears that the phone numbers and email addresses for US Mortgage Funding are no longer valid.  The only contact I now have is Mike Petto.  Mike Petto told me my money would never be refunded, and ignores my attempts to reach him.  Bill Phillips informed me that for personal reasons he was no longer employed with US Mortgage Funding and therefore could not assist. 

My wife spoke with Mike Petto on August 16, 2010.  At that time, he informed her that the company was going through changes and assured her that our loan modification was being processed.  She later found out from Sharlene Munro that the company had changed the name to Diversified Home Online.  We were not notified of this arrangement.  There are peculiar happenings with US Mortgage Funding (a/k/a Diversified Home Online).  My wife called, was repeatedly hung up on, and eventually spoke to a very irate person named Anthony who became extremely defensive when questioned with reference to the service provided.  He transferred the call to Mike Petto.  My wife since exchanged a few vague emails with Mr. Petto, but he has since ignored our several attempts to receive a refund.  He cannot be contacted via telephone as he provided a non-working number, as well as a number that only takes messages.  The only contact is via email -- and he is not consistent with responding.  As a matter of fact, we were recently (10/1/2010) told by one of his employees that Wells Fargo was contacted and there are no changes in the status of our modification.  To the contrary, we were contacted by Wells Fargo who requested additional information and said they had needed the information since 9/17/2010, and US Mortgage Funding has not contacted them.

Based on the recommendation of Bill Phillips, I fell one payment behind on my mortgage, which is impossible to catch up with at this point, and as a direct result, my excellent credit is ruined.  Prior to contacting US Mortgage Funding, I had a high credit score and no problem obtaining loans or having credit extended.  As it stands, my credit rating has dropped, and the one credit card I rely on, American Express, has placed a limit on my purchases. 

Bottom line nothing good has come from my association with US Mortgage Funding, and what they have done and/or are doing, is criminal.  In fact, by association, my situation worsened.  I am struggling to make ends meet, my wife is still unemployed, and we are scraping to pay our mortgage and meet other financial obligations. 

We have requested that US Mortgage Funding refund our $3,000.00, and we have been told specifically that a refund will never happen.  I am hopeful that by reporting this company, it will prevent them from praying on and taking advantage of someone else who is desperately seeking financial assistance.  These people are thieves and criminals -- they should be stopped and prosecuted to the fullest extent!