- Report: #309262
Complaint Review: ALG Capital - Mission Hills California
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Author Confirmed
Why?
ALG Capital
15455 San Fernando Mission Blvd, Ste 307 Mission Hills, 91345 California, U.S.A.
Phone:
818-274-5250
Web:
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ALG Capital DO NOT deal with ALG Capital, they pad their profit margin at YOUR expense! Mission Hills (previously Calabasas) California
Last year, I refinanced my home through ALG Capital.
Their loan officer, Garrett, told me that he could get me a loan that would meet my criteria. I was looking for a less that 6% rate on a 30 year firm fixed loan, with reasonable broker fees (<$5,000), a wavier on the prepayment penalty from my previous loan.
A signing package was brought to us which did not meet any of the criteria, and we refused to sign it. A week later a second package was brought to us that did meet the criteria and we signed the package. Upon reviewing the duplicate copies later that evening, I found that the loan note and truth-in-lending statements were missing. I called Garrett immediately and left a message regarding the missing documents. I contacted him the following week and despite assuances that he would get me the documents he never did.
A week later I received a "Borrower's Final Settlement Statement" from the escrow company and it indicated that the loan we got was not the one we signed off on. I contacted the bank that was carrying the note and had them fax me the signed note. The note was dated and had all of the information contained in the first package presented to us which we rejected. Our signatures were forged onto the document from the second package which we signed.
I have been contacting ALG Capital regularly ever since to get them to rectify the matter. I have received little satisfaction in that regard. I am currently filing complaints with the CA Department of Real Estate and the Better Business Bureau.
If anyone else has been victimized by these crooks and is as frustrated as I am with their lack of response, please get in touch.
Bob
Los Angeles, California
U.S.A.
Their loan officer, Garrett, told me that he could get me a loan that would meet my criteria. I was looking for a less that 6% rate on a 30 year firm fixed loan, with reasonable broker fees (<$5,000), a wavier on the prepayment penalty from my previous loan.
A signing package was brought to us which did not meet any of the criteria, and we refused to sign it. A week later a second package was brought to us that did meet the criteria and we signed the package. Upon reviewing the duplicate copies later that evening, I found that the loan note and truth-in-lending statements were missing. I called Garrett immediately and left a message regarding the missing documents. I contacted him the following week and despite assuances that he would get me the documents he never did.
A week later I received a "Borrower's Final Settlement Statement" from the escrow company and it indicated that the loan we got was not the one we signed off on. I contacted the bank that was carrying the note and had them fax me the signed note. The note was dated and had all of the information contained in the first package presented to us which we rejected. Our signatures were forged onto the document from the second package which we signed.
I have been contacting ALG Capital regularly ever since to get them to rectify the matter. I have received little satisfaction in that regard. I am currently filing complaints with the CA Department of Real Estate and the Better Business Bureau.
If anyone else has been victimized by these crooks and is as frustrated as I am with their lack of response, please get in touch.
Bob
Los Angeles, California
U.S.A.
3 Updates & Rebuttals
Bob
Livermore,California,
U.S.A.
ALG Capital Ripoff - Rebut the Rebuttal...
#2Author of original report
Wed, March 12, 2008
ALG Capital Employee, Your sentiments are touching, but your reading skills are weak. I HAVE been in contact with ALG Capital on this issue to the point of ad nauseam. Believe me, I have been up and down the entire food chain of the company. At best I've been fed platitudes, but for the most part I've been ignored. If the officers of your company have deigned to sandbag me what is Client Services going to do? If your client satisfaction was ever 94% it's got to be plummeting like a barometer on a rainy day now. I've spoken to a title company and two mortgage banks that tell me my experience with your company is NOT unique and that they having to deal with the fallout from customers furious with the practices of your firm; oh they must be the 6%..... Santa Monica, CA, Thanks for your advice. I have filed with the Dept of Corporations, LA County and the FBI (who was very interested). I hadn't thought of the FTC but will look into it. An attorney has advised me that with the extent of fraud being perpetrated by this firm a class action suit is in the making and that anyone taken by ALG try to should seek them out. For everyone else...STAY AWAY from ALG CAPITAL, Mission Hills (formerly Calabasas), CA!!!
Speedy
Huntington Beach,California,
U.S.A.
LAG CAPITAL FILE YOUR COMPLAINTS WITH THE CORRECT INSTITUTIONS
#3Consumer Suggestion
Thu, March 06, 2008
Make sure when you are filing your complaints that you understand that ALG Capital is not registered with the California Department of Real Estate. File your complaints to the California Department of Corporations because their license number is registered here. If you have filed a direct lawsuite against ALG Capital Sean or Mike McConnville or Alan Ruiz, then they will not respond or investigate your complaint. Also, file your complaint with the FTC. If your signatures were forged file a complaint with the Los Angeles County District Attorneys office, they do have a fraud department. In addition, if the bank was out of state also file with the FBI because the transaction crosses state lines. Make sure to contact the new bank and ask for the fraud department, chances are there are others in the same boat as yourself. Remember, the bank also got ripped off by ALG Capital and are out to get them as well. Also, the bank probably already has a group of people such as yourself that ALG Capital has frauded. Make sure that the signature on your title was not forged. Get a copy from the title company listed on your borrowers' closing statement. The title will also have the stamp of the notary with the license number and full name and county registered. Both the title company and the notary are bonded. If you are not getting any assistance in the matter from the new bank, make sure to get an attorney to help you. BEWARE Santa Monica, CA
Alg Capital
Mission Hills,California,
U.S.A.
A message from ALG Capital
#4UPDATE Employee
Tue, March 04, 2008
We are sorry to hear about your experience. We'd like the opportunity to discuss your concerns. Please contact the Client Relations team at [email protected] so that we may discuss your situation. Our goal is for every client to have an outstanding experience with ALG Capital which is why 94% of our clients say they would refer us to friends and family. We look forward to hearing from you. Client Relations
