- Report: #309719
Complaint Review: BEAZER / EMC / Linda Smith - Atlanta Georgia
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BEAZER / EMC / Linda Smith
5775 Peachtree Dunwoody Road Ne Suite C550 Atlanta, 30342-1533 Georgia, U.S.A.
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BEAZER / EMC / Linda Smith Deceptive Loan Tactics / Predatroy Lending Atlanta Georgia
I purchased my first home in October 2006 while I was in Iraq doing contract work. My sister was my power of attorney and signed all the paperwork for me. We found a brand new home in the Wildomar/Murrieta area with Beazer homes, and I was pre-approved right away because of my good credit and income. At the time, I was pre-approved for 100% financing with an interest rate at 6% on the 1st loan (80%) and 8% on the 2nd loan (20%). Beazer Homes said that if I used their mortgage company they would throw in 20K in upgrades and pay for my closing costs. They also said they could beat my lst mortgage interest rate with a 5.5% interest only 5 Year ARM vs. the 6% my bank was offering. This sounded perfect! Little did we know, the loan officer was crooked. She verbally told us the rate was 5.5%, and when my sister signed the loan paperwork, she also explained it to her that it was a 5.5% interest only 5 Year ARM. What she neglected to say and point out in the large stack of loan papers was that the 5.5% rate was a negative amortization rate, and that my REAL interest rate is 8.5%. (Linda Smith and Beazer Mortgage would be making a killing on this loan by marking my interest rate up - that meant a great deal of money in Linda's pocket - at my expense!)
Once I received my closing paperwork and first mortgage statement - we realized we had been conned. Needless to say, I love this home and want to keep it. I have perfect credit and decided to pay the 8.5% interest rate for a year and then just refinance when my one year prepayment penalty was up. This meant I was stuck in Iraq doing contract work for a year more than I planned. This also meant leaving behind my new wife (married in 3/2007) in a large home all by herself. I am working to pay for a home I cannot even live in or enjoy. Now a year later with the decline in home values,I cannot even refinance. EMC Mortgage could easily give me a loan modification, but they say I have to leave my job in IRAQ and fall behind on my payments before they will assist me. This is crazy! I am basically risking my life to be able to pay down all my other bills so I can hopefully one day come home and join the police force and afford my mortgage. I have worked too hard to have a credit score of above 720 to just throw it all away because Beazer Mortgage/Linda Smith and EMC Mortgage are not ethical. Note: I am not the only buyer that Beazer Mortgage conned. My next door neighbor is in the same scenario.
Mark
Wildomar, California
U.S.A.
Once I received my closing paperwork and first mortgage statement - we realized we had been conned. Needless to say, I love this home and want to keep it. I have perfect credit and decided to pay the 8.5% interest rate for a year and then just refinance when my one year prepayment penalty was up. This meant I was stuck in Iraq doing contract work for a year more than I planned. This also meant leaving behind my new wife (married in 3/2007) in a large home all by herself. I am working to pay for a home I cannot even live in or enjoy. Now a year later with the decline in home values,I cannot even refinance. EMC Mortgage could easily give me a loan modification, but they say I have to leave my job in IRAQ and fall behind on my payments before they will assist me. This is crazy! I am basically risking my life to be able to pay down all my other bills so I can hopefully one day come home and join the police force and afford my mortgage. I have worked too hard to have a credit score of above 720 to just throw it all away because Beazer Mortgage/Linda Smith and EMC Mortgage are not ethical. Note: I am not the only buyer that Beazer Mortgage conned. My next door neighbor is in the same scenario.
Mark
Wildomar, California
U.S.A.
1 Updates & Rebuttals
Hidden Creek
LARGO,Florida,
U.S.A.
I belive you, look like you have no way out , but may be?
#2Consumer Comment
Fri, March 14, 2008
We own Beazer home to and don't know what to do but we will seek attorney advise. When we where obtaining loans from Beazer Mortgage we was not informed about monthly payment which should include Property Taxes ,Insurance and Mortgage Insurance we got only amount of monthly interest payment for the bank and when bank add those payment to our interest payment the monthly payment rose from $900 a month to over $1400 a month where we struggling to pay now and we thinking about selling our townhome but we can't because we can't sell for same price and if we sell for less than Beazer selling now in other even better community brand new homes for $44K less who will pay the shortage to the bank?Concidering foreclosure will run our future. I don't know about other residents of our community, who will or already foreclosed them homes but I have strong feeling that they should get some info in the mail about Beazer practices so they are maybe some rights up there for us regarding overpricing, misleading and under disclosing information about monthly payment to the bank which financed our Townhomes? Is any hope for us???? Can we sell our Townhomes back to builder for same price including improvements?
