- Report: #145910
Complaint Review: Dovenmuehle Mortgage - Schaumburg Illinois
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Dovenmuehle Mortgage
1501 Woodfield Road Schaumburg, 60173 Illinois, U.S.A.
Phone:
847-330-8023
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Dovenmuehle Mortgage Predatory Lending Ripoff Forced placed flood insurance in order to foreclose Schaumburg Illinois
Dovenmuehle mortgage company forced placed flood insurance without notifying me. This caused in increase in my monthly payments which were directly withdrawn fom my banking account. Upon depleating my bank account, they placed me in foreclosure. I received the FEMA document to prove I was not located in a flood zone.
They took me out of foreclosure and upon receiving several very large payment which would have caught me up to date, they placed me back in foreclosure. My loan value was much less than the house value. I have been in litigation with this company for over two years. I ended up selling my home for a fraction of what it was worth.
They added all these false fees to my payoff increasing it by $20,000 and I lost all equity. In addition to loosing my equity It cost me thousands of dollars in legal fees and completely destroyed my credit.
They put me and my family through the dirt. My American Dream (which I had already reached) of owning a home is now gone. I may not be able to buy another home for at least 7 years.
There is so much to this story that I could not possibly type it all in. However if anyone has had similar problems I would be happy to assist.
Lisette
Brandon, Florida
U.S.A.
They took me out of foreclosure and upon receiving several very large payment which would have caught me up to date, they placed me back in foreclosure. My loan value was much less than the house value. I have been in litigation with this company for over two years. I ended up selling my home for a fraction of what it was worth.
They added all these false fees to my payoff increasing it by $20,000 and I lost all equity. In addition to loosing my equity It cost me thousands of dollars in legal fees and completely destroyed my credit.
They put me and my family through the dirt. My American Dream (which I had already reached) of owning a home is now gone. I may not be able to buy another home for at least 7 years.
There is so much to this story that I could not possibly type it all in. However if anyone has had similar problems I would be happy to assist.
Lisette
Brandon, Florida
U.S.A.
2 Updates & Rebuttals
Annie
Jacksonville,Florida,
U.S.A.
A Couple Comments are Suspect
#2Consumer Comment
Tue, July 28, 2009
I'm not so sure about some of your comments: 1 - "forced placed flood insurance without notifying me" - the law states they have to notify you twice. Once to let you know you have 45 days to comply, the second to prove they purchased it by sending you declaration sheet. 2 - "were directly withdrawn from my banking account" - why didn't you have an escrow account? You had to really have fought to get them to agree to allow you to pay for your home owners insurance and property taxes yourself. Mortgage companies really balk at that. Remember, this is THEIR investment, not yours, until you've paid the house off. 3 - "which would have caught me up to date, they placed me back in foreclosure" -apparently you didn't pay ALL of it. Even if you only owed another $5, that qualifies them to put you back into foreclosure. 4 - "they added all these false fees to my payoff" - WHAT false fees? The court costs? the filing fees? the charges to file a les pendens against you? And about a dozen more, are legal unless otherwise dictated by the judge. 5 - "cost me thousands of dollars in legal fees" - I hope you had the right lawyer for your money. You should have had a Real Estate Lawyer who specialized in foreclosures. If not, that may have been part of the problem. Flood insurance should have been purchased the day the loan closed. It costs less than $500 for a year. When the insurer sends the morgage company their deck sheet, that would have resolved the whole problem. Except for the renewal each year, since you had no excrow account, it would have red flagged your account for them to bug you again each year until your deck sheet arrived. I've been through the ropes too. I hope this helps anyone reading this.
Rick
Flint,,Texas,
U.S.A.
Dovenmuehle Mortgage Unethical Business Practices
#3Consumer Comment
Wed, July 26, 2006
This mismanaged mortgage company has done this to many individuals including myself. The unethical business practices by this firm is widespread. The cooperation from the corporate office in Lake Zurich, Illinois is zero, even though the mistake is their fault. Their attitude is "they will do nothing to assist you because all the current and past customers are liars". For anyone searching for a lender in the market place, do not use Dovenmuehle Mortgage, Inc., for it is a firm that does not promote ethical and fair business practices.
