- Report: #299982
Complaint Review: Earth Mortgage LLC Texas - Carrollton Texas
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Earth Mortgage LLC Texas
2245 Kellery Way Carrollton, 75006 Texas, U.S.A.
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Earth Mortgage LLC Texas Fraudlent by Approved Appraisers Carrollton Texas
I found a property i liked very much. The owner of the property suggested that i use the lender they used whom they did a lot of business with, Earth Mortgage.
They had their approved appriaser come out and appriase the property at a value of 1.35 Million for the home and only 19 acres.
I then obtained an email from the sellers wife where she had told the appraiser the home needed to appraise for the above amount as my offer was approximately 1.2M.
I then learned that only 4 months prior to going into contract they had just purchased the home for $855,000 for 21 Acres. The owner owned the adjacent property and took two acres and put it with that acerage. Earth Mortage had already loaned the home owner/flipper over 1.1M on the property.
I then ordered two more independent appraisals one came back at $850,000 and the other at $900,000, i forwarded them to Earth Mortgage who refused to give them any validity and wanted to move forward on the loan for 1.2M.
I guess since they had already obtained loans for 1.1M how could they sell it for the real appraised value?
The land owner had hopes of subdividing the land and put my contract under his planned community name but guess what, those plans were denied and there is no such property under my contracted address.
Earth Mortgage facilitated the sellers with the fraudlent appraisal, over looking the real appaisals only to make a loan and sale.
So this property was bought for 855,000 then appraised at 1.35 million. The adjacent property was bought for 425,000 last year and was just re appraised at $750,000. Either these are the smartest real estate investors and loan officers, the luckiest or very shady.
I paid for three appraisals on this property and the loan fees and the earnest money and have not received one penny returned.
We will be in litigation.
Larry XXXXXXXXX
Dallas, Texas
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
They had their approved appriaser come out and appriase the property at a value of 1.35 Million for the home and only 19 acres.
I then obtained an email from the sellers wife where she had told the appraiser the home needed to appraise for the above amount as my offer was approximately 1.2M.
I then learned that only 4 months prior to going into contract they had just purchased the home for $855,000 for 21 Acres. The owner owned the adjacent property and took two acres and put it with that acerage. Earth Mortage had already loaned the home owner/flipper over 1.1M on the property.
I then ordered two more independent appraisals one came back at $850,000 and the other at $900,000, i forwarded them to Earth Mortgage who refused to give them any validity and wanted to move forward on the loan for 1.2M.
I guess since they had already obtained loans for 1.1M how could they sell it for the real appraised value?
The land owner had hopes of subdividing the land and put my contract under his planned community name but guess what, those plans were denied and there is no such property under my contracted address.
Earth Mortgage facilitated the sellers with the fraudlent appraisal, over looking the real appaisals only to make a loan and sale.
So this property was bought for 855,000 then appraised at 1.35 million. The adjacent property was bought for 425,000 last year and was just re appraised at $750,000. Either these are the smartest real estate investors and loan officers, the luckiest or very shady.
I paid for three appraisals on this property and the loan fees and the earnest money and have not received one penny returned.
We will be in litigation.
Larry XXXXXXXXX
Dallas, Texas
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
1 Updates & Rebuttals
Frank
Plano,Texas,
U.S.A.
We do not own an appraisal company!!
#2REBUTTAL Owner of company
Fri, October 10, 2008
Earth Mortgage orders appraisals from LICENSED appraisers in the state of Texas. The appraisal also has 3 compareable sales withinh a 1-5 mile radius. If you would like a copy of the appraisal, i would be more than happy to provide it to you! This client had cold feet, he backed out of the transaction. He also DESTROYED the home after he moved out, which is something that a man that has lost his sanity would do. Once again, please don not believe what you read!
