I have numerous loans with Equity One ( I'm a full time real estate investor )and doing business with in the then was quite easy, although, never a "great deal". I did it because I knew the broker who works for them and approved of the way he dealt with his clients. In spring of 2002 I disputted a suplemental real estate tax in the city in which one of the properties is located.
Long before I recived an answer from the city, Equity One contacted the city themselves and than me stating that I did not pay real estate taxes and because of that now I have to escrow the RE taxes with them. I refused to do that, ocontinued to pay taxes to the city ( as before )and Equity One for a payoff letter. They provided me with one which in which the payoff amount was inflated by 2% due to pre-payment penalty although the penalty no longer applied.
I contacted Equity One immeditely and stated that an error has been made. I was told that this is ALL I GET and refused to correct it. Furthermore, since the payment they recived from me did not include the escrow amount for the RE taxes, they cashed my check, applied the money to the escrow, and the balance of my payment( which was now lower than what is supposed to be ) kept on their account without applying it towards my loan. After 30 days they reported delinquency to the Credit Reporting Agencies, which effectivly speaking lower my score from 730 to 660.
I contacted a Rhode Island Banking Commision and was told that I can rely on their assistance. To my suprise the "state" actually told me that they will help me. A long process of collecting the info. by DBR ensued and after few weeks I was told by DBR that state compliance officer from Equity One, Ann Marie Desenbeck contacted them and stated that all procedures where followed to the T and that there is no mistake on my payoff statement nor will they retract the derigatory info. from the Credit Agencies.
I went nuts. The DBR promissed to resolve this for me. Equity One shortly thereafter, promissed to DBR that they will correct the info. reported to the Credit agencies if I make up the difference between what they supposed to receive from me and what was sent. I said 'OK and sent the money. Equity One never corrected my credit report and denies ever promissing that. Interestingly, now the person at DBR Christopher Dervartanian also can't remember ever hearing it and the head of DBR Dennis Zorroli pretty much tells me to stop bugging them.
For months or so go by and I take time to analyze my statement from Equity One. Sure thing my real estate taxes are $5700 and Equity One is escrowing over $9000 which is clearly in violation of RESPA.
I file another complaint and quess what, after few weeks get a replay from DBR that they see no problem with the escrow. . Advise for all of you who got screwed by a mortgage company FORGET THE STATE AGENCIES- GET A COMPETENT LAWYER. I anyone wonders how these mortgage companies find the addacity to mess with the state law and rip-off borrowers, the answer is simple; THE STATE AGENCIES DON'T CARE, unless you you can help to advance carriers of the people in the office.
I collected every piece of written comminication exchanged in this lengthjy process and still lookin for an attorny to take the case, whic is hard since most lawyers do business with banks and other lenders and don't consider loosing their business and an early retirement.
I have no intention to give up, but realize that in order for this abuse to stop we ( all who have problems with Equity One - I know there must be thousends of you ) must come together.
Thomas
Cumberland, Rhode Island
U.S.A.
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