- Report: #210364
Complaint Review: Homefield Financial - Irvine California
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Homefield Financial
410 Exchange,Suite 100 Irvine, 92602 California, U.S.A.
Phone:
800-7186916
Web:
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Homefield Financial misrepresented the terms of a remortgage and outright lied tipoff Irvine California
TO ANYONE THAT CAN HELP
Received documents by mail from Homefield Financial
Called and spoke to _Priest Medina he told me he could get me a payment close to what I have now plus cash out. I said ok if you can do that let me know the terms but I do not want negative amortization or a prepayment. He told me he could get me a low interest rate of 1.75 and I would pay 7000.00 in closing cost but the interest would not go up for a year and then it would only go up no more then 2 points. Then after 3 years it could reach up to 9.95 which I felt would give me enough time to decide what to do with the property.
I cancelled the loan off one time because I talked to a Tony at Homefield who said that rate was too low. I called Priest who said how would Tony know his deals and what he is putting together and that the loan was exactly what he said it was and he would find this Tony to straighten it out with him.
The next time I talked with him he said he has done so and that the interest rate was what he said and there was no negative amortization at all but because I was getting such a good rate I needed to take a prepayment penalty for 3 years which he said he took upon himself to say yes since he new I would not mind because of such a good loan..
I was not happy with that but he was right the rate was wonderful for 3 years I could hang on that long. A notary came for the closing and while we were signing the papers I did not like the way the interest was worded because it seemed that it would go up every month right away.. I stoped the signing of the loan with the notary and called Priest we waited and then he called me back saying that was only for the bank they have to fill out all the options but my option further down overrides that and not to worry , again I asked there is not negative amortization correct? And he said right!! So I signed the papers
Approx 1 month later I got my first payment statement and was in horror and shocked not only is it negative amortization but the interest does go up every month and I was already at 7.75. I am sick to my stomach over this I called his manager Bret who told me it's to bad because I signed the papers and they sold the loan. I later found out they still had the loan and called him back but he said it is out of his hand but he could help me get another loan and I would pay 4000. more in closing costs and pay six months interest in the prepayment penalty to them. Plus his interest rate was higher then other banks offerings.
I don't know what to do I can't seem to find anyone out there to help me
I have given some thought of going public with all of this. Can someone there help?
This kind of thing needs to be stopped from happening to anyone else
Barbara
Inverness, Florida
U.S.A.
Received documents by mail from Homefield Financial
Called and spoke to _Priest Medina he told me he could get me a payment close to what I have now plus cash out. I said ok if you can do that let me know the terms but I do not want negative amortization or a prepayment. He told me he could get me a low interest rate of 1.75 and I would pay 7000.00 in closing cost but the interest would not go up for a year and then it would only go up no more then 2 points. Then after 3 years it could reach up to 9.95 which I felt would give me enough time to decide what to do with the property.
I cancelled the loan off one time because I talked to a Tony at Homefield who said that rate was too low. I called Priest who said how would Tony know his deals and what he is putting together and that the loan was exactly what he said it was and he would find this Tony to straighten it out with him.
The next time I talked with him he said he has done so and that the interest rate was what he said and there was no negative amortization at all but because I was getting such a good rate I needed to take a prepayment penalty for 3 years which he said he took upon himself to say yes since he new I would not mind because of such a good loan..
I was not happy with that but he was right the rate was wonderful for 3 years I could hang on that long. A notary came for the closing and while we were signing the papers I did not like the way the interest was worded because it seemed that it would go up every month right away.. I stoped the signing of the loan with the notary and called Priest we waited and then he called me back saying that was only for the bank they have to fill out all the options but my option further down overrides that and not to worry , again I asked there is not negative amortization correct? And he said right!! So I signed the papers
Approx 1 month later I got my first payment statement and was in horror and shocked not only is it negative amortization but the interest does go up every month and I was already at 7.75. I am sick to my stomach over this I called his manager Bret who told me it's to bad because I signed the papers and they sold the loan. I later found out they still had the loan and called him back but he said it is out of his hand but he could help me get another loan and I would pay 4000. more in closing costs and pay six months interest in the prepayment penalty to them. Plus his interest rate was higher then other banks offerings.
I don't know what to do I can't seem to find anyone out there to help me
I have given some thought of going public with all of this. Can someone there help?
This kind of thing needs to be stopped from happening to anyone else
Barbara
Inverness, Florida
U.S.A.
4 Updates & Rebuttals
Tom
Laguna Hills,California,
U.S.A.
It is called mortgage fraud...
#2Consumer Suggestion
Wed, September 13, 2006
You were taken advantage of. One option is to find out who the loan belongs to. You probably used a broker to do this loan so they don't hold the loan papers. Find out who is servicing this loan it will be a bank like Washington Mutual, First Fed Credit Union etc etc.... you should be able to find it in your copy of the documents you signed with the notary. Call the lender and explain that you did not want this loan and that the broker misrepresented the loan and commited fraud. You have about 3 months to "unfund" your loan. If this does not work then you need to contact a lawyer and explain what has happened. Within 6 months you will own that mortgage company. You have what seems to be a legitimate case. What they did is illegal. The loan officer may not even know what Negative Amortization means. I doubt he is even licensed. Next time read your paperwork and understand it 100% NEVER just take the loan officers word for it. Depending on your loan amount he might have made as much as 15k on your loan. Adding a pre-payment penalty increased his profit it is not necessary. A pre-payment penalty is NEVER necessary. Call a lawyer, live, and learn...
Tom
Laguna Hills,California,
U.S.A.
It is called mortgage fraud...
#3Consumer Suggestion
Wed, September 13, 2006
You were taken advantage of. One option is to find out who the loan belongs to. You probably used a broker to do this loan so they don't hold the loan papers. Find out who is servicing this loan it will be a bank like Washington Mutual, First Fed Credit Union etc etc.... you should be able to find it in your copy of the documents you signed with the notary. Call the lender and explain that you did not want this loan and that the broker misrepresented the loan and commited fraud. You have about 3 months to "unfund" your loan. If this does not work then you need to contact a lawyer and explain what has happened. Within 6 months you will own that mortgage company. You have what seems to be a legitimate case. What they did is illegal. The loan officer may not even know what Negative Amortization means. I doubt he is even licensed. Next time read your paperwork and understand it 100% NEVER just take the loan officers word for it. Depending on your loan amount he might have made as much as 15k on your loan. Adding a pre-payment penalty increased his profit it is not necessary. A pre-payment penalty is NEVER necessary. Call a lawyer, live, and learn...
Tom
Laguna Hills,California,
U.S.A.
It is called mortgage fraud...
#4Consumer Suggestion
Wed, September 13, 2006
You were taken advantage of. One option is to find out who the loan belongs to. You probably used a broker to do this loan so they don't hold the loan papers. Find out who is servicing this loan it will be a bank like Washington Mutual, First Fed Credit Union etc etc.... you should be able to find it in your copy of the documents you signed with the notary. Call the lender and explain that you did not want this loan and that the broker misrepresented the loan and commited fraud. You have about 3 months to "unfund" your loan. If this does not work then you need to contact a lawyer and explain what has happened. Within 6 months you will own that mortgage company. You have what seems to be a legitimate case. What they did is illegal. The loan officer may not even know what Negative Amortization means. I doubt he is even licensed. Next time read your paperwork and understand it 100% NEVER just take the loan officers word for it. Depending on your loan amount he might have made as much as 15k on your loan. Adding a pre-payment penalty increased his profit it is not necessary. A pre-payment penalty is NEVER necessary. Call a lawyer, live, and learn...
Tom
Laguna Hills,California,
U.S.A.
It is called mortgage fraud...
#5Consumer Suggestion
Wed, September 13, 2006
You were taken advantage of. One option is to find out who the loan belongs to. You probably used a broker to do this loan so they don't hold the loan papers. Find out who is servicing this loan it will be a bank like Washington Mutual, First Fed Credit Union etc etc.... you should be able to find it in your copy of the documents you signed with the notary. Call the lender and explain that you did not want this loan and that the broker misrepresented the loan and commited fraud. You have about 3 months to "unfund" your loan. If this does not work then you need to contact a lawyer and explain what has happened. Within 6 months you will own that mortgage company. You have what seems to be a legitimate case. What they did is illegal. The loan officer may not even know what Negative Amortization means. I doubt he is even licensed. Next time read your paperwork and understand it 100% NEVER just take the loan officers word for it. Depending on your loan amount he might have made as much as 15k on your loan. Adding a pre-payment penalty increased his profit it is not necessary. A pre-payment penalty is NEVER necessary. Call a lawyer, live, and learn...
