- Report: #79023
Complaint Review: Money Tree Mortgage - Woodstock Georgia
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Author Not Confirmed
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Money Tree Mortgage
665 Molly Lane Woodstock, Georgia, U.S.A.
Phone:
877-755-6523
Web:
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Money Tree Mortgage Potentail Ripoff in Progress Woodstock Georgia
I am in the process of applying for a mortgage through Money Tree Mortgage. I sne them $150.00 via Western Union Quick Collect for a partial application fee. I was told that I could send the rest later. The person who returned my call in response to my on-line application was William Edwards. He was very ruse and forthcoming about my low credit score, and said that he had no time to deal with persons who were not serious about getting a mortgage - that he did not get paid until I closed, so he wanted to weed out the "unsure" so that he could guarantee payment for his efforts on my behalf. He confirmed receipt of the Western Union payment, placed another call to my place of employment and home to ask me a few more questions, and told me he would email me some paperwork to fill out. It has been 3 business days since this last phone call, and I have not received the papers nor a phone call. I left a message this morning, and I am waiting to hear back.
I am very worried now that because of my desperate desire to own a home, I have allowed myself to be taken for a ride. After reading all of the complaints posted, I feel like a fool. I would be very interested to join a class action suit against this company.
Angela
cary, North Carolina
U.S.A.
I am very worried now that because of my desperate desire to own a home, I have allowed myself to be taken for a ride. After reading all of the complaints posted, I feel like a fool. I would be very interested to join a class action suit against this company.
Angela
cary, North Carolina
U.S.A.
1 Updates & Rebuttals
Kenneth & Marie
Pflugerville,Texas,
U.S.A.
contact Dect. King at the GA police department
#2Consumer Comment
Sun, March 21, 2004
Please read our story and do the same, we got our money back, contact Dect. King at the GA police department at 770-592-6010 he is working with all of us. This is our story to Channel 8 news here in TX: Buyer beware of dishonest mortgage companies 3/13/2004 6:28 PM By: James Keith Interest rates are at an all time low and lots of homeowners are taking advantage of the opportunity by refinancing their loans. But as one News 8 Austin viewer found out, not every mortgage company has the consumers' best interest in mind. Kenneth and Marie Thompson pay about $1,000 a month for their home in Pflugerville. They wanted lower mortgage payments, but bad credit left them with few options. So, they decided to refinance. The Thompsons knew that refinancing might be tough. An e-mail from Money Tree Mortgage in Georgia seemed to offer a solution. "They just out of the clear blue found out our e-mail address. Sent us an e-mail [that said] 'Congratulations, you have been approved for a loan,'" Marie said. She said the company promised to refinance the family's mortgage, despite poor credit. Thompson gave Money Tree permission to withdraw $300 from her checking account. The money was supposed to pay an application fee. "We stopped hearing from them, so we started calling Money Tree Mortgage trying to get through to someone to find out what's going on," Thompson said. Thompson also called and wrote and finally reached someone with Money Tree. They told her she would need to send $15,000 to $20,000 in order to close the mortgage deal and get her $300 back. Frustrated, she went online to Web sites for consumer watchdogs. Marie and Kenneth Thompson "I saw Money Tree and started going through it and said, 'Lord we are in trouble,'" Thompson said. She found thousands of others dealing with the same situation. The Better Business Bureau of Georgia recorded more than 160 complaints over the last three years -- 150 of those since March 2003. "This is definitely a very, very confusing issue because if you're not well versed in how mortgages work and how points and interest rates work, you really are at a loss," Carrie Hurt, with the BBB, said. Consumer advocates say do your homework before making a commitment. "Never do business on the first call you get from a company. Go ahead and take their information, but as any industry we would suggest consumers look at three different businesses at least," Hurt said. WATCH THE VIDEO Dishonest mortgage companies One company solicited clients to refinance loans and then took their money without providing any services. The Thompson's bank eventually reimbursed their $300. They weren't able to refinance, but they were able to walk away with a valuable lesson. "It was an offer that was too good, too good. Anything that is that good leave it alone, leave it alone," Thompson said. News 8 Austin tried contacting Money Tree several times, but did not get a response. The BBB says the company has an unsatisfactory record with the bureau due to unanswered complaints.
