| 09/03/2020 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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XX/XX/2020, I contacted XXXX XXXX XXXX XXXX XXXX XXXX with American Security Mortgage. Initially I requested to refinance my mortgage from a 4.25 % 15 year to a 2.5 % 30 year mortgage. I was informed by XXXX XXXX after pulling my credit that this was an option contingent on my home appraisal. After several emails and text messages XX/XX/2020 I placed everything on hold due to a family emergency. I texted XXXX and informed her I would not be moving forward with the refi because of my family emergency. XX/XX/2020 XXXX reached out to me again, I advised her I needed cash out of {$55.00} and refi, XXXX informed me I could take this amount at 3.5 % depending on appraisal. XX/XX/2020 the house was appraised for $ XXXX, XX/XX/2020, I received an email from XXXX XXXX, XXXX XXXX 's assistant requesting that I sign documentation without any rates or information provided, after demanding all needed information XXXX XXXX finally responded XX/XX/2020. she stated the following " Do to my credit score, cashout, and refi the rate would be 4.25 % not 3.8 % previously stated with $ XXXX cashout not $ XXXX ''. When asked about payments and previous rates XXXX then stated she can only do $ XXXX $ XXXX with 3.6 % out. XXXX XXXX also stated if I do not take the terms and conditions I would be responsible for the appraisal fee, although the appraisal was based on previous rates and conditions provided by XXXX.
This is a case of Mortgage Fraud and bait and switch, Mortgage fraud through bait and switch. Bait and switch is a kind of fraud in which the mortgage lender lures consumers by advertising loans at a low interest rate so that customers can submit their applications for the low rate mortgage. Afterwards, the lender reveals that the particular loan offer is not available and he offers a substitute loan program that has a comparatively higher rate.
After several emails, XXXX insisted that I just refi as previous stated although per her emails she changed the rates and conditions of the loan several times.
All information was provided to XXXX XXXX before the appraisal now she is stating based on the information she can not provide the terms and conditions she offered previous to the appraisal and stated I am responsible for the cost of the appraisal based on Bait and Switch loan tactics.
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| 12/17/2020 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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We are a veteran family trying to purchase our 2nd home. Weve been working with a mortgage officer named XXXX XXXX at American security mortgage in XXXX NC. He pre approved us back in XX/XX/2020. We went under contract on a home that was contingent upon the sell of our first home. We listed and sold our house. The purchase of the 2nd home fell through due to the sellers. We found a 2nd home, put in an offer and XXXX came back and stated due to covid he couldnt get us financed on that home. This had nothing to do with anything other than the type of home and covid according to our realtor and the lender. So we started looking again. We went under contract again in XX/XX/2020 with a set closing date of XX/XX/2020. On XX/XX/XXXX we were informed only because I asked what time our closing would be that we in fact would not be closing on time. We have been told a different story as to why we couldnt close every single day since the XXXX. I have contacted our mortgage officer daily since the XXXX of XXXX a minimum of 5 times a day, left messages and sent text. My husband has also asked him to please call me, where he replies I will, give me just a few. Every time he physically speaks with my husband and is asked to give me a call back he states he will. Until today, today he informs my husband that he can not legally talk to me. We are a married couple buying a house together where I am on all the paper work and have a power of attorney. I have differing questions from my husband and would like answers. XXXX XXXX is very unprofessional, not respectful of others times and disrespectful. We have been treated very poorly, had terrible communication, lack of empathy, and all around a horrible experience. I wouldnt wish this experience on anyone. At this point we are over a week late on closing and there isnt a solid reason as to why. Every day we are told something different with nothing to back it up. I have reached out to higher management in this company with zero response.
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| 03/02/2016 |
No |
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- Application, originator, mortgage broker
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Web |
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I purchased a house this year, closing with American Securities Mortgage. Soon after closing, they sold my mortgage to XXXX XXXX. I received my XXXX from XXXX but American Securities Mortgage is refusing to provide me with a XXXX, stating that since they sold before my first payment, they did n't have to send me one, even though they collected Mortgage Insurance premiums and Mortgage Interest from me.
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| 01/21/2023 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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