Simple Mortgage Solutions is a rip-off. They offer to refinance regardless of your credit history and then lead you on and on, month after month, with nothing being resolved.
I received a telemarketing call from them in January, offering to lower my interest rate. Due to a period of unemployment, my credit was totally screwed up and my home had gone into foreclosure twice, though I was able to save it and get caught up.
I told their representative, a Mr. Tim Mangan, up front of my credit problems and mortgage history problems, and that others had tried to help and couldn't. He said he could and got to work securing me a refinance mortgage.
A few weeks later he called back and said he had secured a mortgage but that I had to pay for an appraisal. He said it was $325, and I told him I wasn't going to pay for it unless I had a guarantee that the loan was approved. He assured me it was guaranteed and only dependent on the appraisal value being for what they needed to secure a 75% loan-to-value ratio.
I paid for the appraisal, which by the way was $375, not the $325 he claimed. My home appraised for $11,000 more than what was needed to secure the loan. I then heard nothing from them for over a week, and when I called I was told Mr. Mangan no longer worked there. I was turned over to a Mr. Darin Gussof who said everything was a go and that he would get me the necessary paperwork in the mail. He even sent me a good faith estimated for the closing costs. This was in early March.
A few days later Mr. Gusoff called and said my loan had been rejected. After getting irate because I had been told by Mr. Mangan that it had been approved, he said his boss, Leon Zabludovsky, was still trying to place it.
Without going into all the details of what has transpired in the past 2 months, let me just say I've been told 3 times my loan was approved, at four different loan-to-value ratios ranging from 78% down to 65%. I've been sent 2 different good faith estimates, and have emails from Mr. Zabludovsky himself claiming to have secured the loan, only to tell me he's still trying 2 weeks later when we're trying to close.
My advice is to stay away from these people. They are con-artists who do nothing but back-stab each other and lie to the client. My beef with them is that they were told UP FRONT of my credit and mortgage history problems, and then were told I would not pay for the appraisal without a guarantee that the loan was approved, only to come back and tell me after I paid for the appraisal that my mortgage history was keeping it from being approved.
I currently have complaints filed against this company, or companies, whatever name they go by, with the Pennsylvania Department of Banking, The Pennsylvania Attorney Generals Office, The North Carolina Banking Commission, The North Carolina Attorney General's Office, The Better Business Bureau, and The Federal Trade Commission.
I would be interested in hearing of other's problems with Simple Mortgage Solutions and/or Global Mortgage VLC. Also, since Mr. Mangan left Simple Mortgage he started his own mortgage company in Pennsylvania called Mangan Financial Services. My advice would be to stay away from them too, since he's the one who misled me in the first place.
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