To whom it might concern,
We had a very bad experience with a loan company called Wilmington Finance. I checked them out and only saw one complaint against them. Apparently I didn't look hard enough because on my current searches I have found many complaints. I felt confident that the company would be all right because I went to The Lending Tree site and they recommended this company.
We started this process in October. We dealt through a man called John Griffith. He was very helpful in processing the loan. He gave us a quote for both the 1st mortgage and 2nd mortgage of $871.35 a month. We asked him to add in both home insurance and taxes. This brought the total to about $1071.00 a month. This seemed a fair quote so we told him to process the papers. This loan was supposed to be at 6.490 interest rate, for 360 months. Then John called and said our taxes were much higher than he thought. This is something he should have researched before giving the quote.
By the time the notary came the payment was up to $1191.59, with a 6.990 interest rate, and the loan was now for 40 years. He also didn't tell us that there was a 5 per cent penalty if you pay the loan off before 5 years.interest rates, at the time, were soaring overnight so we foolishly accepted the loan.
About six weeks later, we were sent a notice that our mortgage had been transferred to MorEquity. When I found out our loan was being transferred I called John Griffith back to make sure our taxes and insurance was going to be taken care of. John assured me that they would take care of the taxes and insurance.
But by the time we had paid our first payment MorEquity sent us a notice that they had to pay our taxes and insurance so our equity account was now depleted and they had to increase our payment $118.00 a month. We had borrowed enough money to more than cover the first tax payment and insurance. Wilmington had not paid the taxes or insurance and they had not sent the $2500.00 that was supposed to be in our equity when we were with them. They had only sent about $250.00. MorEquity paid both the taxes and insurance but of course they were raising our payment. They claimed they never received the $2500.00 from Wilmington.
I tried to contact John Griffith many times after that to find out what happened to the $2500.00. He never returned my calls and neither did his manager. Not long afterwards I was told John was no longer with the company.
I finally got in touch with a manager at Wilmington. His name is Mike Fararo. I explained to him about our problem. He said he would look into the matter. I gave him over a week to call back. I called again. Another week passed and I left a message that I would be filing complaints against their company. He has still never returned my phone call.
Recently I have seen many other complaints about both Wilmington Finance and MorEquity. I truly believe these companies are defrauding the public. Something should be done about putting them out of business.
I had checked them out so it's discouraging to get connected up with a dishonest company. We now have a higher payment than we can't afford. I am submitting this complaint in hope of saving someone else from going through what we are going through.
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