One Source Mortgage
Ripoff Takes months to process a loan rep seldom returns phone calls provides dubious information

In August the individual purchasing my property through Bond For Deed selected "One Source" to obtain a loan to pay off the balloon note which was due Nov. 1. He expected to close by the end of Aug.

On Sept. 8 the property was appraised. After numerous phone calls and voice mail messages the representative (Kevin) left a message on my answering machine. I had more questions and made numerous attempts to get in touch with him, but he did not return my messages.

Sept. 30 I was told the loan would close by 4:30pm. That was cancelled and I was told Monday, or Tues... For sure. On Monday I was told the closing wouldn't happen.

Oct. 10 I finally got to speak with Kevin who said the package was complete, and he was waiting for closing information. He stated he would know something by 1:00 and would call me back with information. I never heard from him, and left several messsages asking what the status was. He did not return my calls.

Oct, 11 I was told the documents were at the underwriters, and we may be able to close that day, if not, definately that week. Later that day the Title Company called me to verify information. I was told they had everything they needed, and would send their information to One Source. That made me wonder about Kevin's statement (that he'd sent the package to the underwriters) since the Title Company didn't have my information yet, and hadn't forwarded their paperwork to One Source when I spoke to Kevin.

It is now Friday, and I have heard nothing further from Kevin though I've left messages. It is obvious to me that, even though it's been several months we aren't any closer to a closing date than before.

Kevin has repeatedly presented excuses for the inability of One Source to complete a simple loan and bring it to closing. He claimed the property was difficult to find comps for in order to get an appraisal, taking 3 weeks to prepare. When I purchased the property long ago it took FOUR DAYS. I admit there were complaints about comps, but the appraisal company managed to complete the appraisal without taking a MONTH!!

Company: One Source Mortgage
Country: USA
State: New Jersey
City: Hackensack
Address: 3 University Plaza, Suite 502
Phone: 8887256354

  <     >