I refinanced my house through Lending Capital - the reason was to payoff existing debt - the mortg. Broker i was working with told me what i was going to cash out with - i cashed out with 2,602 after paying high fees attached to any refinancing - the docs that were sent for signing through a notary had to be revised 4 times due to inaccuracies - the payoff on the docs read pending payoff when Lending Capital had the actual payoff and apparently did not give it to the title co (Fidelity Title Co) - the pending payoff was lower than the actual payoff - there was no signed HUD which i believe is required by state law - had i seen what i was cashing out with i would have rescinded the deal - this refinancing increased my mortg over $500 per mo; increased my interest rate from 7.6% to 9.6% and increased my mortg from $300,000 to $336,000 - all this for $2,602 - there was no benefit to this refinancing - it made my situation worse and i have had consequential damages from my creditors who i had negotiated all my debts with - i have reported Lending Capital to the Dept of Real Estate in Sacremento, Ca; Dept of Banking and Finances in Pensacola, Fl and to the Attorney General in Washington, DC regarding HUD regulations - the docs and the final closing statement did not match - no where did any of the paperwork indicate that i was going to receive $2,602 when i was expecting $20,000 - i have since refinanced again and once again paid high fees and prepayment penalties - i have retained an attorney to pursue this - my intention with Lending Capital was to payoff my debts increase my credit scores and then refinance again - due to unforseen family circumstances our credit took a decline - i am sure there are plenty more victims of predatory lending out there - i am a social worker by profession and have always been an advocate for what is right - the seniors are the hardest hit as victims and many have lost their entire life savings and retirement due to these corupt businesses - New Century Mortg. Should not have funded this mortg and Fidelity Title Co should have had all the accurate figures before completing the docs - when i received the proceeds and the final closing statement in the mail that is when i saw what i was cashing out with - when i called the mortg broker and the manager he said he would look into it but made my life miserable - i have plenty of documentation from Lending Capital via e-mails as they made it almost impossible to get them on the phone - I have an e-mail from the Title Co stating that when the docs were written they did not have the exact payoff - i have been told that the mortg broker knows before the customer what they are going to cash out with so why did they not tell me so i could have rescinded - i believe they knew all along what they were doing and they made alot of money off of my misfortune - these mortg co/brokers change there names frequently which implies alot of negativity - as a result of all this we are paying our debts off each month when i thought i would have been back on financial track but we will get there!
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