EARTH MORTGAGE - Frank Cortese - David Stahl
Misrepresentation of loan offer, blatent lies in loan process, fraudulent practice with real estate appraisals ripoff

I sought services from Earth Mortgage in early October for a loan to refinance property. Based on factual information that was given to Senior Loan Consultant, David Stahl, such as credit score, income, length of time with current employer and other pertinent information on the loan application, I was told that I was pre-approved for a loan program with an interest rate of 6.375%, paying 1 point, requiring no money down, no assets and no seasoned funds for the combined total of a first and second mortgage totaling approximately $410,000.

Having been told that certain extenuating circumstances would necessitate closing prior to Novembers mortgage being due, Mr. Stahl promised to get the loan closed prior to that date. He also indicated that he would refund the $300 appraisal fee and reimburse any expenses that we incurred as a result of not closing prior to November 1.

Knowing that the real estate market is currently in a weak state, I expressed concerns to Mr. Stahl about fears of a low appraisal potentially changing the loan product he was promising. Mr Stahl indicated on several occasions that he "had control over the appraisal" and that I need not worry about it coming in low. He stated that he had "connections" with several appraisers in the industry who will "place whatever value he tells them on an appraisal" in order for the loan to go through as promised.

At the same time I was talking to Earth Mortgage I also inquired about a refinance package with Meridian Mortgage for a comparison. When we presented Mr. Stahl's product to Meridian Mortgage they stressed that the offer was bogus and that I should tread carefully as the deal will change drastically, not in our favor, at closing. Meridian told me that Mr. Stahl was "hard selling" a product that he could never deliver and I should expect quite a different product at the closing table. I was quite up-front with Mr. Stahl about the communication I had with Meridian Mortgage and again, he assured me that he was honest and could give references of other Earth Mortgage clients that he recently closed similar loans for with the same criteria. His pitch and promise to close the loan, exactly as he stated, was convincing enough for me to move forward with obtaining the loan through Earth Mortgage.

I was told that the loan was "pre-approved" based on factual data given on the application and accessed through credit reports and that nothing at all would change the loan product going forward. I gave Mr. Stahl $300 on October 10 for the appraisal to be ordered. The next several months proved to be emotional, time consuming, expensive and unfair.

Two appraisals were done and neither of them came in at the value Mr Stahl needed in order for the original loan product to work. His claim to have "control" over this process was obviously false and caused great stress, time taken away from work and financial loss. Despite Mr. Stahl's insistence that the loan would go through as planned and that the appraisal would never stand in the way of it, the loan product changed drastically. As a result, the new mortgage payment is much higher than originally promised; there are two loans instead of one and a very high interest rate on the second loan causing a much higher monthly mortgage payment going forward— $300 more per month than originally promised.

I had been in touch with Frank Cortese, the president of Earth Mortgage. Not once did he respond to my complaints about Dave Stahl's fraudulent and dishonest practice. Well, not until I e-mailed him a copy of my BBB report. He then responded with blatant lies in reference to the loan, harassing me via e-mail when I asked him to stop e-mailing me! He claimed that I had never disclosed a second mortgage to Mr. Stahl at the time of application! That is pure BULL!

My BBB complaint demands reimbursement of late fee's on our mortgage from the loan process dragging out for 3 months, 6 credit reports inquires later and a lot of other stress. It also demands a settlement fee of $20,000, which is only a fraction of what will amount to thousands and thousands of dollars to pay on a split mortgage, one of which has a 10.75% interest rate, payable in 15 years. It's pathetic that Earth Mortgage will likely get away with ripping me off and many more people down the road. I wish I had trusted and listened to Meridian Mortgage. They knew from the start all the exact same data Earth Mortgage knew. They not only predicted but guaranteed we were going to be screwed by Earth Mortgage based on all the same exact information that was given to them. But Mr. Stahl seemed so trusting over the phone, even saying at one point that he would come personally to Massachusetts from Texas to get our loan closed as originally promised. Now to defend their lies they are literally making things about our loan and what was/was not told to them! I expect a rebuttal that is completely distorted, dishonest mad corrupt!

It's infuriating to think that Earth Mortgage can continue to function in a corrupt manner, manipulate a consumer and get away with it! Not to mention operate a mortgage company in a criminal fashion, manipulating appraisals along the way!

Company: EARTH MORTGAGE - Frank Cortese - David Stahl
Country: USA
State: Texas
City: Carrollton
Address: 2245 Keller Way
Phone: 8773278450

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