TriMark funding uses high-pressure loan officers to try and get you into a loan with outrageous terms before you even know what hit you. They disclose as little as possible and rush you through all stages. They don't even ask you to show proof of income so that you feel like it is just too good to be true.
Here is my story.
Stephanie Bowie from Trimark called me because I had applied for a home equity loan on line.By the time she called, I had already given up trying to borrow against my home equity even though I have 100,000 in equity due to my debt to loan ratio. I am disabled. She told me it would not be a problem to get the 30,000 I wanted.
A few days later she told me they approved the loan with my son as co-signer. I asked about terms. She hesitantly told me the payment and I said it was too much that I would have to borrow less or not do the loan. She said that in CA the least they could do was 20,000 but generally her company only did 30,000 or above. However, she would try and help me by seeing what she could do.
She checked it out and called back. I asked about terms again. She said a payment of 333.00 per month for 7 years.
Two days later she called and said it was approved and we just needed to sign papers. I asked about terms again. She said the loan was for 23,000 now and a payment of 363.00 for 7 years. I had not even been asked about the change in amount of the loan.
Terms were never discussed except when I inquired and then never fully disclosed. I was under the impression that it was a home equity loan, not a line of credit or even what the difference between the two was. I was never told it was an interest only loan.
At the signing, the notary encouraged us to NOT read the contract, stating we had 72 hours to read and cancel if we wanted to. My son read it anyway. Thank God! Most of the papers said 84 months at 363.00 with no mention of any other payment. Then we get to an actual document that says 84 months at 18.99 % interest AND a FINAL BALLOON PAYMENT of 23,000! This was NEVER disclosed in any way to me.
The notary said that we could just refinance after the 7 years or of course we could sell the house! WE DID NOT SIGN.
Stephanie avoided telling me the truth because her fee was 3500.00. People should be warned! I emailed her and told her we would not be doing the loan and that I felt that they tried to defraud me.
She stated:
"I Have No Idea What You Are Talking About (Everything Is There In Black & White So What's There To Defauld You About) Of Course 23,000 Is Due At The End Of Your Loan Or After Any Loan That You Only Paying The Intrest Of.
This Loan Is No Difference Than Any Other Bill That You Have. Please Look At Your Bills. No Matter Where You Go All Line Of Credit All Over The World Are Intrest Only. This Means Apply A Little More To Principle Of The Loan If You Chose To. Again No Difference Than Any Other Bill That You Have There In Your Home.
Kathryn Belive Me This Is A Very Good Loan For You. Nobody Else Will Talk To You With Your Credit Score. I Did Everything But Defauld You. If You Care To Call Me I Will Futher Explain A Line Of Credit Loan To You."
Of course this is an attempt to make me feel like it was my fault and that I was just stupid. I may be stupid, but not stupid enough to sign this loan.
People need to be aware that with this company, you must CAREFULLY read the fine print because they will not tell you the true and actual terms of your loan. They leave it all for you to discover either while reading the loan document or later when it comes due and you risk losing your house. I feel sick for those unfortunates that sign without fully reading their documents and extreme relief at having missed taking this bullet.
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