September 2
Amerisave Mortgage Corporation
6 Piedmont Center, Suite 710
3525 Piedmont Road
Atlanta, GA 30305
Re: File in progress
Mr. *,
We are no longer interested in doing business with Amerisave. Please return the $1,000 guarantee for failing to close on time, yet again.
We've become painfully aware that you are unable to close loans on time at the rates advertised. Amerisave has cost us months of frustration and expense due to mishandling and lack of attention to our file. You have caused us to lose our non-refundable $5,000 earnest money deposit, as well as the home our family was looking forward to moving to. The most frustrating part of this is that we were lied to and taken advantage of during the entire agonizing process.
In your email of June 6, you state that No company is more committed than we are in providing you with a quick closing and at a fair price. After three price changes, two dishonored rate locks with absolutely no documentation provided, a missed closing date, and a missed closing date extension, it's apparent you and your company are incapable of closing loans on time or at the price initially quoted.
Your web site also states We are so confident we will close your purchase mortgage loan on time, we back our promise with a $1,000 written guarantee! You represented to us that you had underwriting approval, yet Amerisave still failed to meet the closing date of August 10 as well as the extension which expired on August 24. We have yet to receive the $1,000 as promised.
On a more serious note, your continual failure to provide me with the terms of the rates you locked on 7/25/07 and 8/7/07 is a violation of State law. I have documentation from you stating that the loans were locked. I also have correspondence from myself asking for the specific terms of the lock agreement as well as the required RESPA disclosures, neither of which were provided. I have copied the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities and Hardy Myers, Oregon State Attorney General, so that they may investigate your company for further violations of State and Federal law. Judging from the postings on internet sites such as usacomplaints.com, I am confident that this was not an isolated incident.
As a customer, this entire process was frustrating due to the lack of communication, false advertising of rates, and length of time (over four months). But, as an owner of a real estate and mortgage company, this is absolutely appalling that companies such as yours can profit from the deceptive bait and switch tactics which have become a trademark of your firm, all the while hiding under the cloak of an Upfront Mortgage Broker.
Regards,
Chris H.
Cc: Hardy Myers, Oregon Attorney General
Oregon Division of Finance and Corporate Securities
Patrick Markert, CEO, Amerisave
Carol Poupart, President of Operations, Amerisave
Derek van Dam, Vice President of Sales, Amerisave
usacomplaints.com
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