My fiance and I applied for a mortgage with Amerisave in January on a 4 bedroom townhome in Newtown, PA. Settlement was set for March 28 and we had been pre - qualified through Amerisave. Since our credit score was in the mid 700's we were told by Mike Wood, our loan officer, that there would be " no problem" getting the committment letter to the sellers by March 15, which is required in PA. No problems so far, except that Mike Wood seems a little less than on the ball with the whole process and isn't that quick to return calls, but we proceed as if all is well.
Fast forward to mid February. We are now a month away from the date that we need to committment letter to provide to the selling agent. We have not heard from Mike Wood in weeks, so several calls are made and emails are sent to attempt to get an update. My fiance finally speaks to Mr. Wood and is told everything is fine and we are just waiting to lock in on a rate. Ok, fine.
It is now late Feb / early March. Once again we are contacting Mike Wood to lock in on a rate since we need the committment in 2-3 weeks. After we track him down he tells us we are " locked in" (which we later found out was BS because you must lock into a rate in writing, not verbally, and it has to be signed by the buyer). We are cutting it close but are still being told everything is fine. Now our loan goes into the hands of Maricel Exley, who is the " loan processor" (mind you she speaks minimal English and lives in another country and works from home). After several, and I mean probably at least a half dozen attempts to reach Maricel to find out when we will get the committment letter, she replies (in broken English) that the loan money will be there on March 15 at settlement. Our settlement is March 28, not the 15th, and we came to find out that Maricel has no idea that we even need a committment letter.By this time it is mid-March, about a week before we need the letter, or the sellers can back out of the whole deal. We are told by Maricel it is in underwriting and she will put a rush on it.
March 15 (a Friday) comes and goes and as you can guess, no committment letter, and no attempt by either Maricel or Mike Wood to tell us what is going on. We are now in breach of contract and are just praying the sellers dont decide to pull the whole deal. After SEVERAL unsuccessful attempts via phone and email by us and now our realtor who is now also involved, we attempt to contact Todd Pityer, the team leader. Needless to say, no response. We finally get a response from Mike Wood late on Friday night that hopefully Maricel will have an answer on Monday. Of course, Monday comes and goes, and nothing, and the poor communication continues and calls and emails are ignored. My fiance even left a voicemail to Mike Wood that said " YOU NEED TO CALL ME" and he strill didnt call!
It is now Tuesday March 18 and finally at 730 pm we hear from Mike Wood that we need more documentation for underwriting. Mind you, we have a mid-700 credit score and there should have been no issues with the credit at all, and especially not this late in the game. We are due to close in 10 days and it is still in underwriting and we are told there may be a problem getting the approval! We are faced with possibly losing the home and having to tell the sellers that we have to back out, when they have already bought a new home themselves and think they are moving in 10 days. Not to mention, my fiance has given notice to his landlord and will have nowhere to live as of April 1. My fiance tells Mike Wood and Maricel he will get the documentation they need and have it sent to them ASAP on Weds, March 19 (today).
This morning, March 19 we started working on getting the necessary documents together, hoping and praying that somehow this would all fall into place. You would think that either Maricel or Mike would have called today to update us or just to check in to see how we made out getting the documents... But of course, NO! I decided to come online and research Amerisave and was appalled to find alll of the posts on her with the SAME story as ours. I immediately called my fiance and told him we were being scammed and we needed to drop Amerisave and find someone else ASAP.
We got hooked up with a LEGITIMATE mortgage company through our realtor who was able to get the approval in oh, an hour. He said he did not understand what the problem was with getting the approval given the credit scores and stable incomes. He also pointed out that we were never locked into a rate with Amerisave because they never got anything in writing. Basically we would have gotten to settlement and been screwed because or rate would not have been what we thought. Basically the whole thing was mishandled and the paperwork done completely wrong. Our monthly payment wasnt even figured right bc Amerisave never added in the PMI.
I am so glad I came here and found out we were being scammed before it was too late. We still have a chance to make it to settlement on the scheduled day and the new person we are working with is bending over backwards to get us into the house on time. If left to Amerisave I am sure we would not have gotten into the house on time, IF EVER. It is the evening of march 19 now and THEY HAVE YET TO CALL US. They dont even know that we have gone with someone else and maybe if they would call to update us sometime, we would be able to let them know! I have a feeling that if we never contact them again, they wont call us either. March 28 would have come and gone and they wouldnt have ever gotten our loan processed and we would have been homeless, along with our 3 children. No one there seems to care and I am just appalled that businesses can do this to people and not get shut down. We are going to attempt to send a certified letter to the President of the company with our complaints, but I have a feeling we will, of course, get NO ANSWER.
This company needs to be shut down for good and anyone who paid them $395 should be refunded. They somehow never charged our credit card for the $395 so we reported the card stolen and closed the account so they will not be able to charge us anything. They did the appraisal and guess what? They arent going to get paid for that either! They screwed us over and we will not pay them one red cent. Since no one from the company ever responds I dont know how to go about getting this resolved, but a class action lawsuit may be in their future if they continue to screw people over like this! DO NOT use Amerisave, it is ONE BIG SCAM after another!!!
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