Pioneer Lending Resources places advertisements in local papers. A phone number is listed to contact in regards to low interest, hassle free loans. Upon calling this number, I received a phone call back that I had been approved for $120,000 to refinance my mortgage. The interest rate was 2 points less than what I am paying now.
I was sent a disclosure letter about the possible loan. The first red flag was the letter opened as a Microsoft Word document. The second red flag was the letter did not look "professional". The third red flag was the misspelled words throughout the letter. The fourth red flag was a typed signature, not hand written. At no time was I asked for information regarding the house.
I was to send 2887.00 to them for the first 4 months of payments, then pay 719.00 per month for the loan payment.
I checked with the Banking Finance Commission in New york State. Pioneer Lending Resources is not a licensed mortgage broker or lender. The Better Business Bureau has no records on this company.
Thankfully, upon checking with usacomplaints.com and seeing other complaints, I did not send any further information or money. As the Banking Finance Commission put it, "This is a scam. No legitimate company asks for money up front". If it sounds too good to be true, it usually is.
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