My Horror Story of Arbor Mortgage
This all started with the online application from Arbor Mortgage. I wanted to refinance some income property and take the equity from there and pay off some bills and invest the rest. John Taylor one of Arbor Mortgage's specialists came to my house and took all the necessary information. He told me that I would be able to get a fixed 30yr for around 7%. I told John that I was leaving the state in three weeks, and that I would be on orders for the military for the next four weeks. I asked if this would be enough time to get this done. He said that it was plenty of time. John told me that I could hold off paying those bills that I wanted to consolidate, that I would get loan in time to pay them off.
This loan was for $60,000 and it was to include all the fees. So, we setup the appraisal for the house. It appraised at $90,000. After the title search we found out that I had a clear title for the house. Basically as far the Arbor Mortgage was concerned they were looking at a customer that 100% equity in the property. There should have been no problem in getting this loan processed and approved in a week. So, after the first week I called John and asked what the problem was in getting this loan processed. I got the same song and dance for the next three weeks. It was this didn't go through, I'm waiting on documents or he could not locate something. On the evening that I was to leave the state, a closing agent showed up around eight o'clock at night with contract in hand. After looking at the Truth in Lending Statement the loan was nothing what John Taylor had proposed or I had agreed to. The amount of the loan was for $63,000 at 9.99% on a 3yr ARM. I called John and asked him what the hell was going on. John told me all I needed to do was to sign the contract and he would straighten it out in the morning. After hanging up, I refused to sign and sent the guy packing.
The next day on my way to Wisconsin I contacted John Taylor and told him he needed to straighten this mess out. John said that he would try and get something else around. I tried to call RJ Kistka the President of Arbor Mortgage, to explain what was happening and how his employee was screwing with paperwork. I should say at this point RJ never answered my calls nor did he return them. It took another three weeks of dealing with John Taylor and Arbor Mortgage to get another contract in place.By this time the accounts that John had told me not to worry about, were now ready to be considered as late payments. I had allowed Arbor Mortgage to put me into a financial corner and I had no where else to turn. It was too late to go with another company, so I had to accept what ever they offered. A closing agent was sent to Ft. McCoy and the loan that was presented was for $60,000 on a 2yr ARM at 9.99% with a three year 1% early penalty pay off.
In February I started the web site www.arbormortgagesucks.com. This site would be dedicated to collecting of all the public information on Arbor Mortgage and informing as many people as I could about the deceptive practices of Arbor Mortgage. As of December this site has received more than Ten-Thousand, that's right RJ, 10,000 hits. I hope that the information and the testimonies posted there and here of the things that Arbor Mortgage has done to other families in our community will help you make a sound decision.
Thank you
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