I went to WMC Mortgage Corp/Fairbanks back in 1997 for a re-fi all due to the fact that I had unknowingly gotten a LIBOR from The Money Store and explained this in writing to WMC as the main reason for the re-fi. My home had/has plenty of equity and it was an equity based loan.
Fidelity National Title handled the Close of Escrow and WMC insisted that a California and Arizona Fidelity both be used which caused me over $1,000.00 in title fees.
Neither WMC or Fidelity paid off the existing First Mortgage company (The Money STore), in full, which leaves TMC as the first morgagor. Although all the monies were included in my loan, they failed to pay the County taxes. I made this known to WMC as soon as TMC notified me that they still had a balance owing to them. WMC never corrected the mistake.
WMC, put me right back into a LIBOR without my knowledge or consent. The payment went from $2,600. @ month to almost $5,000.00 a month, however I did not learn of this until I approached them for a pay-off in 1999. I also learned that a two year prepayment penalty of 18,000.00 was inserted "after" I signed the closing documents.
They continually put forced insurance on my home and from the onset of it back in 1997 and billed me for it.
I sued them in State Court. They began negotiating with me and had already scheduled a Trustee Sale on my home for
September (payments had gone up to $5,000.00 @ month).
I never received closing documents or the right to cancel, and numerous other documents. WMC said they stayed the Trustee Sale to try and resolve, but would not put that in writing leaving me little choice but to file Bankruptcy in September,
2000. This was a table funded loan and they still refuse to tell me who owns my loan, I am still in Bankruptcy.in October I joined onto a Class Action filed in California.
WMC is the worst mortgage company I have ever seen. Ownership changed at the time of my loan and to, Leon D. Black, he and his partner whose name I can't recall were a part of the big scam in the 1980's, the partner went to prison and a movie was made about the corruption and scams they perpetrated. This company is no good and underhanded sneaks, all they want to do is steal people's homes.
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