American Residential Mortgage
Inc. Renege on loan
- 08-01-2003
- 8
I have recently become self employed and understood that it was not as easy to acquire a loan, in our case we were attempting to refinancing our home mortgage. Our accountant (1 800 TAX LAWS) suggested American Residential Mortgage, Inc. To refinance our home.
We were contacted by Ira Sarbone a rep for American Residential Mortgage, Inc. We emphasized that we have recently become self employed. We were informed by Ira that this would not be an issue. We were up front and honest with all our forms. Ira directed us on how to fill out the forms. Everything appeared to be on the up and up.
After a period of time we had been informed by Ira that our loan was approved and locked in at 5 and a quarter. We received written documentation from Ira that we were locked in and had to go to closing before the lock period expired.
On Thursday July 31 we were informed that closing was scheduled for the next day Friday August 1. I planed to take the day off work. I was at that time on contract in Maryland and had to make the trip back for the closing (340 mile round trip).
I arrived home at noon time on the Friday and was informed that the loan had gone through a second approval process and was turned down. I contacted Mary Lynne Sabo the Compliance Director at American Residential Mortgage, Inc. For some answers. She replied that there were issues over my self employment after the second review and it was turned down.
We are extremely upset over the fact that American Residential Mortgage, Inc.informed us we were approved and in the eleventh hour reneges on their promise.
As an outcome we requested they reimburse us for all expenses incurred for the loan since we were informed it was approved. This included a day of work and some other minor expenses. They were not willing to cover our expenses. We are currently looking into legal help.
Please help us expose American Residential Mortgage, Inc.
Company: American Residential Mortgage
Country: USA
State: New Jersey
City: Cherry Hill
Address: 1111 Malrkress Drive
Phone: 8568745111