June was the beginning of the nightmare my family and I have been living. We received an unsolicited e-mail that we could apply for a mortgage from Money Tree Mortgage. Since we had some debt and had been denied from another company because of a job change for my husband to self-employed.
When we filled out the online application we made it very clear of the self-employed situation. We were very interesed in getting a loan and with all the flashing notices of bankruptcy, tax liens etc we thought we had a chance. We were contacted by Robert (Bobby) Bell to start the paper work and he needed $300 to do the paper work. We gave him the ABA and checking account number and they deducted $300 from our account not once but twice.
It took us 3 weeks to get the 2nd $300 back into our account. Bobby Bell told us we could get a FHA loan and we found a house to buy since we were "pre-approved" for $248,000. After many phone calls we finally received a "pre-approved" letter and gave that to our realtor. We were told all along "EVERYTHING IS FINE" we will close by the first part of September.
All through this process we were passed along from one person to another each never returning a phone call until we would stay on hold until they would talk to us. On August 4th we paid $400 for an appraisal of the new house and that was submitted to Money Tree. On August 15th our world came crashing down. Tawinia Young with Money Tree called and told us that she needed to do income verification and just then (8 weeks after we started all this) realized my husband was self-employed for less than two years and we could not get the mortgage. Here we were the day before we had to move out of our house with no place to go and no mortgage.
The next several days proved horrible, Money Tree tried to get the mortgage with just my income and that did not happen and they will not refund us the $300. They said that since we did not close the application fee is non-refundable. Even though since we can not close there is no way to get the fee back. We are also out the $400 for the appraisal that is no good.
All I would like is the $300 and $400 refunded back but I do not see that happening with out some help and legal action. This whole thing has taken too much time for my husband and I but we will not let it go. I feel Money Tree is misleading people on the internet and via e-mail. They take your money and do not give you anything in return.
The person that deals with you upfront should never say your are qualified if there is any doubt that it would not go through. Once they are for sure then they should charge the $300. I feel they have had misleading advertising, fraud and telemarketing fraud.
DO NOT EVERY DEAL WITH MONEY TREE MORTGAGE. The BBB had 109 complaints against them and they have only attempted to resolve 4. Pretty poor customer service if you ask me!
Brenda & Doug
Augusta, Kansas
U.S.A.
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