July of this year I filled out a loan app. For Money Tree Mortgage. A week before I was to get paid a man from Money Tree contacted me saying I was pre-approved for a home loan.
A 85% loan, I just needed to send him 300.00 for the application fee. The way the loan was to work is that Money Tree would guarantee 85% of the loan. I was suppose to find someone to take a second on the additional 15% and cover closing or come up with the 15% myself.
Well, I gave my aba and check number to him because mainly my credit score is not that great and I needed a fresh start. I struggled for 10 yrs with my job starting out at 4.88 and hour 10 yrs ago. My credit took a beating while trying to increase my wage which is now in excess of 21.00 an hour.
Well, anyway a good faith letter was supposed to come by way of email within 72hours of my check clearing. Well I got another application instead and a laundry list. Okay, I can understand that they do need the laundry items for records. But, I had no good faith letter. Anyway, my wife and I found an agent that would work with us. Well, it is now October 3 we found an owner that would take a 15% second and cover the closing last week. We had the inspection on October 1.
Well, today we got a call from Money Tree telling us they were dropping our financing because my score dropped since the application was processed. Well, I want to know how a score drops so drastically over a 2 month period when I haven't applied for credit since Money Tree and I have had no collections since then either.
So, I asked about getting my 300.00 back and they said they couldn't do that because it wasn't their fault; my score dropped in 2 months. Obviously, this is one good scam they have going. What's really bad I didn't renew my lease with my landlord and me and my wife and kids are now having to move in with friends till will can find a new place to live. So please, watch out for Money Tree.
Billy
Spring, Texas
U.S.A.
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