I was ripped off my Money Tree also. My situation was this. I have lived in the same house for seven years with my husband and two children. The house was owned by my aunt. The deal was pay her 100,000 for the house and it would be ours. The current selling prices for homes in this neighborhood are anywhere from 140 - 170,000. So I began searching for a mortgage company that could help us. Our credit was not great due to a layoff in so I was, I admit, scared.
I did not want to move from one rental to another, and desperately wanted to stay here. Lo and behold I get an e-mail (unsolicited i might add) stating that "whatever your situation, you are approved". I filled out the online application, and go a phone call at work from Paul (I will keep his last name off, but I do have it). He said "make no mistake, we can do this loan". I was so excited, finally an approval.
I asked him over and over about the approval, he said, we were approved, not to worry about the bad credit because they give people mortgages in order to help better their credit. Then he hit me with the 300.00 fee. I told him I would have to talk to my husband and call him the next day. Next day, I called and got pauls voice mail. I called again several hours later and got veronica. I asked again if the loan was approved, and she said, "we would not have called you if we could not do the loan." Again I stated that I could not aFford to loose 300.00, so I didn't want to pay it if we had not cleard underwriting.
She told me that she had never seen a loan so good. I caved and gave her my check-card number. They put through a charge, and e-mailed me the loan papers. The loan papers were inconsistent within themselves. DifFerent rates on diFferent papers, different payments, etc. Regardless, I did everything they requested, copied everything, and sent off the paperwork. Did not recieve a reponse until I called almost 2 weeks later. Mind you, now my aunt is getting antsy.
I received a call From Melissa telling me I had to pay oFf all collections, lates, and currents. IF I could do that, what would I need a subprime lender for? But even as I corrected and called something else always came up. I finally realized that I had been ripped ofF and went elsewhere.
I did secure a mortgage through another company, and am now living happily with my Family in MY house. What did I do about the "commitment Fee"? I had my bank charge it back as a disputed charge. Grounds? Not producing product as promised, decieving, and false advertising. Thus far the credit has remained in my account, and I have not heard a single word from Money Tree. Bottom line—Stay away from Money Tree.
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