Mortgage Banking Associates, Inc
Going broke with loan broker sharks home equity scam

I was trapped by an agent from mortgage bankers associates, inc. Of lakeland, florida who sent a smooth talking agent named, gregory perkins to canvas my neighborhood for sigs reading, " sale by owner"!

He handed me a printed flyer, reading, your kit for selling your home is free! No realtor commissioners or fees to you! Then he held up a bright red sign with his company name headlined, zero down, and a toll free 800 number for buyers who needed 100%
financing.

He said they had lenders willing to add all loan cost to the loan
balance or increase the amount of the loan to cover cost so seller and buyer both escaped costs.

When the buer went to his office he told gator escrow of sebring, fl, i agreed to pay all buyer and seller cost plus his profit in points etc without my knowledge till closing.

Then i faced a buyer packed to move in, a loan reduced from an estimate of $20,000 to $15,600!

When i protested the mortgage banking associates owner promised
he would obtain a rebate for me to allow buyer to close.

Once i closed he broke his promise and left me short. I discovered he tried to trick a neighbor by telling a buyer the seller would accept a second trust for the down payment.

The state of florida does not care what brokers do if they
pay a licemse fee because they feel license fees are just a tax that cover government expense.

But i am now 74 years old and that much loss means alack of medical care and other expense i expected to pay on the promise of selling zero down.

Perkins told me the lending company paid the profit on the interest earned from placing the mortgafe that is how they could
promise zero down... Since a mortgage earns high interest, it seemed truthful.

I did not imagine they could arrange escrow fees without a seller's consent or knowledge or act without a real estate sales license which they did not have.

I was wrong and hope filing this report will save others... From the false representation, mortgage bankers will finance your
home at no cost to you... The kicker is they didn't charge a commission but they pad the escrow fees and arrange for the escrow to hand over your money to them.

The flyer says, "helping to sell homes over 20 years, " it
should say, help;ing ourself to your equity!

Victimized in
Lutz, Fl

Company: Mortgage Banking Associates, Inc
Country: USA
State: Florida
City: Lakeland
Address: 1400 South Florida Ave
Phone: 8136330558

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