Here is the email I sent them, it says it all:
Dear sirs:
I was dealing with one of your loan officers, Shawn North (First Equity Financial, 228 W. Main St., Tustin, CA 92780), and was lied to during the process.
I filled out an internet request for a home equity loan and was contacted by several lenders. I found that I had 2 problems with what I wanted: 1. I had only been in my house for 4 months and no one would do an appraisal (they wanted to use the purchase price) and 2. My wife's income is draw commission and she had only been with the company 6 months.
After 4-5 similar conversations I started telling lenders that I wanted to wait until we had been in the house a year to fix our problem. Mr. North convinced me that I didn't have to wait, he had lenders who could get what I wanted now. I said "ok, go ahead and see what you can find". After a few days I was told that a lender had agreed to give me what I wanted as long as the appraisal came out to be at least $300,000.00 for my house. After doing some research and Mr. North told me he didn't think it would be a problem. I told him that I wanted him to be sure that it would work out because I didn't want to pay for an appraisal for nothing. He again assured me that it should be fine, that everything was set to go and the market for my area should give us what we needed on the appraisal. I took him at his word and paid the $375.00 for the appraisal.
Finally I got word back that the appraisal came out at $305,000.00 and we were all set. I got the papers together that the lender wanted and faxed them to Mr. North. About a week later I was told that everything was set and going to 'docs' and an appointment was made for us to sign.
That appointment got cancelled because of a delay. A second appointment was made and cancelled because of further delays and more papers needed from me. Finally I was told that we were set and another appointment was made. At the last minute Mr. North called me and told me the lender now had a problem with my wife's income and wouldn't do the loan of $35,000.00 as we wanted, they wanted to do $41,000.00 and force us to pay off different items than what we agreed to earlier. I told him this wasn't acceptable and that I wanted the deal we agreed to or we weren't interested.
Mr. North told me he was trying to get the lender to do the loan as we 1st agreed and that he would let me know the following Monday (this all happened on a Saturday). On Monday I was told that the lender still refused and my only options were to go with the $41,000.00 loan or try a different lender. I was very upset and told him that I never would have paid the $375.00 if he hadn't told me that we were already approved for the loan we wanted.
I then talked with Lisa Jones (who told me she was the office manager), she assured me that if we didn't get the deal we wanted that she would refund the $375.00 that I paid for the appraisal. I said to go ahead and see what they could do. Since then I haven't been able to talk to either of them. I've left several messages to both and haven't received any return calls. I have now told them I want to end this and get my money back, but still get no calls returned.
I can't believe how unprofessional they have acted. When they were trying to get my business thru lies and half-truths I got as many as 5 or 6 calls a day, and now neither has the time to call me back?
I now believe this must be some shady, fly-by-night operation and I will be doing everything I can to warn others not to trust your company. I an looking into how and where I can file a complaint about your methods and if I might be able to get my money back thru legal channels.
I don't really expect a reply from this email any more than I have gotten my calls returned. However, I figured I owed you at least one chance to deal with this situation, in case you are a stand up company and these are just 2 bad employees.
I hope to hear from you soon
0 comments