I recently signed on with Alan Ruiz at ALG Capital, Inc in CA. For a better interest rate than the 5.5% that I already had. Alan Ruiz assured me because of my perfect credit worthiness that I could definitely get a better rate and I would have no loan origination fee or points attached.
Well, we signed and 10 days later recieved in the mail some checks. All 3 amounts were not explanable in terms of what we had signed.
We contacted Alan Ruiz and he never got in touch with us. We then contacted the Virtual Escrow and the escrow officer who processed our documnets Clora Vernon she was not real helpful in providing us with our missing closing statement.
So we spoke with a very nice woman at Virtual Escrow and we received faxed copies of the closing statement and documents that supported the checks we received and low and behold our signatures had been forged on the documents. We then learned that ALG Capital the firm that Alan Ruiz represents was paid a loan origination fee of $20,000.00. We also had amended escrow instructions also signed with our names again we had no copies and never signed this document and again the signatures were forged.
Alan Ruiz contacted me and blamed the error on the bank, the escrow company and the notary. WOW everyone was blamed but those who benefited in the matter Alan Ruiz and ALG Capital. Being suspicious of this transaction I then learned that our new interest rate was 7% again on loan documents that were substituted with forged signatures.
Please anyone out there who has had the misfortune of dealing with ALG Capital or Alan Ruiz at the above address or in the new office in Mission Hills on San Fernando Mission Road BEWARE OF THESE PEOPLE they will rob you blind and perform a very bad bait and switch.
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