PrimeLending, A PlainsCapital Company
Is UNLICENSED And Doing Business tried to pay me off and modify loan to keep me quiet about them not being licensed

My husband and I applied for a refinancing in June. We were told that it would be one rate and we were going to pay off over $800 worth of debt and getting a good chunk of cash out as well. We had an appraisal done, and were happy to see that the value was high. We were given several closing dates but they were all delayed. We finally got a closing date and I verified it with the closing agent, and was happy. On the day of the closing, they called me and informed me that they did an appraisal review that morning and decided to chop the appraisal by $35000. We were at the last days of the month, and were kinda backed into a corner, so on July 28 we finally closed. Unfortunately, we were now going to come out of rescission too late to not be late on the mortgage we were refinancing out of. So now we have a late mark on our credit.
Lets make matters worse now shall we. After we closed, we attempted to refinance away from them, and found out that they were not reporting the mortgage on our credit report. Also, we were denied the loan from the place we were trying to refi with because there was no proof of a mortgage history with the current mortgage company. All of the debt that was to be paid off was late, the mortgage was higher than what they had originally offered us, the rate was higher, and it was an ARM to boot.
When we began having problems with getting them to issue us a monthly statement, they told us that they don't do that. So after 5 months of this, and getting temporary payment coupons, and having to FED EX the payment to them every month, I called the MA Division of Banks. This is when I found out that they weren't licensed in this state, and was advised to file a formal complaint about what happened. So I did. The Division of Banks fined them and ordered them to Cease and Desist. However, after extensive research I found out that after they were ordered to Cease and Desist, they closed 2 more loans here.
After just about a year of battling them in court, I found out about the TILA and Reg Z and FCRA rules and regulations. Let me point out that PrimeLending told the courts that our first loan was denied and that we re-applied for the loans. This, of course, is a lie. They got the courts to believe that they sent the applications, we sent them back, it went into under-writing, was approved, conditions met, and cleared to close and docs drawn and delivered and closed in 8 hours. Of course, this is impossible to do. At any rate, they told the court that we re-applied and then closed. Well, if that is the case, then why didn't they send me new disclosures, and why didn't I get a statement of credit denial? Why don't they report to the major reporting bureaus? They refuse to answer these questions.
Let me take you to about a 6 months after we refinanced and after the complaint was filed with the banking commission. We called them and told them that we intended to file a complaint with the Superior Court. We told them that we were getting a lawyer and then all of a sudden we got a call from their in-house counsel. This person is not a licensed attorney, I checked into her. She made us an offer to change the terms of the mortgage and give us the money that they chopped the appraisal by, if we didn't litigate. Upon speaking with our lawyer he told us that if we accept the offer, we are ratifying the contract which is technically illegally written because they are not licensed. So we turned them down. Shortly after that, they sent us a default letter.in this letter, they neglect to give us the proper time limit to cure any default with the second mortgage, and they fail to list the true Mortgagee on the mortgage itself which was MERS. Of course they didn't word it like they were supposed to do either. I also found out that they put an ad in the newspaper for the foreclosure sale only 10 days before the auction date. They deceived the Superior Court and were granted the right to foreclose. I ended up filing for bankruptcy to stop the sale. However, they were ordered, wait I take that back, "urged" to settle along the lines of the original settlement offer by the Bankruptcy Court. They have sent me 2 offers since then, both of which are not even close to the original offer. They want me to waive all of my rights against them, but want to be able to retain theirs. So now we are still battling them, and let me just tell you, i think that they are afraid that if they continue to try to foreclose the bankruptcy judge will stop it.

I want to let anyone in the state of MA know that reads this... Call the AG's office. They refused to do anything about them because they have not seen a pattern. They did loans from 2003 to 2007 without a license. Some of the people they did loans for have already lost their homes because they didn't know that they had recourse against them. If you or anyone you know did a loan with them, or has been contacted by them to refinance their loans, call the AG's office and the Division of Banks immediately. They must be stopped.

Post any responses if you have done business with them... And tell me your story. The more people i talk to the better off we all are. We are considering a class action suit against them.

Company: PrimeLending, A PlainsCapital Company
Country: USA
State: Texas
City: Dallas
Address: 18111 Preston Rd, Suite 900

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