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About Bobbi Buehl
Expertise
Home mortgages is my expertise

Experience
Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
 
   

You are here:  Experts > Business > Small Business: Canada > Financing -- Loans > mortgage refinance

Financing -- Loans - mortgage refinance


Expert: Bobbi Buehl - 8/28/2009

Question
At the time of applying for refinance we were told that there would be no problems as friends of ours had just closed on the exact same property (resort condo).  We paid our application fee and were told that we would be saving $400 a month in doing so.  Over the next few weeks, we were in frequent contact with the mortgage company and always assured that all was well.  Two months later we received a voice mail stating that we were denied because the company was no longer refinancing our type of property.  The policy change went into effect two months prior to our applying for the mortgage.  In an attempt to resolve this matter, the mortgage company said, too bad, case closed...! Several questions: first, does this constitute fraud in that they accepted money knowing that they would not be able to fulfill their end of the contract - money that has never been repaid to us.  Secondly, the company's negligence in failing to inform me of a policy change, which occurred 2 months prior, will potentially put me at a loss in excess of $144,000 over the next 30 years.  Does a company owe the consumer due diligence in that they should be responsible to know and inform the consumer of policy changes that directly affect that consumer.  I cannot believe that I am the only consumer who has been scammed by the mortgage industry.  How much money is the industry making by fraudulently accepting application fees for loans that they have no intentions of ever providing?

Answer
Hello.

I want to say first say this, I am truly sorry this has happened to you!! It is companies just like this, that make it bad for honest firms!

To my way of thinking, this is a totally illegal practice and the first person's you should contact is your "State Attorney General's Office" and your State's Dept. of Finance to lodge a complain with them. They are going to be your best resource in getting your application fee back and putting a stop to this company from continuing these same practices with anyone else in the future! I am not a Lawyer, but I would think that this might constitute a from a fraud.

As to the negligence factor; I would contact a Real Estate Lawyer and pose that question to him. I personally believe that you might have a case of negligence and should be compensated. But again, I am not a Lawyer.

Good luck in your endeavor's, and please keep me informed.

Sincerely,

Bobbi Buehl
AmeriFirst Mtg
877*928*4891  

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