Consumers Helping Consumers

$9,000 in Mortgage Loan OVERCHARGES
Woman and Fiance in Holland Michigan

A mortgage loan company charged my fiance over $5,000.00 for application/processing fees and over $4,000.00 for early pay off penalties.This was for a Mortgage loan for his home and they also included some debt consolidation.

We tried calling the branch manager and she refused to release the phone number for the regional manager on numerous occasions, until I told her we were going to file a lawsuit.They would not waive any of the charges even though he did not understand the terms of which he was "agreeing" to.They have literature and brochures with very misleading, false advertising.They waived the charges for others in the past but refuse to do so for my fiance.It seems as though they are discriminating against him for some reason.

We are from Michigan.The mortgage company has branches in three cities in Michigan - Holland, Grand Rapids and Grand Ledge and others.They solicited my fiance through the mail and then over the phone.We had to refinance with a more reputable lender.

Equal Home Finance Bureau Comment: We wish we could do more to help. "Surprise" prepayment penalties and "surprise" points are two of the most frequent problems we hear from consumers. The consumer's safety is grounded in early preparation, getting characteristics of the loan in writing and using powerful comparison-shopping techniques like the Long-List/Short-List method.

After the fact, however, there are many things a consumer can do. We advised the consumer of how and where to send formal complaints regarding mortgage brokers in the State of Michigan and even how to file a consumer complaint on-line. If we can help you with a mortgage loan problem, please feel free to email us at story@equalhomefinance.com.

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