|
Discussion Board
"Hands-On" Training
Title Holding Trust
Speaking
Schedule
Foreclosure
Codes
50 State Foreclosure Basics
Foreclosure Glossary
60+ Yrs Interest Rates
Forms
FAQ
Dingbat Retirement Plan
Links
Contact / Map
Home
|
[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]
Re: WMC Mortgage*PREDATORY LENDER*E-mail FOR HELP!!
Posted by Joyce Luciano on September 09, 2002 at 2:39 AM
In Reply to: WMC Mortgage*PREDATORY LENDER*E-mail FOR HELP!! posted by guardian on June 02, 2001 at 10:57 AM
: IF YOU ARE A VICTIM OF WMC PREDATORY PRACTICES, WE NEED YOUR STORY. EVEN IF YOU LOST YOUR HOME, RESTITUTION MAY STILL BE AVAILABLE!! E-MAIL:stopforeclosurenow@juno.com THANKS, GUARDIAN
I am a victim of WMC Mortgage Corp, they have destroyed my life.
In 1998 I applied for a home equity loan and was approved for
the applied amount...WMC harassed me daily urging me to take
more money as my age (then 58) would be a factor in the future,
etc. I declined. The loan closed at Fidelity National Title
in Phoenix and I was charged double closing costs by Fidelity
in California (who WMC claimed also had to be involved in the
closing). The funds were sent to Fidelity in California, and
they were to pay off in full the Money Store...but never paid it
in full and left a 4,000.00 balance. They were also supposed to
pay the County Taxes but never paid them. Nobody knows where the money
went, yet its all included in my loan. I notified WMC about
a month after the COE when The Money Store informed me that their
loan was not paid in full.
I continually faxed and wrote WMC about the above problems, (taxes and
TMC) to no avail.
My equity loan was to be a 30 year fixed at 8 1/4 %, it was a
no doc loan based on the equity. My home appraised at that time
at: 550K. Its a unique property.
In 1999, I decided to do some remodeling and was qualified for
a loan at 7%. I called WMC for the payoff. When I received the
payoff, it was 18,000.00 higher than the balance. I have a friend
who is a lawyer and he called WMC who told him I had a two year
pre-payment penalty. I faxed him the only papers I had ever
received from the closing, which I got only after demanding a
copy from Fidelity when we closed and it read 4 month prepayment
penalty. Not only did I find out about the penalty at that
time but I also learned WMC had put me into a LIBOR, which was
one of the reasons I listed when I applied to them: that I
wanted to do the loan because TMC had me in a LIBOR. My payments
were to esculate to almost %5,000.00 a month from the former
$2,600.00 a month.
I spoke to Scott McAffee explaining that WMC would be paid in
full, but I was not going to pay a 18K pre-pay penalty, I also
told him that even if it were so, the two years would be up
in a few months. He refused to waive it. I then said I would
pay 5K just to get rid of WMC. He refused.
A few months later, I filed a lawsuit in Maricopa County against
WMC for abusive lending, predatory, fraud, etc.
A couple of months later my payments went up to $4,800.00...I
could not make those kind of payments. Also, from the week
after the closing, WMC continually put forced Insurance on me,
at $3,000.00 knowing that the property was always insured but
they kept doing it anyway.
In September 2000 I was in negotiations with WMC and was reaching
an amicable settlement with them, they already had scheduled
a trustee sale for September 21, 2000. The last offer I got
from WMC, was they would reduce my mortgage from 350K to 150K
and that they would postpone the Trustee Sale. My lawyer friend
told me to get it in writing. I called WMC but couldn't get
thru to the legal department. The Trustee Sale was coming up
in 3 days. I then called their lawyer at Snell and Wilber in
Phoenix (Lisa Coulter) who told me that the Trustee Sale was
not cancelled, and WMC was going ahead with it. I told her
they left me little choice but to file a Chapter 11 Bankruptcy.
She told me to send her a copy of the BK number.
I filed Chapter 11 Bankruptcy on September 27, 2000 to save my
home from foreclosure. WMC legal department then wrote me a
letter saying Coulter never told me they were going ahead with
the sale and I should have waited.
There is a list a mile long of all the predatory, equity stripping
tactics WMC employed. I am still in Bankruptcy. My credit
will be destroyed until I am 74 years old. It has made me
physically ill, nervous, unable to sleep, etc. I am living life
on the edge at this point.
WMC is the worst mortgage company. Incidentally, they still
have made no effort to pay off The Money Store. I paid the
taxes. They refuse to forgive the loan. Leon D. Black owns
this wretched company...Michael Milken's former partner (the
junk bond guys).
I will be more than happy to send you copy of my lawsuit.
Follow Ups:
Post a Followup:
|
