• Report: #256741

Complaint Review: American Financial Resources

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  • Submitted: Monday, June 25, 2007
  • Last Posting: Saturday, November 20, 2010
  • Reported By:Boca Raton Florida
American Financial Resources
273 E. Main St. Denville New Jersey 07834 U.S.A.

American Financial Resources mortgage ripoff and delay in loan causing rates and points to increase Denville New Jersey

*Consumer Comment: How Much Money Are You Out?


1Author 2Consumer 0Employee/Owner

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I made application with broker on May 31st, 2007 with all paperwork and appraisal costs paid. At first they promised me a jumbo loan at 6.25% but after 2 weeks they said that only a loan at 6.50% was available. I went ahead with the higher cost loan and they jerked me around until June 25th, when they called and said that even though i had a commitment letter from the bank, that my loan was not approved and that there was nothing they could do. Now I must go and start all over again and rates have increased and I am out of pocket for the costs I paid upfront. Stay away from American Financial Resources Inc. at all costs!!

Steve
Boca Raton, Florida
U.S.A.

This report was posted on Ripoff Report on 6/25/2007 1:05:39 PM and is a permanent record located here: http://www.ripoffreport.com/brokerage-companies/american-financial-r/american-financial-resources-db5ec.htm. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Person probably didn't understand the rules

AUTHOR: Thomas - Norfolk (U.S.A.)

Until you actually lock in a rate, it varies, even daily.  This person probably didn't realize that until certain paperwork between the seller, realtor, title company, and mortgage company (AFR in this case) is signed, the rate doesn't get locked.  In this case, it went up by .25%.  Oh, well - blame the Fed, not AFR.  Then, the person said they didn't ultimately get approved for the loan.  That is because, to get a home, they do a pre-qualification screening and give you a letter based on your current credit report score and debt-to-income ratio.  If that changes, or any other factors (i.e. other major purchases, credit use and lack of full or even partial repayment, loss of job) change in between that pre-qual and your final qualification, well that affects your ability to get the loan.  People need to understand that and not just blame a bank because they initially qualified, but then things changed and they didn't get the loan, after all.  Be grateful that a bank is lending at all, these days.
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#2 Consumer Comment

How Much Money Are You Out?

AUTHOR: Bman - Philadelphia (United States of America)

Thank you for this report. I have had an issue with QUICKEN LOANS, where they use bait and switch and have keep deposits as a source of free money and pressure to use their service. I am checking into refinancing again. I have found no complaints yet about

Integrated Financial Group Inc.

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Report the offending company to this feared and effective government task force. Your aim here is to highlight the criminal and fraudulent nature of the companies activities. You must be able to detail how they wronged you and stole your money.



 



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Contact The Council of the Better Business Bureau



 



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Today’s consumer marketplace is complex and full of potholes, even for those of us with all the necessary skills and advantages. For unsuspecting low-income consumers it’s far more treacherous - even the smallest misstep can lead to financial ruin and a sense of hopelessness that paralyzes individual progress."



 



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Contact The National White Collar Crime Center (NW3C)



 



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