Louis Spagnuolo at WCS Lending, Louis Spagnuolo at RBC Lending (Boca Roton) Smoke and Mirrors type of salesmanship, never fully explained, when papers had to be signed sent $8 an hour courier to handle our questions, Internet

In 2005 my Fiance' and I sought out the help of someone that I used to call a friend, someone that I knew for over 15 years to help us refinance (if that was the correct thing to do) our home in Las Vegas.

At the time we were paying on a $770K mortgage that was fixed for 5 years at an extremely low interest rate. Our monthly payments included the Taxes and Insurance (escrowed in our origianl Mortgage) the payments were about $2400 a month and were not to go up until at least 2009 (by the way, look where interest rates are now - we would have still been paying the same now as we did back in 2005).

So Mr. Spagnuolo who I am sorry to say I trusted, and spoke of him very highly to my Fiance' who owned the home, offered to help us  He assured us when we inquired that we would fill the needs of why we investigated the loan in the first place (making sure it was the correct thing to do for us:

#1 - Cash Out - by the way we received none

#2 - Lower monthly payment - We did for 2 whole months, oh I forgot because the taxes and insurance were paid seperately we actually always have paid a higher monthly payment.

#3 - We did not want a Neg Amortization Loan (had one in the late 90's and did not ever want another one) - Louis slyly (Smoke and Mirrors, boy am  glad I found this web site) said it was a 4 payment option (he never mentioned the word Negitive Amortization) he also never mentioned how much commission he received screwing us.

What Louis Spagnuolo did for us was not what we wanted, he set us up in a Negitive Amortization Loan, along with a pre payment penilty, and none of the taxes or insurance were included (escrowed inside the payments). I guess the part about doing what was right for us went over his head, but it sure was good for him - COMMISSION.

Our $770K loan is now almost $840K and we are paying $3300 a month plus we have to pay $700 a month in taxes and insurance on top of that (we had a $2400 5 year locked payment in 2005 that included paying the taxes and insurance each month).

Anyway during the entire time that thre loan was being processed he kept telling do not worry, then the big day - My fiance' had to sign the papers and they were "needed immediately" according to Louis, so who is there to explain the loan doc's to us in a lobby of a Miami Beach Condo we were at that day - Not Louis "trusted friend and loan advisor, Mr. Expert" Spagnuplo, NO he sent an $8 an hour woman from a courier firmn to pick up the papers and when we asked her questions she said "I do not know I am only here to pick the papers up", when we called Louis - no answer and no return phone call (what a professional.......con artists that is).

As we were told 8-10 times how imoportant those papers were - if they did not arrive back to Louis Spagnuolo office in time the loan would be denied (Sniff Sniff $$$$$$ to Louis that he would not see, and we would never had been put in the position of losing $70K in equity) but I trusted my good friend, thought there would be NO WAY he would take advantage of us, so my Fiance' signed all the loan doc's and he screwed us BIG TIME.

A few years later I called Louis to see if he would help us and I spoke to Louis and his supervisor. They said that we signed the papers and that we were at fault, and they were not legally bound because of that.

I always said it was not the banks, or mortgage companies that caused the housing market to slide which by the way is a huge reason the country is in the position it is in - NO it was the people working for them (not all, as some I am sure were legitamate), but the ones like Louis Spagnuolo - They are the reason behind Americas fall from grace. 

Don't you make the same mistake we did, I think it is sad that people take advantage of others (especially when you are their friends and you trust them, know them for so many years) Louis I do not respect you, consider you a freind, but I do feel very sorry for you, I have one word for you - KARMA 

BTW - Heard through thre grapevine that you just screwed 3-4 other people who we both know for 15 some odd years, I hope it is worth it being the scum of the earth.