Fremont Investment And Loan, Fremont Fremont Practicing deceptive, predatory loans ripoff Santa Ana California

Hi Michelle,

I'm a loan officer in Florida and I can't begin to tell you the countless times I've heard your same exact situation from borrowers who seek my help.

If you are in a position to refinance, do so immediately. As the market is changing, now is not the time to be in an adjustable rate mortgage. Be very selective who you chose to do business with and look up the company on both this website and the better business bureau's web site (((ROR REDACTED)))

Best wishes to you!!

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I am sorry to hear you lost your job. I have gotten an lawyer and would really be interested in talking to you about fremont investment and loan.

I'm really sorry to hear about what happened to you. Unfortunatly, we saw this all too often at Fremont. It wasn't until the first layoff we had in January that Fremont finally started to decide that it would be a good idea to calculate the debt to income ratio based on the fully amortirazed rate on adjustable rate mortgages.

I guess they finally started to realize they should have been doing this all along after they had to start the forclosure process on so many of the loan we did two years ago. After that, our business went down so much because brokers refused to work with us based on that alone. They figure they could just take their business elsewhere because they knew the loan would not be approved.

I feel really fortunate to have worked in the mortgage industry because I now know when someone is trying to rip me off. I can also make my friends and family members aware if they are being ripped off. However, some states like IL are starting to require that consumers become educated on the loan process and essentially require a class to be taken before the can purchase or refinance a home.

I worked for Fremont for three years until the FDIC shut us down. It was sad and unfortunate because it was a really great company to work for. Unfortunatly, they consistantly lied to us by telling us that "We are ahead of our competitors", and "we only care about the quality of our loans and customers."

I wish that truely were the case because if it were, I would still have my job. With that being said, the only advice I can offer you is to refinance your home preferrably with a large lender, and not a broker.

As far as a class action lawsuit, I do know that the employees at Fremont have filed a class action suit against them because of our retirement accounts. I have read in many articals online that consumers are beginning to file class action lawsuits against Fremont. Usually, Yahoo's money section and MSN's money section has pretty good articals to read regarding Fremont. Those articals usually give attorney information.

Again, I'm really sorry about what happened to you and so many others like you. I know that there is nothing that can be done at this point but please feel free to contact me if you have any other questions.