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  • Report: #1004265

Complaint Review: Augusta Financial

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  • Submitted: Sun, January 27, 2013
  • Updated: Thu, February 07, 2013

  • Reported By: Worst Home Loan — Santa Clarita California United States of America
Augusta Financial
28018 Lyons Ave Newhall, California United States of America

Augusta Financial Mike Meena Predatory Lending, Bad Home Loans, Unscrupulous Business Ethics and Lending Tactics Newhall, California

*REBUTTAL Owner of company: reply to post from January 27th, 2013

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Mike Meena of Augusta Financial  put me in the worst home loan ever in 2006. He had me sign loan docs and I was all set to move in, two days before my move in date they called me and said they had to change the loan and I had to sign new docs. The new loan is at 9.15% and adjusts every 6 months it can go up to 15%. What they also didn't tell me was that after the full 30yr loan I have a balloon payment for the full $500,000.

 I was a single women with all my belongings being held by a moving company. With less then two days before the movers were to show up and no place to house myself and my 12yrs old son, I was forced to sign. Mike assured me that he could redo the loan in six months and I wouldn't even have to call him, his company would draw up all the new paper work and call me when it's ready.

Needless to say the housing market dropped right afterward and my home for $550,000 is now worth $260,000. [continued below]....
..... Augusta Financial never even tried to help me afterwards. Even my real estate agent told me Mike Meena used underhand techniques to get many people into home loans. I'm not one of these people who can't afford my payments, but because it's such a bad loan and I've lost so much value no one can help. Ever hear of a mortgage payment of $5,300 a month on an 1,800 sq ft home?! Well now you have.

 Mike uses shady tactics to get you in a loan and cares nothing about whether you can keep your home or not. I only hope that by writing this I can help just one person not get raked over the coals like me. I am more then happy to show anyone my loan docs as proof. Stay away from this firm who even makes agents up here scared.

This report was posted on Ripoff Report on 01/27/2013 10:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/Augusta-Financial/Newhall-California-91321/Augusta-Financial-Mike-Meena-Predatory-Lending-Bad-Home-Loans-Unscrupulous-Business-Ethi-1004265. 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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REBUTTALS & REPLIES:
0Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

reply to post from January 27th, 2013

AUTHOR: Michael Meena - (United States of America)

I am unable to speak specifically to the original authors situation as they did not put a name or any information in their post, so I have no idea if or exactly when they ever completed a loan transaction with Augusta Financial.  I have been in the lending industry since 1991 and have personally closed over 11,000 transactions, and the overwhelming majority of my business comes from repeat clients and their referrals.  If I operated in the manner described in the post above, that repeat business would not exist.

It would be exceptionally unusual for a loan product to change after initial application.  The only times I have ever seen that happen is due to a massive drop in the borrowers credit score, a judgment/tax lien appearing, a change in the borrowers employment/assets, or some kind of serious issue with the property.  Also, Augusta Financial avoided most of the subprime products that were available during that time period, a lending decision that enabled the company to survive the industry meltdown that followed in 2006-2007.  On the rare occasion that we used a subprime product, the client was always educated at length about the pros and cons of such a loan.

An interest rate such as 9.15% would only have existed in a situation where the borrower had no (or little) down payment, plus VERY low credit scores, plus zero income documentation.  Again I cannot comment on what may or may not occurred in the original authors post, as she has given me no way to research the claim.

With regards to the value of your house declining as the real estate market turned sour, that really has nothing to do with any loan you have on the property.  Just like your broker cannot control the stock market, we have no ability to guarantee the future value of your house.  Millions of Americans bought properties at prices that may have been too high, and we are still suffering the consequences today with short sales and foreclosures in every neighborhood.

Augusta Financial is the preferred lender for nearly every real estate office in the Santa Clarita Valley, and has been voted Santa Claritas Favorite Lender every year since 2005.  My staff and loan officers work tirelessly to close every loan transaction as quickly as possible, and client satisfaction is always our #1 goal.  I am in the office every weekday from 8:00AM to 7:00PM, and you are always welcome to call me directly and discuss your situation.

  Michael Meena, CEO
  Augusta Financial

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