- Report: #10574
Report - Rebuttal - Arbitrate
Complaint Review: D M Bullard
D M Bullard535 s burdick kalamazoo, Michigan U.S.A.
D M Bullard predatory lender
*Consumer Suggestion: you need to contact the department of Housing and Urban Development
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On or about november 2000 My wife and i went to D M Bullard for a second mortage to pay of some credit cards.
Mister Bullard said he could get us a second moratage at 10%or better without touching our 15year6.75% first mortage
when all was said and done he actually rewrote our first mortage at 10.75% for 30 years.
This is illegal in our state but you must rescind the loan within 3 days in our case
we didn't dicover what had happend until a week later which was to late to do anything.
This was done by lying to us rushing the closing and not producing the documents until we actually closed.
When contcated Mr Bullard said you should have recined the order since you didn't it's your problem.
The problems dont end there besides charging $9000 in broker fee's there are several riders which make selling or refinacing or home impossible due to the fact that for 3 years we cannot pay more than 20% on our mortage without paying 6 months interst.
The final blow is a ryder that says the first 5 years well accural only $2000 in actual principal on our loan with our first mortage was still intact we would have $29000 in equity.
This report was posted on Ripoff Report on 01/03/2002 12:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/D-M-Bullard/kalamazoo-Michigan-49007/D-M-Bullard-predatory-lender-10574. 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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