• Report: #302134

Complaint Review: FOUNDATION FINANCIAL GROUP, LLC Jacksonville, FL / Atlanta, GA / Tampa, FL

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  • Submitted: Mon, January 21, 2008
  • Updated: Mon, October 25, 2010

  • Reported By:Fort Lauderdale Florida
FOUNDATION FINANCIAL GROUP, LLC Jacksonville, FL / Atlanta, GA / Tampa, FL
225 Water St. Suite 2000 Jacksonville, Florida U.S.A.

FOUNDATION FINANCIAL GROUP, LLC Jacksonville, FL / Atlanta, GA / Tampa, FL Foundation Financial Group LIED TO ME BIGTIME about my new loan! I lost appraisal money to these SCAMMERS!!! STAY AWAY AND BEWARE!!!! Jacksonville Florida

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I am completely devistated by what Foundation Financial Group did to me when I applied for my refinance. The broker told me he was a lender that that I was GUARANTEED not to be charged any closing costs or POINTS! He told me that I would get a rate of 6% on my new fixed loan. Once he found out that I was already working with another lender he then came back and said that my new rate was 5.25% with no fees. It wasn't until I cancelled my other loan was he then satisfied to finish my file with him. I asked him why I couldn't keep my options open and keep the other loan moving along but he told me that it was illegal to have two applications going at one time. I later found out from the department of financial regulation in Tallahassee that he flat out LIED to me and that it wasn't illegal. Then he told me that I had to fax him all of my documentation to them in Jacksonville, FL and that his "underwriter" would call me. I found out later that they aren't underwriters or even a directl lender. The state's office told me that they are Correspondent Lender meaning they close the loan but have me service by a real lender. State of Florida said they are just commission mortgage brokers!!!!! Again another LIE!!! Anyway, then I had to pay for an appraisal fee which was $375.00 UP FRONT to the appraiser BEFORE I GOT ANYTHING IN WRITING!!!! When I asked for my disclosures first, he chuckled and said that they were on the way but to HURRY UP and get the appraisal done. I trusted him and called the appraiser back to schedule. After I paid the money upfront for the report, he told me it would close in a week. It wasn't until 44 days later did I see the closing documents and OH MY GOD.... My loan was NOT fixed rate, it was an ARM adjustable. Also, the rate was NOT 5.25% or even 6% but 9.55% with a ridiculous prepayment penalty that would have cost me thousands of dollars. HERE IS THE BEST PART..... as I stated before, he said there were NO FEES OR POINTS, well he was charging me 4% POINTS which equalled $9,020.00 in his BROKER COMMISSION!! Not including the other $3900 of regular closing costs.

When I refused to close the loan, he called me up and asked me what my problem was, I told him he was a big liar and that company was just a RIP OFF SCAM PLACE!! He then called me a BXXXX and hung up.

I have already filed a complaint with the Department of Financial Regulation with the state of Florida so I can get my appraisal money back.

STAY AWAY FROM THESE PEOPLE AND IF YOU HAVE AN APPLICATION WITH THEM...... CANCEL BEFORE IT'S TOO LATE.

Jenny
Fort Lauderdale, Florida
U.S.A.

This report was posted on Ripoff Report on 01/21/2008 04:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/FOUNDATION-FINANCIAL-GROUP-LLC-Jacksonville-FL-Atlanta-GA-Tampa-FL/Jacksonville-Florida-32202/FOUNDATION-FINANCIAL-GROUP-LLC-Jacksonville-FL-Atlanta-GA-Tampa-FL-Foundation-Fin-302134. 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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