• Report: #266074

Complaint Review: Fidelity Mortgage

  • Submitted: Wed, August 08, 2007
  • Updated: Sat, February 07, 2009

  • Reported By:Haverhill Massachusetts
Fidelity Mortgage
1000 Woodbury Road Woodbury, New York U.S.A.

Fidelity Mortgage Complete Con artist try to scare you into signing a deal you don't like Ripoff Woodbury New York

*Consumer Comment: Fidelity Investments...David Schauss/Broker Dealer

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So I was looking to refinance my existing 30yr Fixed Mortgage that was at 8.37% Interest. Yes my credit is not the best but I pay my bills and i am on the rebound. So I used Lending Tree to apply for a refi. A person from fidelity mortgage (no names) contacted me and told me he could get me a 30 yr fixed at 8.25 with 15k cash out to pay off credit cards

So I agree to this I send him my financials. I also own a rental property but my tenants are "tenants at will" no Lease! So he said well since you cant prove your rental income he is going to submit me as a No Doc Loan reason being is if he submitted me full doc they would need to send someone out to verify that the tenants live there. ( Bullshit) So I said ok. So now he tells me that everything is going to change now and we need to hurry up because rates are going up and he cant promise me they will stay this way ( typical scare tactic) So I said I need a good faith estimate asap. So he contacts me back and says he is ready to close in 5 days he emailed me the package.

Well now it turns out that the rate is now 9.99% on a 30 year stepped loan which means after 30 it goes up in interest until 45 years. On top of that they were charging me 3.8% in Points = $11,700 trying to charge me a 2nd time for the appraisal. and tacked on another 5k in cash out. These guys are total con artists and are not to be trusted. One last note .. it was nice to see some Karma come back around .. Their sister company DELTA FUNDING/Ocwen Federal Bank had postponed their earnings release which means they are having financial difficulties themselves .. hope the bastards get shut down

Joshua
Haverhill, Massachusetts
U.S.A.

This report was posted on Ripoff Report on 08/08/2007 09:51 AM and is a permanent record located here: http://www.ripoffreport.com/r/Fidelity-Mortgage/Woodbury-New-York-11797/Fidelity-Mortgage-Complete-Con-artist-try-to-scare-you-into-signing-a-deal-you-dont-like-266074. 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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#1 Consumer Comment

Fidelity Investments...David Schauss/Broker Dealer

AUTHOR: Laura - (U.S.A.)

Fidelity Investment privatley hires a broker Dealer and they do not do a back ground check or drug check on these dealers and mosto tf the broker are using a drug.. Such as cocaine..You must think twice about your investor monies I gave to a broker was placed in his private account and Fidelity would not do any thing about it .....................................
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