• Report: #425943

Complaint Review: First Capital Group, INC.

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  • Submitted: Thu, February 19, 2009
  • Updated: Sat, April 23, 2011

  • Reported By:Greenacres Florida
First Capital Group, INC.
3510 Biscayne Blvd Miami, Florida U.S.A.

First Capital Group, INC. Took my Money, and claimed that they were working with my lender to modify my loan, which in fact they did nothing Miami Florida

*Author of original report: response to so called "REBUTTAL" of complant by supposed satisfied customers of FIRST CAPITAL GROUP, MIAMI, FLORIDA

*Consumer Comment: Deed in lieu Solution

*Consumer Comment: First Capital Group Inc. Helped me keep my home...

*UPDATE Employee: FIRST CAPITAL GROUP INC.- A COMMUNITY COMPANY

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I was reccomended to First Capital Group by an aquiantance at my job, he told me that First Capital Group was in the process of Getting his Mortgage note modified, and since he heard that I was in the same situation he reffered me To Eddie Bashiri at First Capital Group, that he was helping him get his mortgage reduced by negotiating with his lender, to reduce his interest and setting the portion of his loan that was upside down asside the actual appraised value would be the new payment of the loan,

the portion of the loan that put the house value upside down would not be amortized, just paid off when or if he sells his house, then the loan would be modified,the interest of the loan would be reduced to 4 percent and the loan would be extended from 30 years to 40 or 50 years, dropping the mortgage payment from 2300.00 a month in his case to 1300.00 a month, locking the interest rate in for the remainder of the loan. My aquantance also told me he would have to allow his mortgage to be late 3 months before they would help him at all.

So he proceeded to miss a payment, even though he had never missed a payment throughout his loan. I was excited about this and as enthuasiatic as my co-worker, so I already 2 months behind, on my mortgage decided to contact Eddie Bashiri and see what or if anything he would be able to do for me. A week before I contacted Eddie Bashiri, I was in negotiations with my lender, Lehman Brothers Loan Servicing agent, Aurora Loan Services.

They contacted me with a forbearance plan that would have required me to pay the original payment for 3 months on time, no grace period, and then the servicing agent appeared to want 16,000 dollars at the fourth month of the forbearance, or as Eddie Bashiri lead us to believe, stating the reason for this is Aurora Loan Serviceing is doing this as they don't feel confident in our ability to pay, so therefore they are demanding the back payments in full, after Eddie Bashiri already took 495.00 from us and then 150.00 a month for three months, and at the end of the proccess another 495.00 to final fee for their services.

Apparantly Mr. Bashiri was unaware that we already had made contact with our lender in regards to the forbearance note, contacted me with an email and a mailed letter stating that they were on the phone stating that they were on the phone with Aurora all day trying to get our loan Modified and they claimed they couldn't get Aurora to do anything at all except to do a foreberance note, and that we should accept the offer they made to us, scaring My wife and myself stating if we dont accept the forebearance note Aurora will be beggining foreclosure proceedures against us and an apraisal of the house would be done, and we would be responsible for all the legal fees and appriasal fees, and that would ultimately raise the contacted Aurora in regards to to what I was informed by Eddie Bashiri,

Aurora advised me that Mr. Bashiri's agent spoke to to them all of 5 minutes, not including the 10 minutes they waited on hold, and that Mr. Bashiri's agent, Mayharet offered no negotiation with anyone at Aurora at all, she basically just let Aurora tell them what they were going to do and told her goodbye at the end of the call. She then procceeded to say that we should put our house on the market for a short sale and accept our loss.

A day later Eddie Bashiri conacted me and stated he had an idea, that he would run a short sale with our 22 year old son, although Mr Bashiri knew 100 percent that Aurora had state nobody who currently risides in the house is allowed to buy the house in any short sale, he would make the loan appear as my son was residing elsewhere, since his last name is different than ours he told us to have our son set up an address in a post office box, and he proceeded to pull up his credit report, and he did not know that our sons automobile was 2 months behind, and his credit score was 520.

He tried to convince us that he could pull it off, and that he had done this before, but not in the last six months. I knew that there was no possible way the FHA would accept anyone with a 520 credit score, he further stated we would have to come up with 3 percent down, and that he would also require an apprasial fee of 500.00 dollars that regardless of how the sale turned out, the appraisal fee would be non refundable.

The price of the house at the short sale would be 212,000, whereas we, the original owners would now only pay 1400.00 a month and that my son would be owner of the house in name only, and our foreclosure and financial problems would be over. He also told us that he would have to put our house on the mutiple listing service for 6 months and that if our son didn't qualify, anyone else would be able to buy the house.

after our "meeting" in which Mr Bashiri showed up in a pair of jeans and a flannel shirt, which made me very suspicious of him, as every mortgage broker I ever have dealt with always showed up in a suit and a tie, and even more suspicious of him when he firmly would not allow us to drive down to Miami to his office for this consultation, he was adamant we should meet him elsewhere.

At the end of this meeting, I also realized that Eddie Bashiri knew that our son could never qualify for this loan, and that he was using his company would pick up or house at the short sale price aquiring it as an asset, through the MLS and take our house from us at the low short sale price and aquire it as an asset for their company and sell it later as a higher price making cash for theirs (or his) company. Needless to say I am sure that Eddie Bashiri wanted to find out how desparate we were and see if we would become panicked enough to do whatever he asks. He took us for our money and did nothing at all for us.

I called him and told him we decided to go bankrupt and no longer needed his companies services at all. We contacted Aurora, our loan servicer, and told them that we decided to go bankrupt, he asked us why we didn't do their forebearance with them, I explained what Eddie Bashiri said, about the 16,000 dollars at the end of the forebearance agreement, and the loan servicing agent from Aurora said we should have contacted them when we recieved the forebearance contract, not Eddie Bashiri, as they would have told us that the 16,000 was to be put on the end of our contract and they would have extended our contract to 40 years and reduced our interest rate to 4 percent, from the current 8.75 percent we now have.

We were 100 percent mislead deliberately by First Capital Group, INC, and their SENIOR LOAN NEGOTIATOR, Eddie Bashiri, who infact told us also that we were to have no further contact with Aurora, that First Capital Group, INC was to handle any further dealings with Aurora Loan Servicing in our behalf. He absolutely kne that if we contacte Aurora Loan Servicing, we would have found out that they only contacted them once, for less than 5 minutes, and he knew that Aurora would have explained their Forebearance with us in complete detail, and that we would discover that First Capital Group, INC, and their SENIOR LOAN NEGOTIATOR, Eddie Bashiri was completely scaming us, taking 100 percent advantage of us, exploiting our desparation with our financial situation for their own gains,

to say the very least, they are criminals and not to be trusted, and I later found out that the person (people) at my job who initially reccomended them to us, have all paid their fees and recieved nothing at all for their troubles, The gentlemen who referred us to First Capital Group, INC has now decided to make his payments and informed me that to date Eddie Bashiri also took his money and accomplished nothing at all for him(them)

Bob
Greenacres, Florida
U.S.A.

This report was posted on Ripoff Report on 02/19/2009 12:46 AM and is a permanent record located here: http://www.ripoffreport.com/r/First-Capital-Group-INC/Miami-Florida-331137/First-Capital-Group-INC-Took-my-Money-and-claimed-that-they-were-working-with-my-lender-425943. 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:
1Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

response to so called "REBUTTAL" of complant by supposed satisfied customers of FIRST CAPITAL GROUP, MIAMI, FLORIDA

AUTHOR: Greenacres, fla - (U.S.A.)

as of this date, primarily due to the fact that the foreclosure market is at its peak, and foreclosure repair scam artists must now fight eachother for business, as the FEDERAL GOVERNMENT has made it easier to IDENTIFY scam artists, such as EDDIE BASHIRI, and all those employed at FIRST CAPITAL GROUP, of MIAMI, FLORIDA, thet have been forced to change their methods of operations, and scamming desparate homeowners.

First Capital Group continued to call my residence frequently, although advised that I was no longer interested in what they were "SELLING", and for months I kept recieving correspondence from them, with a "PICTURE" of MR. Eddie Bashiri on the telephone, supposedly "diligently" working on my case, and would I "PLEASE" remember to send my monthly remaining "FEES", and also calling me all hours of the day and night, persuing me as a "PREVIOUS" client, from prior services, inquiring if I was still in need of their services, and, if so, they have a "new rate" for those who have done business with them in the past...  Each time they called I advised them of what their scam cost me, and those whom they dealt with at my place of employment, also telling their "agent", that ADVISING anyone who is current on their mortgage to intentionally default on their mortgage to qualify for a modification is breaking the law and is can be charged with willfully defrauding the banking and mortgage industry, and I further advised them that I would be and have since reported them to the proper authorities, even the Better Business Bureau advises that this company recieves a less than "C" rating, with similar complaints...

So I see the rebbutals to my report, and I say, I stand on my report, and I am willing to further say, knowing all the tactics that "Mr." Eddie Bashiri used on me and others, in our times of desparation, to try and cheat others out of our hard earned money, for "worthless promises and knowingly offering false hope" to myself and all of those they have cheated/deprived, all the while knowing that taking money upfront and promising results they cannot deliver, and only after gaining your confidence, in desparation, then stating "nothing is guaranteed", that the rebbutals posted by so called satisfied customers are employees of FIRST CAPITAL GROUP, of MIAMI FLORIDA, in a further attempt, by using this forum, to deliberatly misleed consumers, and continue to decieve consumers by continuing to offer to good to be true promises, and misleed people in good faith by having their employee's post false rebbutals on this site, as FIRST CAPTAL GROUP so graciously pointed out, this is an anonymous site, well, anonymity works both ways.  To anyone who is not wise yet to all of these fee charging mortgage repair scammers, and what they will do to separate you from your investment and your money, I say think twice and go to WWW.HUD.GOV and find out for yourself that what I am stating is factual, and true, and lastly, I state to the rebbutal of FIRST CAPITAL GROUP, for their quote from Budda,  I offer my own Christian Biblical quote,
"Do unto others, as you would have done unto you".
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#2 Consumer Comment

Deed in lieu Solution

AUTHOR: Max D'' Ancona Bruni - (U.S.A.)

My outcome with First Capital services is very different than the one expressed on by the above person, I was very happy with the professionalism that First Capital Group handled my case.

I came to first capital after being two months behind on my mortgage payments. By then my home had lost a significant amount of value and I was very unhappy with my original mortgage terms. I was making payments that were unbearable due to the current economic situation.

As soon as I came to First Capital I learned the options that were available for me. Soon afte contracting Mr. Bashiri's services I was given an agreement by the bank to hand over my property title and be able to erase my debt.

I was very happy with the services that First Capital Group provided, I was kept up to date every step of the way, also, at the same time, the work was done in an extremely fast and efficient manner. I erased over $100,000.00 of debt thanks to First Capital Group.

Max D' Ancona Bruni.

Miami, FL
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#3 Consumer Comment

First Capital Group Inc. Helped me keep my home...

AUTHOR: Jean L. - (U.S.A.)

Several months ago I became a client of First Capital Group, Inc. My experience with them has been nothing short from great. Eddie Bashiri came and met with my wife and me at our home, because we could not make it to the office. He was sincere and polite and made it his business to give us proper service and explain the process. He explained that it would cost $495.00 up front and $495.00 at the end, along with $195.00 monthly, and that it was our choice to except. During the entire process which took roughly 6 months, I visited the office frequently and was able to speak directly with my processor.

I was in default with on my loan, reason being my income was not sufficient to pay my mortgage and maintain my bills current. I needed help, and after meeting with Eddie, I decided to allow First Capital to help me in the modification of my current loan with HomEq.

After requesting for a loan modification on my behalf and working with my lender in regards with my financial paperwork, First Capital Group, Inc. negotiated with my lender to get me the plan that I have now. And I could not be happier with the end result. My delinquent interest, late charges, and negative escrow balance was place in the rear of the loan, allowing me a fresh start. First Capital Group, Inc. had helped to lower my interest rate from 9.650% to 5.00% fixed, and negotiated with my lender to add escrow to my monthly payment.

Because of First Capital I was able to avoid foreclosure, keep my home, and afford the monthly payments. I am not only pleased with the end result, but am thankful for the way they treated me. Not once did I feel like I was taken advantage of.


Jean L.

Margate, Florida
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#4 UPDATE Employee

FIRST CAPITAL GROUP INC.- A COMMUNITY COMPANY

AUTHOR: First Capital Group - (U.S.A.)

First Capital Group Inc. since it's inception in 1989 has been dedicated to working diligently and persistently to satisfy and cater to the needs of our clients. Our dedicated staff thrives on serving working class citizens throughout the community and we take great pride in the services we provide. Our team of highly trained professionals, fight day after day for our customer's rights and respectively object to the atrocious allegations made by Bob of Greenacres Florida.

One must keep in mind there are always two sides to a story. With the economy the way it is today there are thousands, if not millions of homeowners who are financially frustrated and preying on someone to take blame. However, as a highly respected financial institution in the community we will not merit these gory insinuations.

Bob, it seems as though even you are not certain of the story you concocted as you chose to voice your opinion anonymously. Nevertheless, as you have taken initiative to document your complaints, please be attentive to our response about guidelines, rules, and regulations of mortgage lenders, which you are obviously oblivious to.

According to lender guidelines Mister Bob, to obtain a workout option your loan must be in default by atleast three months. Some companies automatically approve customers for a loan modification while others require a forbearance plan first. Strict adherence to the payments outlined in the forbearance plan will ultimately result in a loan modification. Your modified loan would reduce your interest rate and move the payments you defaulted on to the back of the loan. You claimed the agent assigned to your case did not inform you as such when she told you about your forbearance plan; however, we are certain this is not true because each agent is required to explain the plan thoroughly to the customer with a supervisor on the line for any misunderstandings. In addition, the lender requires the customer to sign a written agreement outlining these facts.

Further along in your fairy tale you talked of your meeting with Mr. Eddie Bashiri. Mr. Eddie Bashiri, whose demeanor fits the suit and tie he wears everyday, upholds his promise to help customers by catering to their needs and meeting them on Saturdays and Sundays in a chosen place of convenience. Despite this convenience we offer to customers they have the right to visit our office anytime during working hours for assistance, and they are well informed as such.

Your grotesque embellishment of the short sale idea Eddie supposedly projected to you is as repugnant as the rest of this tale you developed. Eddie's professionalism and vast knowledge in the mortgage industry would not allow him to suggest preposterous ideas such as this and we suggest Mister Bob that you do your research carefully the next time you choose to write a tale of fiction, just to make it sound believable to your readers.

Webster defines a criminal as someone who is guilty of committing a crime Mister Bob and your inability to comprehend the way a loan modification works is no crime of First Capital Group, Inc. We are professionals, we inform you of our procedure and fees, both verbally and in writing, prior to the commencement of a working relationship with you. You, as a homeowner in need, have the choice to retain our services or not.

First Capital Group, Inc. strives to honor and uphold our promise to our customers and we do this everyday by working to get you the best workout option possible. We are a community based organization, we were built by the community, we work for the community, and we respect our customers in the community who keep us in business.

First Capital Group Inc.
3510 Biscayne Boulevard
Miami, FL 33137
Ph: (305) 576-3984
Fax: (305) 576-3985

Do not believe in anything simply because you have heard it. Do not believe in anything simply because it is spoken and rumored by many. Do not believe in anything simply because it is found written in your religious books. Do not believe in anything merely on the authority of your teachers and elders. Do not believe in traditions because they have been handed down for many generations. But after observation and analysis, when you find that anything agrees with reason and is conducive to the good and benefit of one and all, then accept it and live up to it. ~Buddha
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