• Report: #869747

Complaint Review: First House Financial

  • Submitted: Tue, April 17, 2012
  • Updated: Wed, July 11, 2012

  • Reported By: Dale — Westminster Maryland United States of America
First House Financial
Internet United States of America

First House Financial Another charge to my card but won't answer questions, Internet

*UPDATE Employee: Thanks!

*Consumer Suggestion: It's time to report these guys to the authorities

*Author of original report: Still no satisfaction

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I have talked to 2 people in this company and one by e-mail and I can't get them to answer my questions. I asked what is the total cost to me. I told them I know you are not staying in business based on a $10.00 membership fee. I was told the "only charge is $10.00". I know this is not true but I can't find out what it will cost me in the end. They are dealing with and trying to bail out a home owner who doesn't have any money or they wouldn't be in the situation they are in. The only charge is $10.00.

So on April 12, 2012 I paid the $10.00 membership fee. Then on April 17th - - five days later - - - I get hit for another $10.00!! For what?? The e-mail guy says to go to their web site and view the 5 steps. I had done that before I even talked to the second person. I asked if there's no down payment who is going to pay what's necessary to bring the loan current. I was told it will be added onto the end of the loan. I asked what guarantee I had that the lender would allow me to start making the payments.

I was told I could rent the property, or lease with the option to purchase but as is their "mo" I got no answer. Finally I asked about a property. The loan on this property is $227,500.00. Of course I don't know how many months the owner is behind. This loan was taken out in April of 2006 so the chances of the principal being paid down is very slim. Next they say the high property value is $218,000.00 and the low value is $199,000.00. Personally I think the $199,000.00 is closer but I don't know.

So we will split the difference and figure the value is $207,500.00. Already there's a $20,000.00 difference between loan and property value. By their own numbers the monthly payment is between $550.00 and $650.00 per $100,000.00 depending on the interest rate. Again I don't know what the interest rate is so at the low end the monthly payment is at least $1,100. If the owner is behind 6 months that's an additional $6,600 added to the loan. So now I'm supposed to start making - at the minimum - a payment of $1,100.00 on a loan of about $234,100.00 on a property worth maybe $207,500.00.

So I asked "I've kept the loan out of foreclosure, I've protected the homeowners credit whats the benefit to me???" At the current inflation rate how many years will it take me to get enough equity to be able to refinance?? Again no one answers any of these questions and the e-mail said to watch and listen to the 5 steps. Bottom line as I see it is, if your an property owner in trouble this company will do anything they can to help you. And I guess they think people want to get into a house so bad they will do anything to get one - - - especially not answer any questions from a prospective buyer, but continue to collect $10.00 every 5 days.

This report was posted on Ripoff Report on 04/17/2012 07:11 AM and is a permanent record located here: http://www.ripoffreport.com/r/First-House-Financial/internet/First-House-Financial-Another-charge-to-my-card-but-wont-answer-questions-Internet-869747. 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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Updates & Rebuttals

#1 UPDATE Employee


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

In regard to the question above:

You can actually get the default amount discounted. We find that our lenders are more interested in receiving monthly payments rather than foreclosing. Thank you!
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#2 Consumer Suggestion

It's time to report these guys to the authorities

AUTHOR: killthescammers - (United States of America)

I can think of so many federal and state violations that First House Financial is committing.

These guys have been scamming too long. It's time to report them to the FBI, FTC, ic3, state of california attorney general, attorney general, real estate commissioner.

If you estimate the number of people scammed into paying $10 for garbage, they probably make over $500,000 per year.

These guys do not have a real estate license, so they are not allowed to sell mortgage information or advise on the subject. It is illegal in all states, and subject to heavy fines.

Grossly misrepresenting products sold is something the FTC can handle.

It's time to get the federal authorities onto these scammers.

Join me in this crusade against First House Financial. Help report them to the FBI, FTC, attorneys general, and real estate commissioner.
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#3 Author of original report

Still no satisfaction

AUTHOR: Dale Nickel - (United States of America)

I finally talked to "Customer Support" about the additional $10.00 charge. It appears the original $10.00 was just a freebe for them to give me access to the properties. There's an additional $10.00 per month charge which they bill after 7 days unless I cancel. As is the usual with this company no one told me about the monthly charge. All they could say was it only costs $10.00.

I cancelled my "membership". because I just can't see this program working for anyone wanting to get into a property. As they are so quick to point out if you rent you can walk away at any time. That makes a lot of sense. I'm going to pay some dead beats mortgage payment then decide to walk away???

All I can say is if someone wants to get into a house so bad they will do anything to get it, then these are the people to deal with. They will gladly take your money and not tell you anything.

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