- Report: #760434
Report - Rebuttal - Arbitrate
Complaint Review: Peter Yeung
Peter Yeung3370 South Service Rd, Garden Floor | Burlington, Burlington, Ontario United States of America
Peter Yeung RMA Broker Peter K Yeung Mortgage Agent# M08000585 failed to disclose 1st mortgage to lender for construction loan that went bad after spending close to $4000 plus time Burlington, Ontario
I phoned Peter Yeung again to see how things were going and he talked of how sick he was and then it would be another excuse and on and on. I asked him if it would be safe to start the project and dig the hole, he said yes that everything was no problem. It was all good to go ahead. So we got now to the point of digging the hole for the addition and the walls are up for the first floor. Still no money. At this point we were worried even more. Last week the lenders from Toronto came to see the project and told us that the cheque is ready to go. We felt relieved. The next day one of the lenders calls me to ask what the $173,000 was. I told him it was our first mortgage on the house and that ended the conversation. Then my lawyer calls me a few days ago to tell me that the lenders think they are the first mortagage. So my lawyer calls Peter Yeung and he said he would straighten it out that it was a misunderstanding. I tried to call Peter Yeung many times yesterday and finally he called me to tell me he was in the hospital because he hit a deer. I could not believe what I was hearing and not sure if it was just another excuse to push the problem away to buy more time. I didnt know what to trust anymore. Again he reassured me that everything was fine still and not to worry that it was all going to work out.
When the lenders were here looking at the project that had been started they left us a business card so my husband called them this afternoon. Turns out now that Peter Yeung never did disclose to the lenders that there was a mortgage. The lender read me his initial email that Peter sent to him in April. The email stated that the clients in Mount Forest had an addition to go up and that there were no liens on the property. I asked the lender "when you called to ask what the $173,000 was were you surprised that I told you it was my mortgage?" The lender said yes because he was never told about a mortgage on the property. He told me that Peter Yeung sent the mortgage documents to him last week for the first time. Wow. Now I cannot get hold of Peter Yeung but I strongly believe that he has wronged us and misrepresented our needs and caused alot of mental pain and misery as well as money loss. Now we are out the fees we had to send to the lenders and him as well as a project that is started with no money to pay for the construction. Now we are out searching for a lender for the addition and still no call from Peter Yeung. 5 months of dealing with Peter Yeung with many promises and assurances and false hope.
This report was posted on Ripoff Report on 08/03/2011 02:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Peter-Yeung/Burlington-Ontario-/Peter-Yeung-RMA-Broker-Peter-K-Yeung-Mortgage-Agent-M08000585-failed-to-disclose-1st-mort-760434. 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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