• Report: #760434

Complaint Review: Peter Yeung

  • Submitted: Wed, August 03, 2011
  • Updated: Wed, August 03, 2011

  • Reported By: Paula — Mount Forest Ontario Canada
Peter Yeung
3370 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

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Had contact with Peter Yeung in early March and was told he could help us get money to build an addition to our house. He found someone who could do it for us and we signed with the belief of receiving the money. Suddenly he said we need to have an appraisal after we signed the agreement which we felt was based on income. It all looked good until then so we asked what happens if the appraisal falls through and does not qualify us. He said he knew the right people and would make sure the value would make us qualify so we felt confident in him to spend $500 on an appraisal. It fell through so he found someone else. We again signed for another lender and was told that there would be fees that would have to be paid but not till at the end of the construction and would be taken off the top of the money that would be given. We signed for $125,000. We waited for a long time for him to finish his end and could not figure out what the hold was. [continued below]....
..... There are so many reasons for his delays and always another excuse and he always told me not to worry and that it is all going to work out. Suddenly he tells me we cant get the money until we get a building permit so I went to the township to get the permit. He assured me as soon as the building permit came that it would line up with the money at the same time so we would not have to take any money out of our account for initial costs of project. We got the building permit about 5 weeks ago but still do not have our money. Now we have incured the cost of building permit. He called me to let me know that now we have to pay the lenders $3,000 to go ahead with the money because the building permit took longer to get and the lenders got cold feet. That sounded like a bunch of crock but we paid it anyways instead of them taking the money off the top of the money that would be lent. So now we paid $3000 to lender...$3000 for building permit. Still we were waiting for money.

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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