Complaint Review: Quick Loan Funding Inc - Costa Mesa Ste 600 California
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- Quick Loan Funding Inc 535 Anton Blvd, Costa Mesa Ste 600, California U.S.A.
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- Category: Mortgage Companies
Quick Loan Funding Inc Refinanced elderly parents home in Titusville, Fla Costa Mesa Ste 600 Ca 92626Costa Mesa Ste 600 California
*Consumer Suggestion: Not a reverse mortgage!
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On the 4th day of april 2007, my elderly parents signed for a Quick loan refinance on their home in Titusville, Fla. This loan was activated by my elderly parents, with the interest rate started out as 11.65% and the payment and interest rate could change on the 1 day of may 2009. This loan will have an interest rate of over 17.650%, this loan was based on the social security that was being brought in every month, with the loan being over $185,250. with a payment over $1800. per month. My father died on Dec 3, 2007, and the income has been cut in half, how do they think that an elderly woman of 86 will be able to pay for this type of loan? Why would this type of loan be allowed, when no one was able to work and was on a limited income. Would this be considered a reverse mortgage? I have plenty of other questions but these are the starter ones.
Pam
evanston, Wyoming
U.S.A.
This report was posted on Ripoff Report on 12/23/2007 10:31 AM and is a permanent record located here: https://www.ripoffreport.com/reports/quick-loan-funding-inc/costa-mesa-ste-600-california-92626/quick-loan-funding-inc-refinanced-elderly-parents-home-in-titusville-fla-costa-mesa-ste-6-294025. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Suggestion
Not a reverse mortgage!
AUTHOR: Bob - (U.S.A.)
SUBMITTED: Monday, December 24, 2007
The loan you described is by no means a reverse mortgage. Your parents received an adjustable rate mortgage. A reverse mortgage is based entirely on the equity of the house. Your mother needs to look into getting a reverse mortgage immediately to get her out of the current loan she has.
I am sure she also has a pre-payment penalty that goes along with the mortgage she got earlier this year so that will be included in any payoff she requests, but the good news it is tax deductable because it is mortgaghe interest. I am not sure if she files taxes but if she does she will get some of that money back, if not at least she can possibley get out of the terrible loan she got.
The other choice she has is to take her loan documents to a real estate attorney and have them reviewed to make sure Quick Loan Funding did everything by the book, but that will cost her money for the attorney.
Your best bet is to look into a reverse mortgage as soon as possible. She is going to need a lot of equity to get a reverse mortgage, if she doesn't have that then I would look into either refinancing into a loan that fits her income better or even selling the house and taking what equity she has left.
If you want to reply back on this site I will be happy to answer any questions you may have, good luck.
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