- Report: #1066236
Report - Rebuttal - Arbitrate
Complaint Review: Southern Funding Alliance, LLC
Southern Funding Alliance, LLC7700 San Felipe Suite 300, Houston, TX 77063 Dallas, Texas USA
Southern Funding Alliance, LLC Deceptive Sales Practices that Scammed Me Out of $1,280 Dallas Texas
*Author of original report: Update
A business' first
line of defense
on the Internet.
If your business is
willing to make a
Click here now..
I worked with Matt C. (NMLS # 36052) in the Dallas branch of Southern Funding Alliance for an FHA Streamline Refinance. My credit is excellent, so I had several lender options when refinancing; however, Matt convinced me to go with SFA for the following reasons:
- The loan would be free (after some apparent number manipulation)
- My rate would go down to 3.5% (from 4.5%)
- I would receive all the money in my escrow account, which he calculated at $3,200
- I could skip my mortgage payment for June and July (which added up to roughly to $2,500)
All of this would result in a lower monthly payment and about $5,700 that I could put in my bank account. So, I started the process. Low and behold, the pre-qual process took over two weeks and by the time it was time to lock, the rate had jumped up to 4.0%. I found this a little suspicious since rates are pretty consistently low everywhere, but Matt once again assured me that the payment would still be a little lower and I'd still have the escrow payout and 2 months without a mortgage payment. So, I closed the loan at the not-so-great rate.
As it turns out the escrow payout was only about half of what he quoted me. I just assumed he had calculated it wrong (which happens). June comes and goes without a payment and then June 28th I get an email stating that I needed to make my first payment July 1st. I email him puzzled by this and he states that he made a mistake in the paperwork and that his boss wants him to "make it right." After attempting to get some kind of answer for a week and half he finally tells me today that they're not legally obligated to do anything. So, basically my grand payout is around $600. Whoopee.
The more I think about this, the more I'm convinced this was a carefully created scam. While I do not have legal recourse, I feel like I need to warn people about this company. $1,280 is a pretty big mistake.
This report was posted on Ripoff Report on 07/11/2013 12:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Southern-Funding-Alliance-LLC/Dallas-Texas-75206/Southern-Funding-Alliance-LLC-Deceptive-Sales-Practices-that-Scammed-Me-Out-of-1280-D-1066236. 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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.