• Report: #261106

Complaint Review: Universal American Mortgage Company - Lennar Homes

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  • Submitted: Mon, July 16, 2007
  • Updated: Mon, July 16, 2007

  • Reported By:Temecula California
Universal American Mortgage Company - Lennar Homes
uamc.com Temecula, California U.S.A.

Universal American Mortgage Company - Lennar Homes I was a first time home buyer My UAMC Rep kept Black Mailing me to sign with them Telling me that if I didn't, that I might lose the lot that I was trying to buy Ripoff Temecula California

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I was a first time home buyer. My UAMC Rep kept Black Mailing me to sign with them. Telling me that if I didn't, that I might lose the lot that I was trying to buy. I was promised 6.35% and one loan "Good Faith" estimate, but at the signing and go time to move into the house, delayed 5 times due to "Construction Delays", construction by Lennar Homes, made into two loans, 1 interest only and the second at 6.89% both with large pre-payment penalties. I was told that the pre-payment penalty would only come into effect if I payed the home off, not if I tried to re-finance.

This combination of home builder and home financer creates a monopoly over the buyer. I didn't know that UAMC was a part of Lennar until late into the buying process. They seem to have a collective culture of deceipt and denial through the company. My loan officer was very quickly let go or transfered after our phase of homes was closed. I was never given a straight answer. They knew that I had moved my family and was living in an appartment, waiting for our home to be built. They knew that if we didn't close, that I'd have to sign another 3month lease for the appartment. They squeezed everything they could out of us, then leave us die. It's unbelievable. The whole company is this way. Our home has had many many problems from the dry wall to the heating and cooling system.

Chris
Temecula, California
U.S.A.

This report was posted on Ripoff Report on 07/16/2007 08:07 AM and is a permanent record located here: http://www.ripoffreport.com/r/Universal-American-Mortgage-Company-Lennar-Homes/Temecula-California-92591/Universal-American-Mortgage-Company-Lennar-Homes-I-was-a-first-time-home-buyer-My-UAMC-R-261106. 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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