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  • Report: #246274

Complaint Review: Fremont Investment And Loan

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  • Submitted: Mon, April 30, 2007
  • Updated: Fri, November 30, 2007

  • Reported By:kansas city Kansas
Fremont Investment And Loan
www.fremont.com Santa Ana, California U.S.A.

Fremont Investment And Loan, Fremont Fremont Practicing deceptive, predatory loans ripoff Santa Ana California

*Consumer Suggestion: Help For Your Dilemma

*Author of original report: Sorry you lost your job

*UPDATE EX-employee responds: Possible class action

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I have a story like so many on here when it comes to bad and predatory mortgage companies. Mine is fremont investment and loan and the broker (Title Co.). They really took this first time home buyer to the cleaners.

My question is what can you do about it. Talking to them is impossible. That is if you get a real person and not stuck in the automated system the have, never finding a real person to talk to .

The federal government looked into fremont's business practices and issues a cease and desist order recently to their parent company fremont co. That is how bad they are. Fremont said they are selling off all subprime loans. As of yet I have not hear from them that my loan is sold. But I have been told my interest rate has jumped again. My mortgage started out at $1,200 a month two years ago and will now be $2,150 soon ( it just started adjusting). I can not afford this. Me and my family are about to be homeless. Plus now I found about an early payoff clause that will make it really hard for me to sell the house for what I will owe them.

If their business practices are so corrupt that the feds are ordering them to stop all business then is there a class action suit for those of us being ripped off by them? Or some kind of help to keep us from loosing our homes. Selling off the loans that caused them to be put out of business to someone else does not seem like a fair price for what they have done to so many. Now it will just be someone other company taking my home instead of them.

Any advice or help you could give would be helpful.

michelle
kansas city, Kansas
U.S.A.

This report was posted on Ripoff Report on 04/30/2007 06:55 PM and is a permanent record located here: http://www.ripoffreport.com/r/Fremont-Investment-And-Loan/Santa-Ana-California-92799/Fremont-Investment-And-Loan-Fremont-Fremont-Practicing-deceptive-predatory-loans-ripoff-246274. 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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REBUTTALS & REPLIES:
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Help For Your Dilemma

AUTHOR: Gloria - (U.S.A.)

Hi Michelle,

I'm a loan officer in Florida and I can't begin to tell you the countless times I've heard your same exact situation from borrowers who seek my help.

If you are in a position to refinance, do so immediately. As the market is changing, now is not the time to be in an adjustable rate mortgage. Be very selective who you chose to do business with and look up the company on both this website and the better business bureau's web site (((ROR REDACTED)))

Best wishes to you!!

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#2 Author of original report

Sorry you lost your job

AUTHOR: Michelle - (U.S.A.)

I am sorry to hear you lost your job. I have gotten an lawyer and would really be interested in talking to you about fremont investment and loan.
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#3 UPDATE EX-employee responds

Possible class action

AUTHOR: Amy - (U.S.A.)

I'm really sorry to hear about what happened to you. Unfortunatly, we saw this all too often at Fremont. It wasn't until the first layoff we had in January that Fremont finally started to decide that it would be a good idea to calculate the debt to income ratio based on the fully amortirazed rate on adjustable rate mortgages.

I guess they finally started to realize they should have been doing this all along after they had to start the forclosure process on so many of the loan we did two years ago. After that, our business went down so much because brokers refused to work with us based on that alone. They figure they could just take their business elsewhere because they knew the loan would not be approved.

I feel really fortunate to have worked in the mortgage industry because I now know when someone is trying to rip me off. I can also make my friends and family members aware if they are being ripped off. However, some states like IL are starting to require that consumers become educated on the loan process and essentially require a class to be taken before the can purchase or refinance a home.

I worked for Fremont for three years until the FDIC shut us down. It was sad and unfortunate because it was a really great company to work for. Unfortunatly, they consistantly lied to us by telling us that "We are ahead of our competitors", and "we only care about the quality of our loans and customers."

I wish that truely were the case because if it were, I would still have my job. With that being said, the only advice I can offer you is to refinance your home preferrably with a large lender, and not a broker.

As far as a class action lawsuit, I do know that the employees at Fremont have filed a class action suit against them because of our retirement accounts. I have read in many articals online that consumers are beginning to file class action lawsuits against Fremont. Usually, Yahoo's money section and MSN's money section has pretty good articals to read regarding Fremont. Those articals usually give attorney information.

Again, I'm really sorry about what happened to you and so many others like you. I know that there is nothing that can be done at this point but please feel free to contact me if you have any other questions.
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