• Report: #288682

Complaint Review: Galaxy Funding

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  • Submitted: Mon, December 03, 2007
  • Updated: Mon, December 03, 2007

  • Reported By:Redwood Valley California
Galaxy Funding
9805 Third Ave Brooklyn, New York U.S.A.

Galaxy Funding A.k.a. Galaxy Funding, Inc. A.k.a. Galaxy Funding Insurance No matter what they call themselves, they are predators! Brooklyn New York

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We fell for this scam before I knew about Ripoff Report. Wish we had seen it first!! Galaxy Funding is claiming more money from their victims than the $800 first reported by Walter in Pennsylvania. We had more than $5000 stolen from us. The bait was the offer of a solution to our refinancing search. We had searched for a couple of months and been contacted by so many different lenders, we couldn't keep track of them all. When "Jennifer White" called from Galaxy Funding (866-380-3046 x.212), she told us we were fully approved for a mortgage loan and explained the process. Seemed real enough. The terms were a lower than usual interest rate (5%) for our low credit score if we agreed to purchase mortgage insurance to protect the lender from the risk of default. Ok so far. We asked all the usual questions like can the insurance be rolled into the loan (NO), are they a direct lender or broker (broker), what kind of guarantee do we have that we'll be funded (a contract), and how long have they been offering loans like this (more than 10 years). "Jennifer" claimed to work for the company for more than 6 years herself. She continued to explain that Galaxy Funding had already matched us to a private lender from a list of over 50 private lenders they consistently work with and as soon as she could provide the lender with proof that mortgage insurance existed to cover the loan, we would have the choice to receive our loan funds by direct deposit or by courier (Fed Ex or UPS). When she explained that we would pay for the mortgage insurance via Western Union, a red flag went up in our heads. We asked why the payment for the policy couldn't be sent via the same couriers they use to send out loan funds. "Jennifer" had an answer for everything! The answer to this was that the private lender required a wire transfer method and Western Union was the only wire service they could verify easily. Made sense. We thought about it for a week (that's how long the terms of their loan committment is guaranteed). We checked the BBB to research the company, discovered their address was legitimate and no complaints were on file within the last 3 years. At that point, we decided to take a chance on the private lender becuase the brokerage company seemed alright. Big Mistake! We supplied copies of our social security cards, drivers licenses (to comply with the Patriot Act don't you know...), and income stubs. The loan rep contacted us afterward and assured us they received confirmation of the Western Union transfer and wanted to know which method of deposit we preferred. Still sounds legitimate right?! We faxed our bank information for the direct deposit method and received another call from "Jennifer" to confirm the information. She assured us that was it! The direct deposit process had been started by the lender, we would be receiving a welcome packet with a check for reimbursement of our Western Union fees in about a week, and the funds would be in our account by 4:00 the next afternoon. That happened to fall on a Friday. We waited the whole weekend and into Monday for a deposit that never happened! We called "Jennifer" then and was told the problem is that the lender did not look at our credit report beyond the scores, and when the lender saw the detailed history, decided we were a higher risk than she figured on. Now, to collect our "guaranteed" funds, we would have to send more money to the lender so that the insurance policy covered the loan for a longer period of time. That made no sense since the insurance policy deposit was supposed to be invested in some type of mutual funds (through Galaxy Funding Insurance no less) immediately upon receipt in order to mature from month to month. Of course, we didn't send any more money, but we did get scammed out of a lot anyway. We were offered a refund by Galaxy Funding, which supposedly would take 15-30 days, just like the first person who filed a report was told. Haven't got it yet. We are in the process of contacting Western Union to be on the alert for the "private lender" name Kristen Warner out of Detroit Michigan, the name Galaxy Funding out of Brooklyn New York (same address as the first complaint but in a different city this time), then we will contact the Attorney General's office, the state Insurance Dept and state Banking Dept. If you need to contact them too, here are the numbers:

NYS Insurance Dept. 800-342-3736
NYS Banking Dept. 877-BANK-NYS
Western Union 1-800-325-6000 customerservice@westernunion.com

Genee'
Redwood Valley, California
U.S.A.

This report was posted on Ripoff Report on 12/03/2007 04:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/Galaxy-Funding/Brooklyn-New-York-11209/Galaxy-Funding-Aka-Galaxy-Funding-Inc-Aka-Galaxy-Funding-Insurance-No-matter-what-288682. 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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