On April 4, 2007 I started the process for a home refinance through The Money Store. One week later, on April 11th, I signed the final papers and closed on the refinance. The refinance included payoff of my main mortagage and a second home equity mortgage, along with a cash-out. On April 16th, the cash-out was direct deposited into my checking account for the exact amount shown on the settlement statement. On April 17th, the two mortgages were paid off - for less than the amount shown on the settlement statement.
While signing the final papers, I had discovered a few errors with the numbers. They were charging me for services that either I had already paid (the appraisal) for or did not occur. I called Anthony DeMeo and he agreed to refund the amount in the cash-out, and then sent me an email message confirming the agreement. I could have stopped and delayed the signing until the statement was corrected, but since he sent the email, I graciously completed the signing.
The cash-out was for the same amount defined in the settlement statement and did not include the refund amount agreed upon. I also received in the mail a check for my homeowners insurance. I should not have received this check as the insurance should be included in the mortgage and paid directly at the time of renewal, which is in August.
I tried contacting Anthony by phone on April 16, but he was on vacation and I talked to his fill-in, Mike. Mike said he would look into both the insurance check and the missing refund amount, but I never again heard from him and could not reach him by phone.
When Anthony DeMeo returned on April 19, I tried contacting him many times by phone and left a couple voice messages, but no response ever. For several days I tried to contact Anthony and anyone else at The Money Store that could help with these issues, but I did not hear back from anyone.
I sent an email to Anthony on April 24 and he finally responded the next day and said that he would look into it. It has been five weeks since we closed and he continues to respond the same way. They closed in one week, so obviously they can move fast if they want to.
The total amount The Money Store is trying to steal from me is $1245.18. The summary of amounts specified in the settlement statement and what was actually paid is listed below:
First Mortgage Payoff
Second Mortgage Payoff
Settlement Statement Errors Refund
Total Refund Due $1245.18
Black Diamond, Washington