• Report: #1066236

Complaint Review: Southern Funding Alliance, LLC

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  • Submitted: Thu, July 11, 2013
  • Updated: Thu, July 11, 2013

  • Reported By: J. — Frisco Texas
Southern Funding Alliance, LLC
7700 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

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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:

  1. The loan would be free (after some apparent number manipulation)
  2. My rate would go down to 3.5% (from 4.5%)
  3. I would receive all the money in my escrow account, which he calculated at $3,200
  4. 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.

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REBUTTALS & REPLIES:
1Author 0Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Update

AUTHOR: J. - ()

I spoke with the Vice President of this branch of Southern Funding Alliance today (7/15/13) about this debacle. He explained what went wrong but essentially told me I was SOL (which I already knew). I acknowledge that this was not a scam, but rather incompentance on the part of my loan officer. Either way I'm dissatisfied and would warn others to be very careful when dealing with SFA.   

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