Report: #276317

Complaint Review: Mountain Mortgage Corp,

  • Submitted: Thu, September 27, 2007
  • Updated: Sun, November 11, 2012
  • Reported By: Parlin New Jersey
  • Mountain Mortgage Corp,
    1903 Morris Avenue,
    Union, New Jersey

Mountain Mortgage Corp, Ripoff of Mountain Mortgage Corp, Union New Jersey

*General Comment: Mountain Mortgage is the best to work with

*REBUTTAL Owner of company: Response to complaint

Show customers why they should trust your business over your competitors...

I applied for a mortgage from "Mountain Mortgage Corp" for NJ state 's First Time Home Buyer program. They gave to the best quote and gave me Good Faith Estimate. I paid a Fee of 595$, for applicaiton fee and appraisal fee. And I gave 1% downpayment of $3230 as a cheque. Just 15 days before the closing they denied my loan and informed me that I do not qualify for the program. They delibratly do this at the end so that you are stuck with them. Then I cancelled the Home Appraisal, which was sheduled a day after.

After the application was denied and after I cancelled the home appraisal, still they went to the sellers home without any appointment or knowledge with me or my agent and did the home appraisal. The reason for this because they dont have to return me the appraisal fee of 300$, if it is complete. The cheque of $3230 was encashed after a week of the denial. I did not know that the 1% goes to the mortgage lender, The owners are husband and wife, Philip Merola and Nora Merola. The Marketing person Philip merola informed me that this amount goes to the state, and you can never lose the money to the state, but later I found that they have encashed this check with the bearer of Moutain Mortgage. Now if I call or email, they do not respond.

Now I am an not sure whether I will get my 3230 and 595 back. This whole thing of application is a scam, they find some point in your documents that will not qualify so that they dont have to refund 595$. Now I am worried how to get the 3230 back. I have applied a month back, and it was only 15 days before the closing they informed me that the loan is denied. They could have informed well in advance so that I had enough time to check with other lenders.

Please think 100 times, before you apply through Mountain Mortgage.

Parlin, New Jersey
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This report was posted on Ripoff Report on 09/27/2007 08:53 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 General Comment

Mountain Mortgage is the best to work with

AUTHOR: Larry T. - (United States of America)

I have continually had incredible experiences with Mountain Mortgage, particularly working with Mark Grossman. He is trustworthy, honest, reliable and an all around fair and knowledgeable man. I would never go anywhere else for a mortgage. I was not an easy customer and had so many questions, Mark always took the time and patience to answer each one of my questions and he always followed through. 
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#2 REBUTTAL Owner of company

Response to complaint

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

The applicant applied and stated an income figure for application purposes that was much higher than the actual income indicated on his W2's and paystubs that were received subsequent to the application. As a result, his loan was denied and the one point he paid to secure his rate was refunded. As soon as we realized the loan would be denied, we told the applicant we would gladly refund has application fee per his request if the appraisal had not been completed (since the appraisal fee is a large part of the total application). Unfortunately, the applicant's real estate agent had already allowed the appraiser into the property and as a result no refund was warranted.
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