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Report: #158204

Complaint Review: Alpine Lending - Mortgage - Eden Prairie Minnesota

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  • Reported By: Chaska Minnesota
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  • Alpine Lending - Mortgage 8585 W 78th St Eden Prairie, Minnesota U.S.A.

Alpine Mortgage Alpine Lending - Mortgage Alpine Lending Mortgage Fraudulent Practices & Exploit Consumers! Eden Prairie Minnesota

*Consumer Comment: Also an Alpine Victim

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In 2003 my boyfriend and I purchased our first home, our mortgage broker was Alpine Lending/Mortgage. We utilized all their services because they told us it was cheaper than most places (i.e. appraiser services, title, closing, etc.). We paid close to $5000 at closing (some fees are unexplainable when i look over it now).

It is now 2005 and were looking to sell our house. After interviewing several realtors, it dawned on us that our house's market value is significantly less than what we initially thought.

We figure after two years of living here that maybe the house have appreciated in value when in fact, it has gone down in value? How is this?

Well.. after digging deeper into this issue, we realized that the appraisal on our home was WAY OFF! The units the appraiser compared our house to had more square footage/bedrooms/bathrooms/etc.

Looking more into the situation, we realized that that we had been had; the appraisal was just the beginning of the whole expolited expereince.

Were frustrated and angry that this could happen to us. We trusted the lender, appraisal company (state certified people!!!), and the bank. We thought they work in our best interest.

Thinking back now, I didn't realize how much game Alpine got going with us. Stuff such as:
- calling at odd hours with our loan application status (i.e. around 9pm to give us loan status) or
- using scare tactics with us at the last minute before closing (i.e. calling us at the last minute saying that the bank had changed its mind with the low interest they first initially offered and is now giving us a great deal with a 12%, when we declined, the bank came back with an 8%. We thought it was GREAT!!! How stupid of us, at that time, interest rates were 4-5%).
- our lender gave us the "stupid look" when we asked for clarification regarding some industry jargon and giving us stupid complicated answers in return
- our lender also "hinted" us at some stuff like borrowing more than what we could afford so we can furnish our home, etc and then winked at us and told us that we didn't hear it from her, etc.

If we were to sell our house now, we lose close to $30,000 (maybe more?) from what the house initially appraised at. I'm very frustrated.

Has anyone had similar situation or experience? Or works for Alpine and is aware of these tactics.

Avoid brokers at all cost (esp. Alpine!!), the rates are ridiculously high and there is more room for these businesses to take advantage of inexperienced consumers.

O
Chaska, Minnesota
U.S.A.

This report was posted on Ripoff Report on 09/24/2005 03:34 PM and is a permanent record located here: https://www.ripoffreport.com/reports/alpine-lending-mortgage/eden-prairie-minnesota-55438/alpine-mortgage-alpine-lending-mortgage-alpine-lending-mortgage-fraudulent-practices-e-158204. 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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REBUTTALS & REPLIES:
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#1 Consumer Comment

Also an Alpine Victim

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

POSTED: Monday, January 23, 2006

Greedy employee at Alpine changed my information to get me approved so he could get a fat commission check! I am now attorney shopping to sue Alpine. Would you care to join me? I am in Crystal. Maybe if we go together, we can open a class action lawsuit. Argent said they will never use Apline again.

Read on:



I have lived in my house for 12 years. I got breast cancer and had to stop working. I was solicitated by phone from Greg Isaak at Alpine Lending in Eagan. I told him I was only receiveing disability pay of $1081 per month, he (Greg) said that wasn't a problem. He had worked there for like 5 years and he knew how to get me approved and that I really needed to get cash out to pay my creditors. He said with all my extra money (at closing), I would have no problem making any payments at all. They got like $8000, I got about $2000. And he said that since I wasn't going to be disabled forever, not to worry.

Greg said he was going to take me to the casino and do the buffet, but after I was in there signing documents, I never heard from him again. He didn't even attend the closing, so I couldn't ask him any questions.

I did not know my taxes and insurance weren't escrowed. My taxes are past due, and my homeowners insurance has lapsed. Had they been escrowed, on paper it would have showed I would have been left with $5.00 a month to live on. Had I seen that, I would have for sure walked away.

My truth in lending says my payments would be $752 They are $881. Also, this is an arm- not fixed- so my payments are going to be even higher!!!

Also, they put on my application that I made exactly $2500 per month. That wasn't true. I could never afford the $881 payment, and now I got a foreclosure letter in my mail box.
I didn't file taxes in 2004 because I had no taxable income. In 2003, my tax return says I made $16,000. I was straight up with these people and brought them in everything they asked for. Greg at Alpine said they were bigger and had more resources.

Alpine had set me up with Argent Mortgage. Argent immediately sold my loan off to Chase, and they are not willing to work with me at all.

Anyway, now I am going to lose my house. And my income is so low that I can't even get an apartment.

Argent investigated my problem and agreed there was fraud on my loan, but Alpine said "I was heading for bankruptcy anyway". I am looking for an attorney to sue Alpine.

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