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Report: #1472962

Complaint Review: Civic Financial - Redondo Beach CA

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  • Reported By: Keith — La Habra United States
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  • Civic Financial 2015 Manhattan Beach Blvd, Redondo Beach, CA United States

Civic Financial Fay Servicing in collusion together overcharged us the consumer $31,450.00 the attempted to disguise as "default interest deferred”. Redondo Beach CA

*Consumer Comment: Hire An Attorney

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The lender collected extension fees twice totaling over $14,000 and on top of that charged us another $31,450.42 in default interest. 

On the servicer’s recorded line with the banks representative they both assured me when I was bringing the account current they were stopping and I presume to remove the default charges based on the payment and extension fees. 

We highly suspect the classic mortgage fraud, attempting to strip us of our equity knowing all along that we had a rehab holdback credit coming back. It’s bad enough that we paid interest on that and never used it

 I was told by an attorney that they are violating a) California UCL, b) Business Practices, c) California usury law, d) Regulation Z and e) probably Dodd-Frank.

I’m seeking your assistance to resolve this matter. Without having to hire an attorney, which will save me time and money. We’ve attempted to resolve by emailing them plus asking on the phone. 

We refi'd the property and the payoff statement showed $31,450.42 in Default Interest Deferred. They later revised that down to $20,908.34 after our mortgage broker and escrow raised questions concerning the amount, validity and legality of their high "default interest" charges. We suspect they reduced the amount by $10,000 hoping to placate us. We’re not the “go-away” type on $20,000!

Especially when we’ve already paid them over $135,000 in interest and fees on an 8.5% loan and they’re trying to steal another $20,000 on top of it.    

We’re looking for someone to help us file a complaint about the return of the $20,908.34 plus interest, costs, penalties, and damages. Clearly, these are really bad people the world would be better without. If they were in the right, how come magically $10,000 was taken off or went away? 

This report was posted on Ripoff Report on 02/06/2019 11:37 AM and is a permanent record located here: https://www.ripoffreport.com/reports/civic-financial/redondo-beach-ca-90278/civic-financial-fay-servicing-in-collusion-together-overcharged-us-the-consumer-3145-1472962. 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 Consumer Comment

Hire An Attorney

AUTHOR: Jim - (United States)

POSTED: Wednesday, February 06, 2019

I’m seeking your assistance to resolve this matter. Without having to hire an attorney, which will save me time and money.  Stop!!  You need to find an attorney who will pursue this; there is no one here to lobby on your behalf.  The problem you're going to have is that $20K isn't generally enough for an attorney to pursue, and an ethical attorney will let you know that upfront.  You're not going to find an attorney who would take it on contingency because there is nothing to collect.  However, if you hire the right attorney and they're successful, then the attorney may pursue the institution for legal fees.  If the attorney isn't successful, then you're going to pay a lot more than $20K.

They later revised that down to $20,908.34 after our mortgage broker and escrow raised questions concerning the amount, validity and legality of their high "default interest" charges.  So what did the broker and escrow officer  think about that reduction?  Did they believe the calculation was correct, or closer to being correct?  I mean the institution is allowed to charge higher default interest rates in this situation, so it could very well be correct.  If it was, then I wouldn't bother with an attorney because the attorney will cost you fees and you may still be on the hook for $20K.

I was told by an attorney that they are violating a) California UCL, b) Business Practices, c) California usury law, d) Regulation Z and e) probably Dodd-Frank.   Probably not (especially b, c, and e, and a is vague because it would be hard to claim unfair when the law says what the institution is doing is legal - but you can argue anything in court), but the attorney will likely assert the bank is violating those practices in an effort to lower the fees.  One of the reasons you should not listen to an attorney speculate, especially one who is telling you what you want to hear.  Based on your narrative, I highly doubt B,C and E are relevant to your situation.

If they were in the right, how come magically $10,000 was taken off or went away? Because the amount was double-checked - per your own narrative.  That's why I asked whether the escrow officer and broker thought the adjusted total was closer to being correct.  These sorts of things don't magically do anything.

Don't be cheap.  Hire an attorney.  Then you can make the decision as to whether the fees were legit, or not.

 

 

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