Homefield Financial- Senior Loan Officer (Michale Saxon) Lied about how the loan would work and did not disclose other major details of the loan such as how you could go backwards Irvine California

There were a few red flags now looking back when I was working with Mr. Saxon and Homefiled Financial. I only wish now I would have paid closer attention to them. But as a consumer you pray and hope that whomever you are working with they will be honest and do what the right thing especially when it comes to the largest expense of your life. After all they are the experts!

My complaint stems from Mr. Saxon and Homefield not fully disclosing how the terms of my loan would work. It truly was a loan I should never have been put into and thus I am going backwards in the original loan amount because of this.

#1.The type of loan I was put in was the one where you have 4 different payment options.

A. Minimum amount>This amount stays the same for one year and then changes.

B. Interest only option.

C. Fully Amortized P&I.

D. Accelerate Payment

What Mr. Saxon failed to tell me was that if you pay only option one that you will add on to the loan amount each month. Even paying extra on principal doesn't help much either because they will take the extra payment and put onto the back interest and if there is anything left after that then they will tack that onto the principal which is usually not enough to make a dent.

Had the loan been explained to me how I now know it to be I would never had accepted this arrangement. Again a picture that was painted to look like this was the best thing since slice bread turn out to be no such thing.

#2. The first set of loan papers had to be redone because of errors by Homefield Financial. Then checking the second set there are many differences that don't match to the first set. Not to mention that the notary person had no idea what she was doing and was using cheat sheets to remember what goes on which document etc.

#3. Used an appraiser that appraised my home to high and went outside my neighborhood to match like houses.

The whole experience has not only left me upside down in my home but now not knowing who you can trust. I can't believe that Homefield Financial and others like it can just go out of business and leave the consumer hung out to dry and not take any responsibilities to what they have done.

My hope is that there will one day be a class action lawsuit and I will be more then happy to join it with everyone else who got the shaft!

Sandy
Vancouver, Washington
U.S.A.