Complaint Review: Money Tree Mortgage - Woodstock Georgia
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- Author Not Confirmed
- Money Tree Mortgage 665 Molly Lane Suite 130 Woodstock, Georgia U.S.A.
- Phone: 800-677-0885
- Web:
- Category: Mortgage Companies
Money Tree Mortgage RIP OFF, MONEY TREE MORTGAGE TOOK MY $300 FOR A PRE-QUAL MORTGAGE AND FAILED TO COME THROUGH WITH A LOAN Woodstock Georgia
*REBUTTAL Individual responds: A Little Bit of Justice ..Banking Commissioner in the State of Kansas, made a finding that MTM was conducting deceptive business practices justifying the Administrator's Emergency Order
*Author of original report: Emergency Order to Revoke Supervised Lender License
*Author of original report: Emergency Order to Revoke Supervised Lender License
*Author of original report: Emergency Order to Revoke Supervised Lender License
*Author of original report: Emergency Order to Revoke Supervised Lender License
*Consumer Comment: File with FTC
*Consumer Comment: Money Tree: a pattern of fee scamming is developing.
*Consumer Comment: They got me too
*UPDATE EX-employee responds: an ex-employee willing to help anyone the best i could
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June 2003 was the beginning of the nightmare my family and I have been living. We received an unsolicited e-mail that we could apply for a mortgage from Money Tree Mortgage. Since we had some debt and had been denied from another company because of a job change for my husband to self-employed.
When we filled out the online application we made it very clear of the self-employed situation. We were very interesed in getting a loan and with all the flashing notices of bankruptcy, tax liens etc we thought we had a chance. We were contacted by Robert (Bobby) Bell to start the paper work and he needed $300 to do the paper work. We gave him the ABA and checking account number and they deducted $300 from our account not once but twice.
It took us 3 weeks to get the 2nd $300 back into our account. Bobby Bell told us we could get a FHA loan and we found a house to buy since we were "pre-approved" for $248,000. After many phone calls we finally received a "pre-approved" letter and gave that to our realtor. We were told all along "EVERYTHING IS FINE" we will close by the first part of September.
All through this process we were passed along from one person to another each never returning a phone call until we would stay on hold until they would talk to us. On August 4th we paid $400 for an appraisal of the new house and that was submitted to Money Tree. On August 15th our world came crashing down. Tawinia Young with Money Tree called and told us that she needed to do income verification and just then (8 weeks after we started all this) realized my husband was self-employed for less than two years and we could not get the mortgage. Here we were the day before we had to move out of our house with no place to go and no mortgage.
The next several days proved horrible, Money Tree tried to get the mortgage with just my income and that did not happen and they will not refund us the $300. They said that since we did not close the application fee is non-refundable. Even though since we can not close there is no way to get the fee back. We are also out the $400 for the appraisal that is no good.
All I would like is the $300 and $400 refunded back but I do not see that happening with out some help and legal action. This whole thing has taken too much time for my husband and I but we will not let it go. I feel Money Tree is misleading people on the internet and via e-mail. They take your money and do not give you anything in return.
The person that deals with you upfront should never say your are qualified if there is any doubt that it would not go through. Once they are for sure then they should charge the $300. I feel they have had misleading advertising, fraud and telemarketing fraud.
DO NOT EVERY DEAL WITH MONEY TREE MORTGAGE. The BBB had 109 complaints against them and they have only attempted to resolve 4. Pretty poor customer service if you ask me!!
Brenda & Doug
Augusta, Kansas
U.S.A.
STOP! ..before you think about using the Better Business Bureau (BBB)... CLICK HERE to see how other consumers were victimized by the BBB's false or misleading information. Don't be fooled! It has been reported, when there are thousands of complaints and other investigations underway by authorities, the BBB has no choice but to finally give an UNsatisfactory rating to a BBB member business that is paying the BBB big membership fees every year. When a business is reported that is NOT a BBB member, BBB files WILL more likely show an UNsatisfactory rating, then reportedly shake down that company to become a member of the BBB. One positive thing about the BBB is, either way, if a business has an unsatisfactory rating with the BBB, you can be sure, the business is bad. But what about all those BBB member businesses that had complaints filed against them? Consumers never get to hear about them. What about the BBB advertising to the public? Is this a false and misleading perception they are giving about consumer confidence when dealing with a business? Click here to understand more of what consumers and business alike are saying about the BBB. You decide. ..Remember. The BBB membership is not earned, it's paid for!
This report was posted on Ripoff Report on 10/02/2003 02:58 PM and is a permanent record located here: https://www.ripoffreport.com/reports/money-tree-mortgage/woodstock-georgia-30189/money-tree-mortgage-rip-off-money-tree-mortgage-took-my-300-for-a-pre-qual-mortgage-and-68109. 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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#9 REBUTTAL Individual responds
A Little Bit of Justice ..Banking Commissioner in the State of Kansas, made a finding that MTM was conducting deceptive business practices justifying the Administrator's Emergency Order
AUTHOR: Brenda - (U.S.A.)
SUBMITTED: Wednesday, September 22, 2004
Subject to appeal, on 8/19/04 the Presiding Officer for the State Banking Commissioner in the State of Kansas, made a finding that MTM was conducting deceptive business practices justifying the Administrator's Emergency Order, he sustained the Emergency Order and revoked MTM's supervised lending license, and fine MTM $75,000.
In addition, there is currently a class action suit that is being established by Yeager Law Firm in Overland Park, KS (913-341-6616), to help in any recovery you may seek.
A little good news to stop MTM here in Kansas.
#8 Author of original report
Emergency Order to Revoke Supervised Lender License
AUTHOR: Brenda - (U.S.A.)
SUBMITTED: Thursday, February 26, 2004
We are the couple that reported the complaint listed above. After many reports and letters to authorities at State and Federal level we have begun to see some action against Money Tree.
The Office of the Kansas State Bank Commissioner has issued an Emergency Order to Revoke Supervised Lender License for Money Tree. There will be a hearing in June regarding any fines or etc to be taken against Money Tree. We recognize that we will probably have to seek a CLASS ACTION lawsuit against Money Tree to get all our money back. But we can aleast make sure Money Tree will never be allowed to do business in Kansas again.
I would suggest anyone having a negative dealing with Money Tree contact your state level banking/leading office and see if what they can do. The more states that revoke the license of these crooks, the less business they will be able to do.
#7 Author of original report
Emergency Order to Revoke Supervised Lender License
AUTHOR: Brenda - (U.S.A.)
SUBMITTED: Thursday, February 26, 2004
We are the couple that reported the complaint listed above. After many reports and letters to authorities at State and Federal level we have begun to see some action against Money Tree.
The Office of the Kansas State Bank Commissioner has issued an Emergency Order to Revoke Supervised Lender License for Money Tree. There will be a hearing in June regarding any fines or etc to be taken against Money Tree. We recognize that we will probably have to seek a CLASS ACTION lawsuit against Money Tree to get all our money back. But we can aleast make sure Money Tree will never be allowed to do business in Kansas again.
I would suggest anyone having a negative dealing with Money Tree contact your state level banking/leading office and see if what they can do. The more states that revoke the license of these crooks, the less business they will be able to do.
#6 Author of original report
Emergency Order to Revoke Supervised Lender License
AUTHOR: Brenda - (U.S.A.)
SUBMITTED: Thursday, February 26, 2004
We are the couple that reported the complaint listed above. After many reports and letters to authorities at State and Federal level we have begun to see some action against Money Tree.
The Office of the Kansas State Bank Commissioner has issued an Emergency Order to Revoke Supervised Lender License for Money Tree. There will be a hearing in June regarding any fines or etc to be taken against Money Tree. We recognize that we will probably have to seek a CLASS ACTION lawsuit against Money Tree to get all our money back. But we can aleast make sure Money Tree will never be allowed to do business in Kansas again.
I would suggest anyone having a negative dealing with Money Tree contact your state level banking/leading office and see if what they can do. The more states that revoke the license of these crooks, the less business they will be able to do.
#5 Author of original report
Emergency Order to Revoke Supervised Lender License
AUTHOR: Brenda - (U.S.A.)
SUBMITTED: Thursday, February 26, 2004
We are the couple that reported the complaint listed above. After many reports and letters to authorities at State and Federal level we have begun to see some action against Money Tree.
The Office of the Kansas State Bank Commissioner has issued an Emergency Order to Revoke Supervised Lender License for Money Tree. There will be a hearing in June regarding any fines or etc to be taken against Money Tree. We recognize that we will probably have to seek a CLASS ACTION lawsuit against Money Tree to get all our money back. But we can aleast make sure Money Tree will never be allowed to do business in Kansas again.
I would suggest anyone having a negative dealing with Money Tree contact your state level banking/leading office and see if what they can do. The more states that revoke the license of these crooks, the less business they will be able to do.
#4 Consumer Comment
File with FTC
AUTHOR: Brenda - (U.S.A.)
SUBMITTED: Friday, January 16, 2004
I took Robin in Waldin, AR suggestion to file a complaint with the FTC. Obviously it would take time for them to take any action, but the more complaints the more likely they will look at Money Tree as a company commiting fraud. I have also contacted several state agencies with both Georgia and Kansas and look forward to their responses. If I can not get my $700 refunded, then I will aleast make Money Tree's name with a cloud around it.
#3 Consumer Comment
Money Tree: a pattern of fee scamming is developing.
AUTHOR: Robin - (U.S.A.)
SUBMITTED: Friday, January 09, 2004
I have been reading these Money Tree complaints. A very clear pattern of scamming for fees is developing.
It is beginning to sound like this company tells EVERYONE that they are approved, no matter the circumstances. Once Money Tree has the non-refundable paperwork fee, only then does it 'fess up that it is unable to procure financing.
These applications do not mysteriously "change" while sitting on the desk at Money Tree. What changes is your $300.00 in Money Tree's bank account.
This sounds like a good one for the FTC. Contact them and file an online complaint.
http://www.ftc.gov/
Good luck!
#2 Consumer Comment
They got me too
AUTHOR: Lesly - (U.S.A.)
SUBMITTED: Friday, January 09, 2004
They got us as well. They took our 300.00 amd told us that we had 100% approval and no closing costs. Then they would not finance us. What can we all do to shut them down.
#1 UPDATE EX-employee responds
an ex-employee willing to help anyone the best i could
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Wednesday, October 15, 2003
I am an ex-employee from when money tree first got started. I got scammed on how much money I could make working for them. TO MAKE A LONG STORY SHORT I LIKE YOU ARE A VICTIM AND HAVE BEEN SCAMMED JUST FROM THE OTHER SIDE OF THE FENCE. I have lost money because of this company and also found out after i left that this company which was suppose to be paying for my advertising, did not pay any advertising after i left them thus leaving me with a big debt. This company would get people qualified for FHA which is a GOOD mortgage but tell them they were not qualified to put them in a non conforming loan, make closing cost off that loan then tell them that they could refi in a fha loan at a later date AND once again make closing cost a second time off the same client. I could tell you many stories about this company and if i could help in any way please feel free to post your questions below.
thank you
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