Stuart Gersh Mortgages AmeriCash Mortgages Banking Mortgage Farce - A ninety day disaster Costa Mesa California

I was contacted by AmeriCash from a Internet inquiry.  They put me with Stu who was licensed in Texas.  I gave Stu all the information he requested within 24 hours.  Including the fact that I was deferring real estate taxes in Texas legally.  I made that point very strongly because I suspected it could be a problem.  Over the next few days his office made a couple of requests for additional data which were immediately answered.

Stu referred me to his web site.  Stu made over the fact that he had been in business for years and really knew what to do.  He insisted I would get a better rate from him rather than some of the other mortgage companies.  He held himself out as a real expert on Texas mortages.

His office pulled a credit report which knocked my FICO score down several points

It took his office several weeks to order an appraisal.  I paid for the appraisal that his office set up on my personal credit card. I took time to meet the appraiser.   The appraiser after several weeks supposedly said they could not complete the appraisal.  They ordered another appraisal.  This took several more weeks.

Finally after two and a half months I am told that the loan would be going to committee.  This is the first time any committee had been mentioned.  Supposed to get the answer the next day.  A week later I am told that I have to pay the legally deferred taxes at closing.  I suggest that we roll the taxes into the loan if they are really going to insist that they be paid.  The “committee” refuses to do so and the whole mortgage program comes to a halt.  Even with the taxes rolled in it is a 65% Loan to Value mortage..  The equivalent of a 45% down payment.  Can’t get much better than that!

I have spent three months.  $450.00 dollars for an appraisal I cannot reuse.  Hours of my time putting together documents and making myself available for nothing.  Had they said “Day One”, that they would insist that I pay the deferred taxes before closing I would have saved time and money.  But no, they lead me on until the last minute.

Now of course Stu won’t answer my emails.  Wonder what his next scam will be.