Tri Global Incorporated David Cook, a Tri-Global representative, misled, misrepresented, and did not disclose info and took $18,360 Roseville California

Tri Global Incorporated
1430 Blue Oaks Blvd Suite 230
Roseville, CA 95747
Toll Free: (877)989-8200
Fax: (916)789-8220

http://www.triglobal.biz/consultingStaff.php

getapproved@triglobal.biz

This letter is a complaint by Bruce L. Freeman and Sharon P. Freeman regarding a cash-out refinancing closed on 10/25/2006. Our broker contact at the time was Mr. David Cook of Tri-Global (Office Phone: 877-989-8200, Ext. 212; Personal Phone: 916-607-5442), and all terms were stated by Mr. Cook to us over the phone. These terms later proved to be untrue and/or not fully disclosed. (Apparently Mr. Cook is no longer with Tri-Global, but his personal phone number seems to still be active, although he has never returned our calls.)

We were contacted by Mr. Cook in August of 2006 about the possibility of refinancing under better terms than we had at that time. On September 10, 2006, my father died in Texas and I immediately flew to Texas to handle Dads funeral service arrangements and be with my mother. Mr. Cook continued to call me on my cell phone during the time I was in Texas.

The terms Mr. Cook stated to my wife and me were that, instead of having a first and second mortgage, we would have only one mortgage, one payment instead of two, and promised us the lowest rate: a 30-year fixed at 6.89 percent, not two loans at a higher rate as we had at that time. We told him we had a pre-payment
penalty clause ($11,000 at that time), but he indicated that the new loan was to our advantage because with the the loan he was offering we would make up that $11,000 penalty within one year and be better off after that. Mr. Cook stated there was no charge for his services because he was paid by the mortgage company. My credit rating score at this time was about 742 and Sharon's average credit score was about 727.

I told Mr. Cook I really did not want to discuss refinancing while I was in Texas dealing with funeral issues and my mother's needs. But Mr. Cook persisted, pressuring us to move quickly as interest rates were about to go up. My wife and I, on a conference call with Mr. Cook, thought the terms he described were good and I told Mr. Cook to just go ahead and draw up the papers and get the appraisal and we would finish up when I returned from Texas in about 10 days, but that it was not convenient for him to call me anymore in Texas.

After my father's services, I returned to Oregon, and an agent for Tri-Global arrived with the papers the very next day. My wife and I signed these papers under duress I was exhausted and still grieving obviously. I/we trusted Mr. Cook to present at signing the terms described to us in our conference call. The day after we signed what we thought were all the loan papers, we got an "emergency call" from the same local Tri-Global liaison saying he had just received a FedEx package with additional papers that Tri-Global had forgotten to enclose in the first batch we signed the day before and asked to come over to get our signatures on those papers. He came over and we signed that set, again still under duress. It now appears that the second set we signed were the papers for the second note (and we weren't supposed to have but one note). We feel Mr. Cook and Tri-Global were attempting to hide the fact we would have, again, two notes instead of the one he promised and that was the reason the second set were sent via FedEx a day later with the excuse they were "forgotten." Only later, and after the 3-day period of recension, did we realize that not only did we not get the terms described to us, we realized we had two variable-rate notes instead of one fixed rate note, and the notes were at 8.5 percent and 10.5 percent way off from any fair and realistic interest rate based on our credit scores at the time, and certainly not the lowest rate available we were promised. And not only was this not the lowest rate available, again, it was a variable rate, not a fixed rate. We also did not discover until later that, even though he said we'd pay him nothing directly, that he was paid by the mortgage lender, that he took over $18,300 POC (paid out on closing) for himself! This is outrageous theft in our minds and ruinous to us!

I started making phone calls to Tri-Global and Mr. Cook many times during the following weeks, but my calls were never returned. Over the past year, we have phoned and written to Homecomings Financial, the current holder of both our first mortgage and our second (the second is a line of credit) to no avail. Not only have we lost the $11,000 pre-payment penalty in 2006 from our previous mortgages only to get an even worse arrangement with Homecomings Financial, we are now told we would have to pay Homecomings Financial a prepayment penalty of $19,500 to change our current loan structure with them.

We have been making only be bare minimum payments since refinancing because that was about what Tri-Global said our full payments would be in the original terms described to us in our conference calls, which is what we could afford on my VA disability and SSA payments. This means we have lost over $30,000 in equity this past year by making only the minimum payments since refinancing via Tri-Global and Homecomings Financial. (We have never been late with these payments.) Naturally, Homecomings Financial has not been willing to help as they are making a killing and it is killing us.

I am a 100% service-connected disabled Vietnam-era veteran. My wife had to quit her well-paying position in 2005 to help in my care and with the care of her mother who lives with us and has been diagnosed with dementia and Lewy-Body Disease, a Parkinson's-like illness. We are stretched to our limits, emotionally and financially. We don't understand how all this could be happening. We know we trusted too much, and we signed papers under duress. We have expended so much time and energy trying to recover these funds and get a fair deal, we are at our ropes end.

We feel we were lied to and taken advantage of during a time of emotional trauma and signed under duress, and that we were cheated out of enormous amounts paid to the broker which were not disclosed to us, and all this has put us in both a grave financial situation and caused us yet more anguish and stress on our marriage.

CURRENT STATUS AS OF 29 FEBRUARY 2008: I have been in touch via phone with a Mr. Juan Aguirre with GMAC Financing Legal Loss Mitigation, however, when he returned our call on a Saturday, he had not even taken the time to review the financial information which he himself had requested in a letter to us in which he provided a SASE for us to return the information to him. He was rushed and not very professional in his communication, stating he had to leave town and would not return until on or about 25 Feb 2008. He kept trying to push an unsatisfactory interest and loan on us, and I had to interrupt him saying what I wanted was for him to at least show us the courtesy of reviewing the financial information we returned to him at his request. He asked what we were after and I stated the type of revised loan and waived pre-payment penalty we were seeking. I told Mr. Aguirre I would call him on or about 25 February after he returned to his office, having given him time to return and review correspondence. I faxed to his office the terms we were seeking (waive the $19,500 pre-payment penalty, combine loans into one 40-yr. fixed rate at 5.5% and 5.65%APR) to rectify the terrible circumstances which we feel Homecomings Finanacial and GMAC Mortgage and Tri-Global Inc were complicit in. I called Mr. Aguirre again on Friday, 29 February 2008 to verify receipt of our fax, and I left him a voice mail message requesting a response to our fax and that he return our call as soon as possible.

Corpsman1
Newberg, Oregon
U.S.A.