Americor Lending Group

Posted on Wednesday, August 24th, 2005 at 12:00am CDT by 8ee87e9a

Company: Americor Lending Group

Category: Other

Americor Lending Group

August 23, 2005

Mortgage Lender Americor Lending Group

2400 Main St.

Irvine, CA 92614 We have been working with Americor on a loan since May 31, 2005. Neil Scott told us he could get us a 1.25% loan for 30 years. Then when we decided to go to 90% of the value of our house he states that he has to make it 2%. Thinking this is still a great rate we decide to move forward with the loan paperwork. I asked Neil SEVERAL times if this was indeed a 2% FIXED rate for 30 years and he kept assuring me that it was. So we pay $600 for an appraisal. The original "good faith estimate" showed closing costs to be $595. Then on June 27, 2005 he faxes us a completed "loan application" with closing costs of $9960. Smells like a "bait and switch" to me. My husband calls him and tells him that this isn't even close to what he faxed us originally. He tells my husband he will "rework" his numbers and get back to him. On Aug 8, 2005 we receive another fax. This time with $2780 in closing costs. We again attempt to contact Neil. As more time goes by we get less and less calls back from Neil. Then we get a letter from our bank (who we have a line of credit with to do home improvements) dated Aug 4, 2005, stating that our account has been frozen (meaning we cannot take any more money out to work on our house) because Americor has asked for a payoff. We have never agreed to anything with Americor as of this date. We were still trying to get the numbers straight with them that they originally promised, yet Americor is asking for payoffs from the bank. Then I get a call that Neil is no longer with the company (after working this loan for 3 months) and now someone else is handling my loan. This new guy tells me that the 2% is not fixed and is really a deferred interest loan, which means I will not only still owe all my principle at the end, I will now owe more interest on top of that. If I had known this I would have never spent the time and money on this loan and having my credit run again. Neil outright LIED to me about this loan. I would suggest if you are working with this company that you drop them like a hot rock and run! Ann Click this link to e-mail the message author: COMPLAINTS.COM_FORM_MAIL_47708#


1 Comment

a5a943b6, 2009-01-14, 10:56PM CST

I had dealings with this place Americor Lending over two years ago! My loan Rep was Travis Vaysee. My loan was sold by them to Saxon Mortgage Service. I have been fighting to keep my home for almost a year now. Saxon Mortgage and Americor Lending both need to be shut down and put out of operation. They paid my due taxes on my property and also paid the taxes that were not yet due causing me to have to make a higher payment. I tried to make my regular monthly payments and they would not accept them thus throwing me in default.

I borrowed the money to pay them for my back taxes and when I sent in the 1400.00 they put it on interest and would not reverse the payment and put the amount on what it was sent in for, and they also stopped accepting my payments. I take care of my chronically ill mother and it will not be easy to find a place for us to live if I lose my home. I have been more than willing to make my monthly payments but they just sent them back to me and now they are trying to foreclose on me.

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