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Review 2/3/2009
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I was working with Mr. Saj in Dec He said
You have the loan… pending due diligence…
Need the fees to proceed…
Dated on 1/109
We sent him 1,495.00. on 1/7/09
recieved this email the same day
5 business days to process
10, 20, OR 30 business days for due diligence
No weekends or holidays
Obviously depending on regular, rush, or super rush submission option
Answer due the next business day
So worst case????
Roughly 16, 26, or 36 business days
Please recalculate due date
Send new/updated pipeline report
I don’t see these files coming back until next MONTH
I pay the extra 1000 for the rush...
due dilligance is the appraisal on teh house Nov it appraised for 126,000. I received this from him
Go on the MLS and internet…
There are a lot of short sales and foreclosures…
Declining market studies are bringing it in at $41,800…
This is what I am being told… don’t shoot the messanger
the land this house sits on is worth that amount.. It sits on 3 1/2 lots 1900sq ft house with a full basement . I just got off the phone with Saj and he threated his attornies I tolsd him I want to speak to them and he hung up on me. RUN DO NOT GIVE HIM A DIME!!!!
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Business's response - on 2/11/2009
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THIS FILE HAS BEEN CLOSED SATISFACTORILY BY THE BBB
COMPANY PERFORMED ACCORDING TO CONTRACTUAL OBLIGATIONS
This file was submitted and then the customer changed her mind about the property. She was originally going to buyout her brother. Then she decisded to buy it from the foreclosure auction. Although this is a very big change and complicates things. We still super rushed the file as a favor to a struggling consumer and the decision was made well within 10 business days as promised. This complaint is complete nonsense!! It is obviously an attempt to play the blame game!! The complaint is stemming from an unprofessional client who does not try and educate herself by understanding the level of difficulty and volatility the mortgage and real estate market is experiencing. Instead of realizing that the mortgages that were submitted were of a very high risk level and insufficient equity, he chooses to think he is immune to the newer, stricter, ever changing and tightening guidelines of nationwide and international direct lenders, funding sources, hedge funds, private equity firms, wealth private hard money lenders, and other such mortgage funding sources. MGM International Mortgage Corporation is a direct lender. Yet, it never guarantees that any submitted loans will fund. It is simply not our decision alone. We need to perform severe due diligence in this volatile real estate and mortgage market. It then submits the loans to it investors and funding source that perform their own due diligence and determine a final lending decision. Once MGM determines that a loan can or cannot be done, it notifies the broker of its final decision. Prior to engaging any fees or efforts, all brokers and borrowers properly pre-disclosed to of MGM International Mortgage Corporation's policies, procedures & responsibilities and sign a formal due diligence form consisting of the following text... "I understand that this fee is for due diligence, which includes, but is not limited to, ef
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