Mortgage Investors Corporation Scam

Sep 29, 2010
review #200646

Mortgage Investors Corporation Scam! Ehh gad, what now batman? No, seriously though, this company just screwed me over big time. They came to my house after almost 30 minutes of me resisting on the phone. I'm so angry with what they just did to, let me just start from the begging.

About 3 months ago I started getting calls from an 866 number which I normally ignore as they are almost always telemarketers. After about 4-5 days of them calling at minimum 3-4 times a day (one time they called 7 times in one day) I finally picked up and found out what they were calling for. They wanted me to refinance my home loan with them. I politely told them that I was not interested and asked nicely to be taken off the list. The rep on the phone at mortgage investors promised me it would be taken care of.

The next day I get another two calls from them in the morning and then one in the evening that I finally picked up. I said that I was not interested and she said that I just had to give her a few minutes to explain the program and that if I don't like it after that they will never contact me again. So I agreed to let one of their senior loan officers come out to my house the next day.

When he showed up he was well dressed and manicured, the way snakes usually look. He was peddling something totally different then what the rep on the phone told me. This is when I started to realize that this company, mortgage investors corporation, was a scam. He was a real smooth talker but when it came down to the paperwork, I could see that it was actually an Adjustable rate mortgage just pretending to be a fixed rate. You see what they tell you on the phone is that it's a fixed rate but in reality it is only fixed for 3 years. After that it goes up 1% every year.

This is how our country got into the mess that we are in now and I'm appalled that this company is still in business. And we aren't even to the best part yet.

I had just had my wisdom teeth pulled out and was on vicadin, so obviously not in the right state of mind. The loan officer promised that all I was signing was something saying that I had been given a good faith estimate when really I was signing to make a deposit directly from my bank account. They stole close to $4k from my bank account and told me that it was their money now and the only way I could get it back was to refinance with them and that it would be rolled into the loan. Mortgage Investors Corporation forced me to make a real tuff decision that day and unfortunately I made the wrong choice.

Two weeks later we had another appointment to do the finalizing of the paper work (hey I could not afford to lost that $4k at the time and I figured I would just refinance back to a fixed rate in a few years). After that I got one phone call from them asking for an additional %1,500 but then after yelling at the rep for a few minutes he said he had made a mistake and hung up on me.

Just today I finally get a bill from mortgage investors corporation scam, on the same day I also get a letter from another mortgage company telling me that mortgage investors has sold my loan to them and that I owe them another months payment on top of that. This is all *** and and I'm sick of companies like this screwing over the little guys. It's really messed up. Mortgage Investors Corporation, I hope you die and burn in ***.

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11b- Chris Cocco

Sep 18, 2013 Grass Valley, California

Mortgage Investors Corporation. loan is the worst thing that could happen to a disabled veteran. My VA rep said if I was with anyone else they could have helped me, but because I was with MIC. their was nothing they could negotiate. I am 100% P&T with combat traumatic brain injury, broken neck, back, knee, wrist, shoulder. My wife and four son's were streamlined right out of our home one year exactly. We tried a short sale and were offered CASH exactly what Mortgage Investors Corporation was asking, from a company in San Jose CA and Mortgage Investors Corporation DEMANDED the company summit a credit application. They company was so offended and backed out.Mortgage Investors Corporation knew they could get the government $$$ foreclose on me and my family then sell the house fore even more money.
Now my wife and I bought raw land in Grass valley CA with owner financing. The land is almost paid off and their is no bank that will loan for construction of a home. Really upsets me!

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thenaturaloutlaw

Jun 14, 2013 Raleigh, North Carolina

Mortgage Investors Corp, they suck and I want to report them with VA, we refinanced last year, they got us into a hybrid 3/1, and 2 weeks ago I got a letter about an escrow analysis that is adjusting the payments, the LO never mention that but I happen to find a notice between the documents given about that escrow analysis that they never explained it to us, this is true, do not use them!

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Rick

Jul 23, 2013

You need to understand your escrow. Your escrow is YOUR homeowners insurance and your property taxes on the home YOU purchased. Each month the bank must collect one twelfth of your yearly insurance and taxes. And every year those rates may change. Insurance goes up or down - taxes go up or down. In all VA mortgages - by law - they MUST be included in your payment. The bank then separates that money into a trust account or 'escrow' to pay those bills for you when they are due. Your escrow analysis comes from the servicer - the bank that you pay to keep track of the payments. The company either sends or puts on line your monthly mortgage statement and you send them the amount of your payment. So your escrow has absolutely NOTHING, zero, Nada, no thing to do with the money you borrowed from a bank to purchase your home. Your LO is not responsible for your lack of understanding of your bills.

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Doc

May 07 Colorado Springs, Colorado

Did you get any compensation for damages? I have them and the only two things that concerned me was that they sold my mortgage when it was to remain In House, and my payments jumped up some when I was only 1.5 years into the contract. At the end of 3 years they could bump it up a point each year up to 7.5 percent. I am at 2.5 and the sales person said that it could very well go down some after the 3 years. Do you suggest any recourse? I should also read over the contract to see if they committed not to sell my mortgage.
Rev. Dr. Duane A. Martin DD
719-453-8800

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johnnyjaw125

Mar 03, 2013 Lubbock, Texas

We are all suspicious of telemarketers, salesman,lenders, and the term "ARM". I have been a Realtor for over 6 years now and have a good understanding of mortgages. I am also a veteran. Yes, the the corporations are taking advantages of the VA market, but that is what they do. They want to make money. While they are annoying, I did my homework and asked all the questions. I did chose the 3/1 ARM Hybrid loan. Not because I trusted the sales pitch, but because I educated myself on what I was shopping for. I would do the same thing if I was buying a car. I cant stand high pressure sales, but I do buy cars and houses....

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Very Annoyed

Feb 19, 2013 Clayton, North Carolina

I have been receiving calls several times each week from Mortgage Investors for over 6-8 months. They always say they want to talk to be about the VA loans I recently. I always explain to them that I have never had a mortgage on my home and that it was paid for in cash when I built it. I also tell them I have never been in the Military or had any kinds of loans from anywhere. Each time they say they will remove my number but they never do. Now I am getting calls every other day from them. Received one this morning, one on Sunday, one Friday and one on Wednesday. 4 calls in 6 days. My number has been on the National Do Not Call list since October 5, 2011. I just filed a complaint with the National Do Not Call and the FTC. Just told the caller that I have kept detailed records of calls, dates and time of calls for past few months and that I would be suing them for harassment. He assured me my number would be removed. But that is what they all say so we will see.

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Very Annoyed

Feb 19, 2013 Clayton, North Carolina

Forgot to add in post above that I am not on any VA list so there is no way they could have gotten my number from the VA. Never had VA loan or any loan. House paid for when built. I have no idea how they got my number. Several of the caller from Mortgage Investors told me that the company buys mailing list and call list from many sources. That proves they are not getting names from people who have do actually have VA loans. The VA does not sell client information. And also my number they are calling is my cell number which I have had since 1998. They are buying phone numbers from anywhere they can. And for the record I was personally a state licensed mortgage banker so I do know how companies operate properly as ours did. That was years ago and apparently things have changed if this is the way mortgage companies do business. The company I used to work for years ago never cold called anyone and we always have plenty of business, but we were a very reputable company unlike Mortgage Investors.

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healtyfreak2

Feb 18, 2013

OK. For all of you who go online to check reviews of something before you go through with it, all i can say is why would you listen to people online? Those people who have negative comments DONT QUALIFY for the program, or are so BRAIN WASHED that a 30-year fixed mortgage is better then the VA Hybrid.

First of all, the rate DOES NOT go up 1% each year. For your information, those of who refinanced with MIC 10 years ago to a 6% are now down to a comfortable 1.9%. (Best those of you who refinanced then and switched to a fixed rate are laughing now (not)) So yes, the rates are going DOWN every year with the VA hybrid, helping the smart veterans pay there homes off SOONER.

Anyone who gets sucked into the 30-year fixed and chooses it over the VA hybrid are ***, FOOLISH, and ***. Done be ***, if you qualify for this program listen to the loan officers, there are good at what they do and it the long run you will thank them.

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Lewylock

Oct 03, 2013

You are a liar , MIC never offered a 6% hybrid loan highest ever was 4.5% ..nice try ...stay away from MIC

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Chamoritta1967

Jan 30, 2013 Killeen, Texas

I thought i posted on this matter but i can't find my post so here's a breakdown. First of all...just want to make it known that i'm not an employee of MIC...only affiliation with this company is that my hubby and I just refinanced our mortgage through the VA Hybrid Loan. I truly understand the concerns many of you have voiced...I felt the same way even after the representative explained in full how the program works..so in order for me to be comfortable with our decision...I did tons of research on this. In everything that we do...there's always a risk or a price to pay...all that can be limited if you are well informed with your own research and not just from what folks are saying...weigh the good and bad...we are all so comfortable with the Tradition type of mortgage loan and when something is different...we become afraid of the "unknown"...everything about this program is placed on the table...upfront and center...if you didn't like what the rep was saying...speak to another rep..do more research on the program itself..Educate and Inform yourself...doing this will allow you the opportunity to make an informative decision...this type of loan MAY NOT be the type for you and that's ok..you should do only what makes you comfortable. My hubby and I chose to take advantage of this program because we feel it will benefit us in the long run. As for the costs...like everything in life..nothing is FREE! even with Traditional Mortgage Loans..there's fees tacked on no matter what... Show more

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valerie

Jan 28, 2013 Tampa, Florida

Listening to Mortgage Investors Corporation's "pitch" on the phone was the BEST thing i've done for myself in years! Not only was i able to refinance easily and quickly (two weeks!), but i'm saving over $300 each month! Of course, i hung up on them many times BEFORE i decided to actually hear what they had to say! Overall, i'm more than impressed with MIC. They wouldn't be backed by the VA if there was anything fishy going on. I think too many of y'all are listening to hear say. Do yourself a favor... hear them out! Maybe what they offer will work for you! I've recommended them to at least 20 other friends in the military.

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bs!

Feb 12, 2013 Denver, Colorado

And I'm sure you're not working for the Company 'Valerie' posting from Tampa Florida :(

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1/3 marine

Jan 19, 2013 Lakewood, Washington

Listen up! Stay Away! MIC is a terrible company. They target veterans and use gorilla sales tactics. After you throw them out of your house they WILL NOT stop calling you. Bill Edwards is a boot in my book, he needs to take charge of his company and put a stop to this kind of trash. Good To Go!

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Get a Grip!!

Jan 18, 2013

Where do you think MIC got our names to begin with? From the VA!!! These are VA loans. If it wasn't backed by the VA and legitimate, the VA wouldn't sign your loan documents. First of all, "seriously" is correct. You do have a Right to Cancel. All you have to do is tell them you want to exercise that right and you're done. Any real estate attorney will tell you that. I immediately faxed their loan documents to my regular real estate broker and she told me she couldn't touch their deal at that time. ARM's aren't for everyone, so if you don't like it, don't do it. It doesn't flex up 1% every year. It's based on the PRIME!!! It CAN flex up 1% but it doesn't mean it WILL!! It can actually flex down like it will for me since I made my loan 3 years ago. Their closing costs aren't any different than any other banker or broker. We ALL have to pay closing costs during a refinance. Either you pay out of your pocket or you roll it. YOUR CHOICE. They are a real estate BROKER. Of course they will sell your loan!! All real estate brokers do!! I do NOT work for MIC. I am a retired Navy veteran of 25 years. I chose to educate myself on the mortgage process rather than whine about it.

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Blake

Jul 23, 2013

We refinanced into the VA hybrid loan 7 years ago at 5%interest. I continued to make my old original payment each month and even added additional principal. Now we have paid off $60,000 more than we would have if we had not chosen the Hybrid. Most people miss the fact that beginning year #4 the loan will automatically recalculate itself down to the new lower amount owed at the new lower interest rate. My interest rate this year is 2.15% on 132,600 instead of the $200,396 I started with. We know we can pay this off in 14 years by making the same payment we originally budgeted for 30 years. YIPPEEE!

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Anonymous

Dec 24, 2013

While it is true that the VA hybrid loan recalculates off of a lower amount owned, this does not necessarily benefit borrowers in ARMs if interest rates rise. If interest rates go up, you have less years to pay off the principle, so even though the rate calculates off a lower balance, your payment would still get very high! The only way to combat that would be to pay off extra principle each month, which obviously is easier said then done. It is a little complicated, so I suggest using a ARM calculator (Google It) it educate yourself!

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Anonymous

Dec 24, 2013

If you truly educated yourself you would know the term is mortgage broker - not real estate broker

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TICKED OFF

Dec 11, 2012

This outfit won't even post the correct location of myself and I wonder about others on here...........?

I am in Southern California, not New York City.

We have a State deficit equal, per capita, of the Federal Government and some lender will not even talk to someone from my state.

These people are such bad news that I just cannot believe it. SCAM ARTISTS ALL THE WAY.

Miss representation and lies. VETERANS? More like draft dodgers who found a way to become wealthy on the backs of Veterans.

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TOTALLY TICKED

Dec 11, 2012

MIC IS A COMPANY THAT IS SUPPOSEDLY RUN BY VETERANS, BUT ALL THEY ARE DOING IS SCREWING VETERANS. I REFINANCED AT $409,000.00, WAS TOLD THERE WOULD BE NO CLOSING COSTS AND MY FIRST BILL CAME AND I OWED $424,998.00. THE CLOSING COSTS AND FEES AND WHATEVER ELSE THEY ADDED WERE PUT ON THE END OF MY LOAN THROWING ME IN TO A JUMBO LOAN THAT I CAN NOT AFFORD, DUE TO LACK OF CASH, DO GET OUT OF.

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ticky

Jan 13, 2013

lies lies

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