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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 bullshit 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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 Comments (131) |
| 1. Written by Cmon Son on May 14, 2012 from -, -, US I told the loan officer that i just look like this. |
| 2. Written by Vic Mac on April 24, 2012 from tracy, california, US Remember Cam that historically rates have gone down more than go up. |
| 3. Written by Jake on April 20, 2012 from raleigh, north carolina, US is that 4% fixed? |
| 4. Written by CAM on April 11, 2012 from atlanta, georgia, US Dallas Marine, They all charge loan fees. MIC is just up front with what they are they don’t hide them in the loan. When I refinanced with Wells Fargo in 2009 at 5% the fees worked out at about the same amount they were just stated differently on the HUD-1. In this economy each person needs to go with what they feel comfortable with. Do your research. Just beware that any lender is out to make money bottom line, you need to find a product that fits you comfort zone… |
| 5. Written by CAM on April 10, 2012 from atlanta, georgia, US Well Frank, all I can say is this a VA loan written in stone. I closed 3 weeks ago no issues. Did my research, this loan product now pays almost as much to principal as interest. I only pay $30 more in interest. Before Wells Fargo was getting about $500 in interest and only paying down principal $166. I’m much happier now paying $180 less. Legally the loan can never go above 7.5%. Yes it can take 8 years to reach that rate. Using you argument a contract has no meaning. Yes MIC makes their money on the fees they charge up front. The lender GMAC only stands to make about $65,000 in interest. Try to get a loan with similar terms and you find the similar costs, actually they will be higher because they are not VA loans. VA loans are regulated that’s why there is no subprime market for them… That is what is great about this country we can do what we feel is right for ourselves. Plus we have the courts and the second amendment if all else fails… |
| 6. Written by Frank on April 6, 2012 from nashville, tennessee, US The lady from MIC came over tonight... Im sorry guys it just does not pass the smell test.. like the old saying goes about being too good to be true. She said the cap was 7.5%, but who regulates that? The VA? Because we all know how trustworthy the federal government and its departments are... |
| 7. Written by Dallas Marine on March 30, 2012 from houston, texas, US For all the veterans out there, and specifically to "someone who knows". There are a numbers out business that operate legally per governments laws; however MIC seems to operate without morals or whole truths. The Hybrid ARM, is nothing more than a blend of a Fixed Rate and an adjustable rate mortgage. MIC offers you a low fixed rate for initial period of the loan (2.5) with the guarantee that it will never rise above 1% any year with a cap at 7.5%. This is all legal, and operates within the VA standards. However where the tricky part comes is what are their fees and the margin on the loan? If you look at what they want to refinance you at and amortize the loan for the given periods 1-36, 37-48, 49-60, 61-72, 73-84, 84-End of Term you drive to your over all pay number. The real question is time value of money and how long to plan to stay in your home? The other thing I would think about, is when is the last time you were charged an application fee to borrow money? If you go and seek a mortgage from BOA, Wells Fargo, Chase whomever there is not a pre-approval fee. So some things to think about there. MIC does not operate outside the standards set forth by the government, but neither does used car lots or title loan facilities. |
| 8. Written by someone who knows on March 26, 2012 from tampa, florida, US Look people if u want off a call list stop saying you want off a call list and then hang up on them isn't goin to work! You have to speak to a supervisor and then It takes up to 72 hours for you to be purged from the system. As well do real research because they've been in business for 74 years why would the government let them work as a scam for 74 here come on people wake up and smell the coffee |
| 9. Written by mike on March 14, 2012 from aurora, colorado, US they screwed my frind up with long and terrifying process 4 months ago and he ended up with thire bad loan. |
| 10. Written by Teddy on March 14, 2012 from aurora, colorado, US the only thing i can tell you is they are ready to rip you off. Away from them!!!!!! |
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