Tampa, Florida
4.6K views 203 comments
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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 *** 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 ***.

Review #200646 is a subjective opinion of a user.

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chaz
Roseville, California, United States #927064

Your story makes no sense. You would have signed a bunch of paperwork, provided them with required documentation, and sat through it for at least an hour. Yet you had no idea what was going on?

11b- Chris Cocco
Grass Valley, California, United States #718835

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!

lazy
to 11b- Chris Cocco #927068

Just by knowing how the mortgage industry works I can tell you are not being honest.

thenaturaloutlaw
Raleigh, North Carolina, United States #664737

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!

Rick
to thenaturaloutlaw #685781

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.

Doc
to thenaturaloutlaw Colorado Springs, Colorado, United States #812881

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

none
to Doc #927072

I don't think you should be worried about the adjustable rate.I can go up ad high as you said, but very unlikely.

I was doing these loans over 11 years ago. They started out at 4%. If they still have that loan they will under 2 or 3% now. If they kept their monthly payment the same they would have paid it down by a lot more.

My uncle got a similar loan in the 70s and did that. He paid the loan of nine years early.

That's over 100 payments they didn't have to make.Adds up to a lot of cash.

johnnyjaw125
Lubbock, Texas, United States #617647

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....

Very Annoyed
Clayton, North Carolina, United States #611314

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.

Very Annoyed
to Very Annoyed Clayton, North Carolina, United States #611320

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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