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Post subject: Scam or Not? |
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| I got the same type of loan consolidation stuff by mail and decided to call as i am interested in refinancing my 30-yr fixed loan before the rate gets any higher. I spoke with a woman named Sandra, we corresponded for a few days, checked my credit, and i received my loan application packet online. She was ready to take my credit card number for the appraisal fee 3 days after we initially spoke. I wasn't too sure then so i refused and waited 5 more days before getting back to her while also shopping around for better rates. Now, i tried to call the toll free number i have been using to reach her but no voicemail, none of the normal ring tone is even heard. Nw who wouldnt be scared of a scam brewing?? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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it's hard for me to conceive of responding to a blind invitation to finance my home. granted, i have loads of experience in the financial industry, but these folk who claim to know my situation are absolutely not going to get my business.
beware, people
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George M. Akerley
Loan Consultant
860-221-5044 |
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susanbrown
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Post subject: no need to beware |
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| I just closed my loan with AFS no problems what so ever. I read all the negative posts here and they are not so. As with any mortgage you must meet requirements for credit, prove enough income to repay, and enough home equity to balance out the debt you are trying to eliminate. Not everyone solicited will be able to fulfill all those. They don't make money on the appraisal fee, the appraiser does. Any financing co. will ask that of you. According to their website they've closed over 10,000 loans this year and were voted one of the best places to work in Rhode Island with over 300 employees. Hardly looks like a loan shark organization. Everyone should shop around carefully when mortgage hunting, but one of the services that sets AFS apart is the ability to pay off credit card and car loan debts and removing them from your ratio by making checks payable directly to those lenders at closing... no chance you can spend that cash out anywhere else. I did not find any other lender willing to do that. (disclaimer: I do not work for this company... truly just a satisfied customer. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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paying off of accounts is a mixed bag. lenders will look at this in two different ways. if a borrower must pay off to qualify, then the lender will ensure that the debts are paid. if, however, a borrower is consolidating but qualifies with the debts remaining open, most - if not all - lenders will simply provide the funds to the borrower and it's up to that borrower to pay those debts.
requiring payoffs to be part of a closing puts a large burden on processing and closing departments as well as the title agent (lawyer, notary, title company) that is doing the closing. if it is not a necessity, it truly makes no sense to put that requirement in their hands.
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George M. Akerley
Loan Consultant
860-221-5044 |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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and me again...i will definitely agree with your stance, susanbrown, that it is a nicety for a borrower.
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George M. Akerley
Loan Consultant
860-221-5044 |
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susanbrown
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Post subject: asf |
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| well George, it's not like you're asking the title company to do you a special favor! You are paying them for the service. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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i doubt you'd find most title companies happy to take on that requirement, though...paid or not.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Robert W
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Post subject: Advanced Financial Services Inc |
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| I have worked at AFS since 1996. We are a full service mortgage lender currently doing FHA, Fannie and Freddie loans in about 40 states and DC. We have been voted as one of the Best companies to work for many times. We help customers save money by consolidating their debts within the guidelines of lending, take money for home improvements, college etc. We help people save money and better their current financial positions. |
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nana
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Post subject: afs preaproved loan |
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| I got a letter to preaprved paid for aprarssial never heard a nother word .I can't even get a call back.N.C. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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maybe robert w the employee or susanbrown the satisfied customer can direct you, nana, to the appropriate person who can give you the wonderful service they've told us about.
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George M. Akerley
Loan Consultant
860-221-5044 |
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BANIT SNOWMAN
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Post subject: AFS |
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| IT IS A RE-FI OFFER, THEY ARE AFTER YOUR EQUITY IN YOUR HOUSE, THE MINUTE THEY GET YOUR CREDIT SCORE & FIND OUT HOW MUCH EQUITY YOU HAVE THEN THEY DECIDE IF YOUR APPROVED, PRE-APPROVAL IS JUST A MASS MAILING, THEY HAVE NO IDEA WHO YOU ARE, EVERYONE IS PRE-APPROVED, WINK WINK. |
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Rocky
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Post subject: AFS |
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| I can put a little input on this if anyone cares to read. I got an offer from them and decided why not? As I have an adjustable rate and as anyone knows it goes up and down (more up than down) This was back in 2008 about eight months ongoing now.It was for a refinance. I told them my credit wasn't that great they said that wasn't a problem. So on we went with the paperwork. It went well at first, they sent an appriaser to come look at my house (cost of 375.00) Then then the contact phone calls were getting so they were less frequent. Most everytime I called my loan officer I would get a voice mail. When I did get to talk to him he would tell me he was working on it. Well to make a long story short I haven't heard from them in months and they actually made my credit score go down because they keep checking your credit scoreand made deals with my credit card companys to pay off my debt, and all they did was pi** them off because nothing camme through. So anyway that was a 375.00 lesson for me! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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rocky thanks for sharing. i truly think this is more likely incompetence rather than an outright raw deal, but the one thing i don't quite get is the reference to them having "made deals with my credit card companys to pay off my debt." unless and until you had closed on your proposed loan with them, they had no rights or reasons to make deals with your other creditors. it just doesn't make sense. of course, that may be part of their overall problem, too.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Rocky
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Post subject: credit card debt |
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| my loan officer told me he sent letters to the credit card companys that were included in the payout or whatever you call it and they agreed to settle for one half of what I owed. But as a result of him dragging his feet everything fell through I guess. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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an over-enthusiastic loan officer at work there...i don't know how those creditors would have been willing to negotiate with a loan officer. he'd have no standing to negotiate a settlement with them - they're your accounts, right?
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George M. Akerley
Loan Consultant
860-221-5044 |
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