[adamvi]

I was going to refinance my house with a loan agent that work for Platinum Financial Inc in Whittier, CA. From the 1st meeting I told her that I want to reduce my payment but I don't want a neg ARM and I showed her an offer from Wells Fargo. She said she can do much better than Wells Fargo. On the 2nd meeting she gave me a few choices all with so good to be true low monthly payment, I asked her if any of those program was a Neg ARM and she said none of them a neg ARM. So after discussing it with my wife we choose one of them and again she confirmed that wasn't a neg ARM, so we paid an appraiser to appraise the house. Later on, I became suspicious and went to the internet to find any info, when I called her again she confirmed it wasn't a neg ARM but then later she said that particular program is partly neg ARM and she was going to give us a 0% option. To make long story short, because we din't know about this option program very well it took us more than 3 months to make her finally admited that it is a neg ARM. So we cancelled the loan and asked her to reimburse the appraiser fee that we've already paid to the appraiser. she agreed verbally but it has been 3 weeks already and she never sent the check, she doesn't pick up the phone and today we received a letter from her company stating that we cancelled the loan. she doesn't have license ,what recourse do we have against her or the brokerage company where she works?.

[Caron]

Hi Adamvi,

I understand that the loan agent and her company have cheated you. I don't think the agent is going to give your money back as in most cases the appraisal fee cannot be retrieved from the appraiser. Also, the agent hasn't made any written agreement on giving back the money. So, he can very well deny what he has promised to offer.

What you can do is, contact the office of the Federal Trade Commission (FTC) and file a complaint against the mortgage company. I am sure you will get some help on this issue from the FTC.

Thanks,

Caron.

[helping_user]

Hi,

Here is the contact number and address of the FTC, Washington.

The contact number: 1-877-FTC-HELP (382-4357)

The address:

Federal Trade Commission
CRC – 240
Washington, D.C. 20580

You can also use the online form at https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01 and send your complaint to the FTC.

Thanks.