Is Lend America a legitimate mortgage company? They sound too good to be true.

Is Lend America a legitimate mortgage company? They sound too good to be true.
Is Lend America a legitimate mortgage company, can they do what they say on their TV advertisements?

Is Lend America a legitimate company?

Yes - Lend American is the East Coasts Largest FHA Direct-to-consumer Mortgage Lender. But they service loans and can work with people in all of the lower 48 states (Alaska now, too, I think) - and I would encourage you to call them.

I am NOT affiliated with them, I am just a happy customer of theirs. I can tell you that I thought they were too good to be true as well. My FICO was in the low 500's and I thought that the days of getting a mortgage were off in the distance for me.

My Loan Officer was Gary Branis (ext. 2184, if you want to talk to him, which I recommend) - he was very patient with me, looked over my credit reports and used a tool they have on hand to run my credit through various scenarios to determine what I needed to do to get my score up. He worked with me into the evening hours on a number of occasions, even returning a phone call at 11:00pm one night! He was even willing to coach me on how to go about doing certain things and told me where to expect my score to end up!

For Example: one of the items on my report was a single 30 day late on a well established credit card that was otherwise in good standing. I called the company and asked for the one late to be removed and was told HECK NO "this is impossible", by the indian customer service guy. Gary then told me to call the customer service number and ask to speak to someone in North America. I did and asked again - POOF "Sure sir, we can do that for you" said the nice, intelligable, canadian lady I got. Just like that, the late was gone.

After a few rounds like this, Gary Re-scored my credit - and I scored EXACTLY where his scenario software said it would. I went from a 500 to a 675! He then secured a 3% down, FHA Backed 30 year fixed mortgage at 6.5% with an option to streamline in a few years (dropping the rate further without additional closing costs)

I can tell you that I am now a proud (and first time) home owner who had been spun off by 6 other lenders who didn't want to help. Gary and Lend America took the time and invensted their own money in the process to get me into my home. I am sitting in MY OWN home-office typing this right now!

Give them a try, call Gary and tell him "Victor in Oklahoma" sent you - you won't be sorry. If LEND AMERICA can't get you a mortgage, NO ONE can!

Call HIM at 1-800-707-5626 x 2184 or E-mail him at [email protected]

I'm sorry but the previous answer must have been answered by someone affiliated with that company. Who else could have written it in such good detail. I am a realtor who warned my client of internet lenders. They choose to stay with LendAmerica until they received their pre-dated good faith estimate a month after we had requested one and all the terms, price, interest rate, fees were extremely inflated. They were told they met the deadline for a no-money-down assistance program and days later told them they could not get it, there interest rate went up, fees were astronomical, the loan officer was rude and vague. The lender knew these buyers only had so much money to work with and the amount they had to bring in to close doubled. They even had the purchase price and loan amount inflated. For a $65K house where seller was giving back $3K for costs, they had loan amount of $69K and buyer's bringing in $4K to close. Technically seller was getting $63 for house but total expenses totaled $74K. Not a good thing! They changed to a local lender who said that Lend America would have been making about 5 times the amount that she would be making on the loan. Buyer beware!

Maybe the question was answered by a happy customer but I would only advise people in a credit challenged situation to use them.

It saddens me to see a real-estate "professional" trash a lending company, especially given the real-estate climate in our country right now. This person asks "who else could have written in such detail?" - well - I COULD!! I'm a CLIENT, NOT A LENDER, NOT A REAL-ESTATE PRO, NOT IN THE BUSINESS. You shouldn't lose faith in your fellow mankind so easily... folks, what I have written is the truth - and nothing BUT the truth.

First, off - I am NOT employed or affiliated with Lend Amercian in any way beyond simply being a customer. I can honeslty say that I don't know every Loan Officer at the company - I only know Gary, which is why I mention him by name. I am sure that at a company this size there are going to be some real idiots that are only after a quick buck. This is one of the reasons I DIDN'T simply say "Call Lend America" - I mentioned MY officer by name.

Now, with that being said, I know there are going to people out there that now have that seed of doubt planted by "housemouse" - so I offer you this. In this post are photos of my home - the one I could NOT have purchased WITHOUT Lend America. Take a look at the dates on the pictures - they are accurate. You will see some of them before my closing date of 6/19/2008 and a couple AFTER that date.

If you need more proof, call Gary. He has been cleared to give you all my information and talk about the specifics of my Loan and what it took to get it.

I can also tell you that since my initial post on July 14th, Gary has received a number of calls in direct resposne to my post. He has been able to help a number of clients get into homes when they thought all hope was lost. He can't help everyone and he'll be the first to admit that, but if there is a way, he'll find it.

Don't let the post of a single Real-Estate "pro" who is being beaten down in their own market keep you from at least TRYING to get a home... in a sea of people shaking their heads no, Lend America said yes and now I own this: (make sure and read my captions! )


http://www.ismasters.com/house/1.jpg
This is our new house, right after the put the sod in. They are still working on a retaining wall in the front.

http://www.ismasters.com/house/2.jpg
My wife was SOOO excited to see this in the front yard when we pulled up!!! The dream was becominga reality. (Yes, thats OUR last name!!!)

http://www.ismasters.com/house/5.jpg
CLOSING DAY!!! Our first picture in front of OUR NEW HOME!!!


http://www.ismasters.com/house/3.jpg
After a few months and some landscaping, our yard looked like this. We LOVE IT!

http://www.ismasters.com/house/4.jpg
And our kitchen usually looks like this. LOL - we have 4 kids, so go figure..
Still don't believe me? You can E-mail me at - I'd be happy to give you any details I can about my experience with Lend America.

Don't let housemouse get you down... A LITTLE D-CON can clear that up!

I am an Attorney in Melville Ny were they are based in and let me tell you to stay completely away from them. The son owns company from Father who is in Jail for Mortgage fraud and the Banking Dept is closing them down in about a month due to the same practices. Continental Mortgage has already been taking there leads from there ads on TV and they are currently on there Ginnie Mae License as they are taking them over with the help of bank regulators.

As far as the Shortt family beware you get what you pay for. I am sure your payments will increase with excuses of telling you your taxes went up, etc...

Thank You

J Hoffman ESQ

Well, I've tried and tried to find any information on a lawsuit about someone going to jail over mortgage fraud linked to Lend America or it's Parent Company and haven't been able to find anything. I would be very interested in ready about their shutting down too, considering all the new programs they are putting out like the HOPE for family program, not to mention the new building that they just built or the new employees they just brought onboard…. Hmm…. Doesn't sound like they're about the be shut down, does it? Here, read about all that on Reuters.com (Forward-Thinking Positions Lend America As The Best Prepared FHA Approved Lender... | Reuters (http://www.reuters.com/article/pressRelease/idUS112071+12-Mar-2008+PRN20080312))
Here's what Mortgagemag.com has to say about them. This was in an article about direct lenders that are continuing to offer mortgage options during the housing crunch. (Lend America Continues to Offer Consumers Relevant Mortgage Solutions During Current Mortgage Market Disruption (http://www.mortgagemag.com/news/2007/0816/1000008185070.htm))
Lend America, a National Mortgage Banking Organization and one of New York`s largest privately owned direct lenders, has proudly served the residential mortgage marketplace for over 20 years. The company is one of the most successful direct lenders in the United States and is the region`s largest and most well known FHA direct lenders. Lend America offers a wide range of home purchase and refinance programs to meet their clients` individual requirements. Lend America`s new 40,000 square foot headquarters employs approximately 300 employees and is located at 201 Old Country Road, Melville, New York, 11747. For more information on Lend America, please visit Nationwide, direct lender, Lend America offers mortgages, loans, with little to no money down, quick loan process (http://www.lendamerica.com/).
And here's one about how they are helping a major financial institution re-finance $1 billion of its' non-performance real-estate portfolio. In lay-mans' terms, this means they are helping refinance all types of loans into their new HOPE program for home-owners.
Lend America facilitating HOPE refinancings | Real Estate and Technology News for Agents, Brokers and Investors | Inman News (http://www.inman.com/news/2008/10/20/lend-america-facilitating-hope-refinancings)
And to the comment about “you get what you pay for” and my payments increasing – this so-called attorney is inferring that a yearly increase in payments is somehow a “scam” – anyone that has a fixed payment mortgage will see a slight increase in their payment yearly because of property taxes… DUH! In all reality, Lend America doesn't service many of their own loans (in fact, at the time I got mine, they were not servicing ANY of them) – my loan was picked up by GMAC – I think we all know who they are… I never sent a single payment to Lend America, and GMAC wouldn't approve me outright. Funny how the system works.

If you're going to trash the company, Mr. attorney, be prepared to back it up. Can you provide a link to this so-called Mortgage Fraud case?

The lawyer is correct. This company has been profiled in the recent Business Week article
FHA-Backed Loans: The New Subprime
(http://www.businessweek.com/magazine/content/08_48/b4110036448352.htm)

Can you give me a mortgage with 650
Credit score?

The lawyer is correct. This company has been profiled in the recent Business Week article
FHA-Backed Loans: The New Subprime
(http://www.businessweek.com/magazine/content/08_48/b4110036448352.htm)


Still, no one can answer or tell why we should avoid this company. Sure, it is in the news, but as a customer, why stay away from them? High fee? High interest rate? :confused:

As for what the others are saying about Lend America, I don't really care at this point. My wife and I are currently refinancing our home through Lend America, and we have never had such outstanding service and we've refinanced our home over 4 times. Our Lend America loan officer, Kevin Dayton, has been EXCELLENT. He's no quitter and has put his all into making our loan happen. He has called when he said he would, and he's never left us in the dark during any stage of the process. Call and ask for him at 1-800-707-LOAN, you won't regret it!

OUR STORY

We're currently in a ARM with EMC Mortgage (a subsidiary of Bear Sterns, recently bought by Chase). Well, our rates and payments continued to move up, up and up with each resetting of the ARM. We didn't know what to do. With two kids and a exploding mortgage payment, the future was looking bleak. In fact, around a 6 months ago, after our first reset, we were actually looking at foreclosure, because we had fallen behind on our mortgage payments and swimming in debt. It was bad, and EMC did a modification to help us get back on track, but the payments continued to climb. HOWEVER through prayer, faith and discipline, our circumstances improved. The good Lord takes care of His servants.

In June, I received a promotion in my career, and we were able to pay off some small debts, but our mortgage was still a "beast," eating up our monthly income. So we had to do something. My wife works at a local bank in loan processing and underwriting, so she knows the finance world well. So our first instinct was to go to her boss, seeking help. She has been a super employee, dedicated, honest and hardworking. Well, to make a long story short, her own employer would not refinance us out of our current ARM. So we felt defeated and thought that there was no use to try. We resolved that we would just have to budget every penny and hope that no emergencies occurred.

But my faith told me to press on. So, around three weeks ago, I began to surf the net researching top-rated refinance companies, Lend America made it to the top of my list. Having been turned down by our local bank, I told my wife to call Lend America to see if they could help, so she reluctantly did. Well, that's when we met Kevin Dayton of Lend America, and that's when God removed more doubt from our human minds. Now, in no way am I saying that Lend America boosted my faith in God, but our dealings with them have proved to us once again that God controls everything and we are only borrowing His world, His stuff, while we're here on earth.

Well, after her conversation with Kevin, he took our information over the phone and we were quickly pre-approved. The rates and terms offered by Lend America were far better than those my wife would've ended up with from her own employer. Within a few days, Kevin was ordering our appraisal and sending everything for final approval. Needless to say, the Holidays have slowed down the process a little, but we are due to close our loan either this week or the beginning of next. He locked us in at 5.5% with a 30 year fixed in one FHA-backed loan. This may not sound like a deal to some people today, but with our current rates being around 11% and 9.5% (1st & 2nd Mortgages), this was a phenomenal opportunity for us.

I can't say enough about the professionalism, the determination, and the promptness of Kevin Dayton and the Lend America staff so far. I would HIGHLY recommend them to anyone needing help with their current ARM or high-cost mortgage. As for the warnings placed on this site about Lend America, I find them hard to belief. But, I know that God will lead me through anything. So, if this mortgage turns out to be too good to be true, God will simply open another door, so I don't pay much mind to "doomsayers." ;)

I am an Attorney in Melville Ny were they are based in and let me tell you to stay completely away from them. The son owns company from Father who is in Jail for Mortgage fraud and the Banking Dept is closing them down in about a month due to the same practices. Continental Mortgage has already been taking there leads from there ads on TV and they are currently on there Ginnie Mae License as they are taking them over with the help of bank regulators.

As far as the Shortt family beware you get what you pay for. I am sure your payments will increase with excuses of telling you your taxes went up, etc...

Thank You

J Hoffman ESQ

What kind of lawyer does not know the proper use of the word there?
The son owns company from Father... what kind of English is that??

There ads on TV and they are currently on there Ginnie Mae License as they are taking them over with the help of bank regulators... What are you saying??


I beg to differ on the lawyer claim?

As for what the others are saying about Lend America, I don't really care at this point. My wife and I are currently refinancing our home through Lend America, and we have never had such outstanding service and we've refinanced our home over 4 times. Our Lend America loan officer, Ryan Dayton, has been EXCELLENT. He's no quitter and has put his all into making our loan happen. He has called when he said he would, and he's never left us in the dark during any stage of the process. Call and ask for him at 1-800-707-LOAN, you won't regret it!

OUR STORY

We're currently in a ARM with EMC Mortgage (a subsidiary of Bear Sterns, recently bought by Chase). Well, our rates and payments continued to move up, up and up with each resetting of the ARM. We didn't know what to do. With two kids and a exploding mortgage payment, the future was looking bleak. In fact, around a 6 months ago, after our first reset, we were actually looking at foreclosure, because we had fallen behind on our mortgage payments and swimming in debt. It was bad, and EMC did a modification to help us get back on track, but the payments continued to climb. HOWEVER through prayer, faith and discipline, our circumstances improved. The good Lord takes care of His servants.

In June, I received a promotion in my career, and we were able to pay off some small debts, but our mortgage was still a "beast," eating up our monthly income. So we had to do something. My wife works at a local bank in loan processing and underwriting, so she knows the finance world well. So our first instinct was to go to her boss, seeking help. She has been a super employee, dedicated, honest and hardworking. Well, to make a long story short, her own employer would not refinance us out of our current ARM. So we felt defeated and thought that there was no use to try. We resolved that we would just have to budget every penny and hope that no emergencies occurred.

But my faith told me to press on. So, around three weeks ago, I began to surf the net researching top-rated refinance companies, Lend America made it to the top of my list. Having been turned down by our local bank, I told my wife to call Lend America to see if they could help, so she reluctantly did. Well, that's when we met Ryan Dayton of Lend America, and that's when God removed more doubt from our human minds. Now, in no way am I saying that Lend America boosted my faith in God, but our dealings with them have proved to us once again that God controls everything and we are only borrowing His world, His stuff, while we're here on earth.

Well, after her conversation with Kevin, he took our information over the phone and we were quickly pre-approved. The rates and terms offered by Lend America were far better than those my wife would've ended up with from her own employer. Within a few days, Kevin was ordering our appraisal and sending everything for final approval. Needless to say, the Holidays have slowed down the process a little, but we are due to close our loan either this week or the beginning of next. He locked us in at 5.5% with a 30 year fixed in one FHA-backed loan. This may not sound like a deal to some people today, but with our current rates being around 11% and 9.5% (1st & 2nd Mortgages), this was a phenomenal opportunity for us.

I can't say enough about the professionalism, the determination, and the promptness of Ryan Dayton and the Lend America staff so far. I would HIGHLY recommend them to anyone needing help with their current ARM or high-cost mortgage. As for the warnings placed on this site about Lend America, I find them hard to belief. But, I know that God will lead me through anything. So, if this mortgage turns out to be too good to be true, God will simply open another door, so I don't pay much mind to "doomsayers." ;)

I meant RYAN DAYTON in the above post... Oops!

We are currently doing a refinance with Lend America. Everything went very well through the application and closing process. However, when we signed all th documents at closing, they just stopped working on our loan. They never funded the loan and still to this date have not paid off our original mortgage. We are in a real mess now, because our original mortgage is past due and I sent in my mortgage payment to Lend america, so I do not have the funds to pay two mortgages at once. I don't know what to do. The funding department personel will not return any of my voice mails, and even when I have them paged, they will not take any calls. I don't know what to do at this point. Does anyone have any suggestions for me?

I have never had a problem before now getting a bank to fund the loan once it has been closed.

We are currently doing a refinance with Lend America. Everything went very well through the application and closing process. However, when we signed all th documents at closing, they just stopped working on our loan. They never funded the loan and still to this date have not paid off our original mortgage. we are in a real mess now, because our original mortgage is past due and I sent in my mortgage payment to Lend america, so I do not have the funds to pay two mortgages at once. I don't know what to do. The funding department personel will not return any of my voice mails, and even when I have them paged, they will not take any calls. I don't know what to do at this point. Does anyone have any suggestions for me?

I have never had a problem before now getting a bank to fund the loan once it has been closed.

How long has this been ago? Was it a FHA-Backed Loan? Was this a Refinance? What was your interest rate? Who worked on your loan at LendAmerica? Have you contacted a lawyer and HUD about this? Did anything change with your income or means of living? I've never heard of such a thing as you've explained in this post. If you closed, then you should have a loan number assigned to you in your final documents... Can't you call about your loan number and get information?

We just closed on Dec 31st and the funding was supposed to be Jan 6th, 2009. Nothing has changed at all in our income or our situation. I am going to try to talk to a lawyer on Tuesday if I can find one. This is such a weird situation. I have never dealt with this before. Ted (the guy who processed our application) said that I need to talk to Dawn (the lady who cuts the checks). However, Dawn does not take any phone calls, and she does not return any voicemail messages. I have also tried to leave messages for her boss (Jennifer) with no results either.

This is an FHA loan, so I guess I can try to contact them somehow.

I am an Attorney in Melville Ny were they are based in and let me tell you to stay completely away from them. The son owns company from Father who is in Jail for Mortgage fraud and the Banking Dept is closing them down in about a month due to the same practices. Continental Mortgage has already been taking there leads from there ads on TV and they are currently on there Ginnie Mae License as they are taking them over with the help of bank regulators.

As far as the Shortt family beware you get what you pay for. I am sure your payments will increase with excuses of telling you your taxes went up, etc...

Thank You

J Hoffman ESQ

Hmmmm, Mr. Hoffman, you are using "there" when it requires a possessive "their" that anyone who has gotten through law school and taken the bar should know. It would be rather unusual for an attorney to be that specific concerning a case without referencing the case number. I suspect The Shortt family, (I have no idea who they are) might have a case of libel if they so chose to follow up. Please stick to facts "Mr. Hoffman, esq."

Can you provide us with your bar number? Just curious.

Look at the advertisement that runs on the major networks. It's a mock network flash-news announcement. This is in sense a bank, masquerading as a Network news announcement, instead of what they actually are doing, running a commercial.

They are 100 Percent not a legitimate company. Who are you people? Why would you even ask these questions?


If you're dumb enough to do business with them after seeing that, or reading what these people have to say, I have a bridge I'd like to sell you in Brooklyn... for a good price.

Although I hope the attorney is a legitimate source of knowledge, his post is riddled with errors... and I'm pretty sure lawyers in New York know how to read and write.

jahrichie, I'm sorry, but to say this is a 100% not legitimate company is a completley false statement.

How can you possible say this is an illegitimate company when I have posted photos of a home, legitimatley purchased, with legitimate funds, and a legitimate mortgage? Do you really think that the FHA would be working with or backing an illegitimate companies mortgages?

And since I have done business with them, I suppose I am dumb?

Jackass!

Do you think educated people can't tell you have some tie to this business? You are seriously pathetic.

It's disgusting that this "home owner" is posing as someone not affiliated to the company. Where did my post go?

Well, all I can say is that I have no tie. I don't even live in the same state. In order to close my loan, that had to sub-contract with a closing agent.

I have received several calls from people wanting to know more about my story. I've told them all I know. If anyone is unsure of my story, I would encorage them to call me.

Well, all I can say is that I have no tie. I don't even live in the same state. In order to close my loan, that had to sub-contract with a closing agent.

I have received several calls from people wanting to know more about my story. I've told them all I know. If anyone is unsure of my story, I would encorage them to call me.

Aviator4,
My wife and I recently closed a re-fi loan with Lend America and our experience has been great. Today, they were suppose to cut the checks and send them out to our old mortgage companies, and one to us. The lady even could give us Fed-Ex tracking numbers for our checks to keep an eye on their arrival. I really don't understand why these people keep attacking this company and your comments. My only explanation is envy and ignorance of the entire process. For example, one of the comments from one of the skeptics, whom I think claimed to be a lawyer, was that our monthly payment would continue to raise. Well, we are in a fixed, FHA-backed loan, which can't move. Our property taxes are assessed by the county we live in, so they don't control that part of our escrow, and, even though the insurance premium might raise our payment in the future, that's at the insurance company's discretion. So how will Lend America raise our payment. In fact, Lend America will, without a doubt, sell our loan to the secondary market and have nothing to do with our loan down the road.

I guess these weird people have nothing better to do but trash a good company by telling redicuous lies about mortgages and payments and such. If these people are actual lawyers, then any doubts I had about the justice system in this country have been "justified." These guys might try getting a job in the Illinois' governor's cabinet or something of that nature. The general public is not as ignorant as "some" may think we are.

Enjoy the day that God has made,
John

Hahahah you middle americans!

Hi Victor in OK. Congrats on your home. I read your post about Gary and Lend America back in Sept and immediately got in touch with him to get a pre approval for a mortgage. So here we are a few months later and tomorrow is the big day! We close on our house in the afternoon and thanks to Gary's expertise (and your recommendation) we are getting in for a little over 10K! He really knows his stuff! Thanks

Look at the advertisement that runs on the major networks. It's a mock network flash-news announcement. This is in sense a bank, masquerading as a Network news announcement, instead of what they actually are doing, running a commercial.

They are 100 Percent not a legitimate company. Who are you people? Why would you even ask these questions?


If you're dumb enough to do business with them after seeing that, or reading what these people have to say, I have a bridge I'd like to sell you in Brooklyn...for a good price.

Although I hope the attorney is a legitimate source of knowledge, his post is riddled with errors...and I'm pretty sure lawyers in New York know how to read and write.


Ok so yesterday I got the keys to our home that we purchased thanks to Lend America and Gary Branis. I guees when they wired 356K to my attorney that morning for closing that wasn't legit? GIVE ME A BREAK. I highly recommend Lend America, but more so Gary. He gave me straight talk, no BS and he always returned my calls and emails, not to mention the guy works until midnight helping his clients realize their dreams. call Gary at extension 2184 and tell him Monica from Paramus, NJ sent you:)

Exactly! I thought the same thing. It's funny, the only people that have direect dealings with Lend America on here are the ones with positive stories.

Take a look at the posts, folks, every negative story on here is from a THIRD PARTY - meaning people that have never dealt with them directly.

It is now feb 2009 and were still here!!

Thank you for backing our company its people like you we work hard for

We just closed on Dec 31st and the funding was supposed to be Jan 6th, 2009. Nothing has changed at all in our income or our situation. I am going to try to talk to a lawyer on Tuesday if I can find one. This is such a weird situation. I have never dealt with this before. Ted (the guy who processed our application) said that I need to talk to Dawn (the lady who cuts the checks). However, Dawn does not take any phone calls, and she does not return any voicemail messages. I have also tried to leave messages for her boss (Jennifer) with no results either.

This is an FHA loan, so I guess I can try to contact them somehow.


I don't have an answer, more like a question. I am in the same situation at you are. I closed on 1/31 and was scheduled to fund on 2/3. It's been 10 day's and no funding yet. Just want to know if Lend America ever funded and did you ever get an answer?

Dear Regurro and jakidd445,

I don't have an answer either, I have a question. Have either of you been funded already?

Here's a quick update on my home... nothing but great news!! Gary's saving me money again.

Gary actually CALLED ME to let me know that I am eligible to streamline my loan (which is now held by GMAC) - got to love the FHA backed loans! And thanks to dropping rates, it made sense to do it.

He's asked me not to disclose the rate (since they seem to be changing), so I won't, but I can guarantee you that he's saving me a big chunk-o-change every month. We are currently waiting to close the new loan.

The great thing is that since my loan was FHA backed, there are no refi-fees!! Woohooo!

Thanks Gary!

People, if you have been turned down by other lenders, and the replies on this question have you doubting my legitimacy (got that big word, Mr. Attorney? - LOL), then CALL GARY.. worst thing that can happen is that you're right where you are right now, right?

For those of you that have called me and asked questions, thanks for calling! I'm always happy to tell people about Gary and Lend America.

Ok - Let's get serious now. The internet is a source of information for many people looking for reviews on a myriad of things. These people on this website giving Lend America a leg up or boost is a load of crock. I mean, lets be for real. One guy even went so far as to post pictures. I also see him defending this company within an inch of his life. Why? Why are you so adamant about defending Lend America? I mean seriously, no one is stupid. Any person with half a brain can obviously see you have some affiliation with Lend America besides getting your so-called loan. So here's the real deal. Since you are spreading all this love for Lend America, and throwing around Gary's name like he is the hottest thing smoking --you probably are Gary posing as an actual customer--show some proof. Scan your closing docs. Black out personal info, and let's see what the real deal is. I don't believe aviator or his co-signers which might still be aviator posing as another person - who is really Gary! LOL I mean this is utterly ridiculous!

Listen people. Those of you who find yourselves easily suckered into these predatory lending companies, read the business week article and don't give LEND AMERICA THE TIME IT WOULD TAKE YOU TO WIPE YOUR OWN!!

If you want to wind up in a bigger mess than you are already in - stay away from them. Obviously they are a load of crock if the Federal government doesn't want to deal with them. Do yourself a favor. Call greenpath debt solutions or some other debt consulting company that is accredited and work out a budget to pay down your debt and clean up your credit. That's what I did. I now have 3 items in collections that I am paying down and then I am done. Give yourself 1-2 years to save some cash for down payment and allow your credit score to increase, dispute any inaccuracies and increase your credit score legally. Once this is done, apply for a first time buyers 30yr -fixed rate mortgage loan with a reputable bank. One that is backed and insured by the federal govt. Do yourself this favor. These companies prey on folks that are low or middle income families that are looking to buy their first home. If you want to watch your hard earned money go down the toilet quicker than a load of crap - deal with Lend America. If you want to make smart decisions do your research on this company - check reputable websites and do your hw. You'll see what I and many others are talking about.

I guarantee that after this post aviator - aka Gary LOL is going to post and defend Lend America. So will his cronies... Ignore them and their blissful house stories. You can get your house too and you don't need to get it through Lend America. Save yourself the worry and debt. This company is going down. Don't go down with them.

I guess replying to this makes me a phony, LOL...

I've said my piece - I've spoken with a number of people over the phone that have called my HOME number, I have replied to numerous E-mails etc.. I stand by my previous posts. If anyone wants to know more, I'm happy to oblige.

You want closing docs scanned and posted as proof? Okay - which pages? You tell me and I'll supply them. The entire closing package is very large, so I'm not going to post every single page.

We are currently doing a refinance with Lend America. Everything went very well through the application and closing process. However, when we signed all th documents at closing, they just stopped working on our loan. They never funded the loan and still to this date have not paid off our original mortgage. we are in a real mess now, because our original mortgage is past due and I sent in my mortgage payment to Lend america, so I do not have the funds to pay two mortgages at once. I don't know what to do. The funding department personel will not return any of my voice mails, and even when I have them paged, they will not take any calls. I don't know what to do at this point. Does anyone have any suggestions for me?

I have never had a problem before now getting a bank to fund the loan once it has been closed.

I'm in the same situation, I signed docs on 3/11/09 and it still hasn't funded and I've not been able to get an answer when... don't know what to do, I have to be moved by the 5th of April

I've enjoyed the back and forth between posters on this subject. There are some very different experiences and opinions about Lend America. I was also curious about this company after viewing a TV ad. I began researching by going to the web page. The first thing that really jumped out at me was THE LACK OF RATE QUOTES, and the LACK OF CLOSING COSTS QUOTES AND FEES QUOTES ASSOCIATED WITH THE LOANS. You cannot do a theoretical calculation on the web page.

In order for you to get any of this important information, you have to send them your personal information or call them on the phone. They suck you in like a vacuum before they'll divulge any of the fees. I called the 800 number. I waited ten minutes on hold. Eventually I got to a "loan officer" who quoted me an interest rate of 5.5% on a 30 year fixed re-finance loan, and over $7000 in closing costs and fees.

Now, I'm fortunate enough to have a very good credit rating and I brought this to the attention of the "loan officer". I also compared quotes from another prospective lender which beat the pants off Lend America. They could not or would not match the quote, so there was no deal and we hung up on cordial terms.

I had to know for myself and I found out. If you have less than stellar credit there are still predators out there willing to cut you a deal, collect fees and sell the loan before the potential for losses are realized. Their interest rates are in line with other lenders, but a little high. Their fees are exorbitant. Way too high.

I'm no expert, but I know enough about Lend America to stay away. I cannot recommend this lender to anyone and I'll finish by saying "LET THE BUYER BEWARE."

I've enjoyed the back and forth between posters on this subject. There are some very different experiences and opinions about Lend America. I was also curious about this company after viewing a TV ad. I began researching by going to the web page. The first thing that really jumped out at me was THE LACK OF RATE QUOTES, and the LACK OF CLOSING COSTS QUOTES AND FEES QUOTES ASSOCIATED WITH THE LOANS. You cannot do a theoretical calculation on the web page.

In order for you to get any of this important information, you have to send them your personal information or call them on the phone. They suck you in like a vacuum before they'll divulge any of the fees. I called the 800 number. I waited ten minutes on hold. eventually I got to a "loan officer" who quoted me an interest rate of 5.5% on a 30 year fixed re-finance loan, and over $7000 in closing costs and fees.

Now, I'm fortunate enough to have a very good credit rating and I brought this to the attention of the "loan officer". I also compared quotes from another prospective lender which beat the pants off of Lend America. They could not or would not match the quote, so there was no deal and we hung up on cordial terms.

I had to know for myself and I found out. If you have less than stellar credit there are still predators out there willing to cut you a deal, collect fees and sell the loan before the potential for losses are realized. Their interest rates are in line with other lenders, but a little high. Their fees are exorbitant. Way too high.

I'm no expert, but I know enough about Lend America to stay away. I cannot recommend this lender to anyone and I'll finish by saying "LET THE BUYER BEWARE."



So we did get funding late on Friday the 20th and the keys are in my hand now, the how's and the whys of the delay are a little disappointing (primarily the funding department dropped the ball) - we did an FHA loan and I didn't find the fees to be outside of expectation and since we had a full sellers concession up to the 6% allowed by FHA we had no out of pocket other than our 3.5% down at a 5% fixed rate. They may have been quoting you FHA rates and not conventional which is the same for a 620 credit as a 800 (beauty of FHA) since that makes up the majority of their business.

minax28 if you don't mind my asking what were the closing cost

[QUOTE=jfporter;1626943]minax28 if you don't mind my asking what were the closing cost[/QU

Ok I'm looking at my HUD-1

I had to come to the table with 4354.82 - all of which was my downpayment so looking at what the seller paid that wasn't county tax related (there was 11k of back property taxes owed on this REO)

Processing Fee - 545
Underwriter Fee - 695
Settlement Fee - 863.45
Title Insurance - 863 - First American Title
Recording Fee - 150
Deed filing fee - 15 - this is what the county charges I checked

Everything else listed was county tax related or prepaids since my first payment isn't until may 1st

Not counting your back taxes what were your total closing costs

Thanks














[QUOTE=jfporter;1626943]minax28 if you dont mind my asking what were the closing cost[/QU

Ok I'm looking at my HUD-1

I had to come to the table with 4354.82 - all of which was my downpayment so looking at what the seller paid that wasn't county tax related (there was 11k of back property taxes owed on this REO)

Processing Fee - 545
Underwriter Fee - 695
Settlement Fee - 863.45
Title Insurance - 863 - First American Title
Recording Fee - 150
Deed filing fee - 15 - this is what the county charges I checked

Everything else listed was county tax related or prepaids since my first payment isn't until may 1st

3131.45 of buyers closing costs paid by the seller the remaining portion of the 6% concession was used to buy down points. No reserves were required for this loan.

I had my sister that works with Countrywide review my GFE, Truth in Lending, and Settlement.
She was surprised that the processing and underwriting fees were that high but since we weren't charged an origination fee that it more than balanced in our favor and she didn't find that any of the other fees (title insurance, settlement fee) were outside of the norm.

Thank you

Hi All,

I had to sign up to respond to this thread. I also heard that the Dad of the current owner of Lend America went to jail for mortgage fraud. I am looking documents to support this information. I have been working in the mortgage industry for 19 years. It has had a major collapse over the past few years. The reason for this is greed. Loan officers are taught to make as much commission as allowed by law. Owners and loan officers are more concerned with profit than the clients needs at the end of the day. The bottom line is the dollars earned by mortgage. When someone says act now, you need to do this immediately I know that the all mighty dollar is driving that ad campaign.

There are 3 types of companies to get a mortgage from.

A Broker - they process the loan then they bring the loan to a banker to underwrite. They earn a commission and the bank discounts the loan - however the bank makes a profit as well. There are only a few bankers left willing to allow brokers do business with them. Broker business is not as advantageous as it was years ago. 3 out of 4 brokers are out of business.

A Mortgage Banker - Originates, process and underwrites mortgages. Lend America, Somerset Mortgage are mortgage bankers. My experience with mortgage bankers is not favorable. They tend to run boiler room type operations not teaching the loans officer’s ethical lending practices. I have yet to find a fair and honest mortgage banker in the industry. Profit Profit Profit- ABC Always be closing is their motto.

An S&L Lender - Originates, process and underwrites mortgages. Wells Fargo, Chase, BFCU are S&L's . They are anyone’s best bet in this market. They hold their loan officers to a higher standard. They have a better philosophy than mortgage brokers and mortgage bankers. They are publicly traded. Which means under more scrutiny. A credit union is anyone’s best bet for a mortgage. They have the lowest rate and the lowest closing costs usually but not always.

Goggle the Mortgage companies name + fraud/complaints to see what’s out there about them. Anyone that has had fees changed, excessive fees, rude bulling behavior from loan officers should contact the banking department to make a complaint. They will not tell you anything about the lender if you call them, but they will investigate to make sure that if are engaged in any misleading lending practices. If you feel you are mistreated or lied to make the complaint so it will not happen to the next person.

A mortgage company cannot change the fees prior to closing. They need to give you five days notice. If this has happened call the banking dept. This is what most lenders do to earn more profit - they sell you one rate with points and do not lock it in and close to closing they jack up the rate and or points and tell you that the market has changed. They need to send you your disclosures within 3 days of you signing the incial application. If you do not get the disclosures with in 3-5 days of applying with them call the banking dept. If your fees change right before closing (points - rate) and you feel you are mislead call the banking dept. People need to act. This will put these lenders on notice. Again at the end of the day they are more concerned with profit not consumers best interests. A fair mark up is 1 to 2 points (MAX $3000) if your loan officer is making more than this he/she is greedy. Ask if the points are buying down the interest rate. Most times they will lie to you and tell you that you had to pay points to buy down the interest rate. Call around to see what other lenders are offering to compare. If you feel you are paying too much tell the lender that you do not want to close and you are going to report them to the banking dept.. Your complaint mandates the lender to respond to the Banking Dept. It can also warrant an audit from the banking dept to see if they are not ad hearing to ethical lending practices. MAKE THE COMPLAINTS is the #1 piece of advice I can give anyone that felt they were mislead, cheated, bullied by a loan officer.

By the way we can all tell who is responding in the company’s behalf here. Very sad

Read the following in Business Week:

Lend America in Melville, N.Y. uses cable television infomercials and a toll-free number (1-800-FHA-FIXED) to encourage borrowers in trouble with adjustable-rate mortgages to refinance with fixed-rate loans guaranteed by the FHA. Anticipating the real estate crash, the Long Island firm switched its strategy in 2005 from subprime to FHA-backed mortgages, says Michael Ashley, Lend America's chief business strategist. This year, the company will make 7,500 FHA loans, worth $1.5 billion, he says. "FHA is a big part of the future," Ashley adds. "It's the major vehicle for the government to bail out the housing industry."

But why the federal government would want to do business with Lend America is perplexing. Ashley has a long history of legal scrapes. One of them led to his pleading guilty in 1996 in federal court in Uniondale, N.Y. to two counts of wire fraud related to a mortgage scam at another company his family ran called Liberty Mortgage. He was sentenced to five years' probation and ordered to pay a $30,000 fine. His father, Kenneth Ashley, was sentenced to nearly four years in prison. "I was just a pawn in a chess game between my father and the government," says the younger Ashley, who is 43. "It doesn't affect my ability to do lending." The default rate on Lend America's current FHA loans is 5.7%, or 53% above the national average, according to government records.

[/QUOTE]
By the way we can all tell who is responding in the company’s behalf here. Very sad[/QUOTE]

Wow... that's more than a little insulting... especially since you don't know me from Adam...

I have no connection to them other than my mortgage which they will likely sell. Ultimately I have the result I needed, a new home that costs less than rent in my southern California area. My payment is 1057 piti until Riverside county finishes the re-assessment sometime next month. Then it'll drop almost another $200 per month once the escrow account catches up. I could work at Mcdonalds out here and still make my mortgage.

Had a co-worker just close on a loan with them last week and another in process now... and yes I did refer them to the loan officer I dealt with since I felt he was up front and honest with me through everything good or bad. Neither has had a problem or complaint about how they've been treated or felt taken advantage of.

Yes Lend America is legite... I'm a new client and have never experienced greater service than I did with Gary at Lend America. I agree 100% with Aviator. He has helped me try to raise my credit score in order for me to get the best rate possible. He answered all my calls and was there practically 24/7. I was about to lose my house and needed to refinance within a month. Before dealing with Lend America I decided to give 3 mortgage companies a call to see if they can help. I left several messages and when I finally got in contact with them they gave me a rate over the phone which was great. I started the process with them but when I received the overnight with all the loan documents in it I had two different rates that were much higher than what I was told. I was very furious and had to do something fast. I gave Lend America a call since they were advertised everywhere. I spoke with Gary Branis who has helped me a great deal. He gave me a few steps of how to get my credit score up and did everything possible to give me the best rate. Of course I didn't believe it at first because every other mortgage company I dealt with gave me great rates on the phone but the rates always changed for the worst. Gary assured me that the rate he gave me from day 1 is the rate I would see and nothing will change. So I believed him since I only had 1 month to losing my house. I received his overnight with all the loan documents. Everything was as we spoke. Time came to close on my house a week before I was suppose to lose it. Gary kept giving me hope saying everything will be fine! Closing day finally came. I looked over all the papers before I signed anything and noticed that everything I spoke with Gary from day one was the same and the rate NEVER changed. With Gary "it is what it is". I signed all documents and was so excited that I was not going to lose my house. If it wasn't for Gary I would be living in a cardboard box right now! He is very knowledgeable and answered all questions I had. He has helped me throughout and gave me hope when I thought I didn't have any. If anyone needs help buying a house or refinancing Gary is the right person to speak to, he is there for you all hours of the day. So many people say they can't trust anyone in the mortgage industry, well guess what this is one person you can trust!

How can you refi an FHA loan that fast after you moved in? The rules are you have to be in the home for at least 12 months for FHA refi's.




Here's a quick update on my home... nothing but great news!!! Gary's saving me money again.

Gary actually CALLED ME to let me know that I am eligible to streamline my loan (which is now held by GMAC) - gotta love the FHA backed loans!! and thanks to dropping rates, it made sense to do it.

He's asked me not to disclose the rate (since they seem to be changing), so I won't, but I can guarantee you that he's saving me a big chunk-o-change every month. We are currently waiting to close the new loan.

The great thing is that since my loan was FHA backed, there are no refi-fees!!! Woohooo!!

Thanks Gary!

People, if you have been turned down by other lenders, and the replies on this question have you doubting my legitimacy (got that big word, Mr. Attorney? - LOL), then CALL GARY.. worst thing that can happen is that you're right where you are right now, right?

For those of you that have called me and asked questions, thanks for calling! I'm always happy to tell people about Gary and Lend America.

Yes Lend America IS legitimate. I live in Alaska and we just closed on a $300,000+ house with Lend America. If you are looking for a great mortgage company that will go out of their way for you to me a home owner, Lend America is your answer. Call Nicholas Mohammed Sr. Mortgage Specialist @ (631) 944-6800 Ext.2299. Tell him you found this posting from Denice in Alaska. Nick was there for us from early hours to late evening hours. If we had a question he was just a email away with an answer. Is there any local loan officer that will respond back after 9pm?? I do not think so.

Yes Lend America IS legitimate. I live in Alaska and we just closed on a $300,000+ house with Lend America. If you are looking for a great mortgage company that will go out of their way for you to me a home owner, Lend America is your answer. Call Nicholas Mohammed Sr. Mortgage Specialist @ (631) 944-6800 Ext.2299. Tell him you found this posting from Denice in Alaska. Nick was there for us from early hours to late evening hours. If we had a question he was just a email away with an answer. Is there any local loan officer that will respond back after 9pm?? I do not think so. We did not go FHA (by our choice), we went VA with no problems.

Lend America are volchers waiting for poor souls facing foreclosure .


A lot of the positive responses are from employees faking as clients .

How can you refi an FHA loan that fast after you moved in? The rules are you have to be in the home for at least 12 months for FHA refi's.




You do know isp's tell the real story - employee :)

I don't see that it says its lend america! I also asked someone from Hud if they've heard of them and they had said yes, therefore they must do lots of loans for them.

How can you refi an FHA loan that fast after you moved in? The rules are you have to be in the home for at least 12 months for FHA refi's.




Quote:
Originally Posted by aviator4
Here's a quick update on my home... nothing but great news!! Gary's saving me money again.

Gary actually CALLED ME to let me know that I am eligible to streamline my loan (which is now held by GMAC) - got to love the FHA backed loans! And thanks to dropping rates, it made sense to do it.

He's asked me not to disclose the rate (since they seem to be changing), so I won't, but I can guarantee you that he's saving me a big chunk-o-change every month. We are currently waiting to close the new loan.

The great thing is that since my loan was FHA backed, there are no refi-fees!! Woohooo!

Thanks Gary!

People, if you have been turned down by other lenders, and the replies on this question have you doubting my legitimacy (got that big word, Mr. Attorney? - LOL), then CALL GARY.. worst thing that can happen is that you're right where you are right now, right?

For those of you that have called me and asked questions, thanks for calling! I'm always happy to tell people about Gary and Lend America.


She didn't say she just moved in, she said she was almost going to lose her home, and she used lend america to refinance!

Thanks to those who have called and asked you questions? You only have 2 posts. So who on here could have called you unless you were posting under another name?

And I don't think aviator4 cares anymore since the thread is a gazillion years old. Not to mention that s/he signed up just to post 8 times on this thread and nothing more. In fact, everyone on here who boasted about Lend America ONLY posted on this thread and no others. A odd little "coincidence."

That wasn't my question, I was just saying that the person didn't say they just moved in, they were simply saying that they were trying to refi. . I know its an old post, lol, I didn't realize that till after. Thanks, take care. I am wondering about Lend America myself, that's why I was reading post.

For those of you that have called me and asked questions, thanks for calling! I'm always happy to tell people about Gary and Lend America.

I was referring to this comment, not anything you said about someone else.

If you were quoting this from someone else, it would have been more clear if you'd actually quoted it.

I am an Attorney in Melville Ny were they are based in and let me tell you to stay completely away from them. The son owns company from Father who is in Jail for Mortgage fraud and the Banking Dept is closing them down in about a month due to the same practices. Continental Mortgage has already been taking there leads from there ads on TV and they are currently on there Ginnie Mae License as they are taking them over with the help of bank regulators.

As far as the Shortt family beware you get what you pay for. I am sure your payments will increase with excuses of telling you your taxes went up, etc...

Thank You

J Hoffman ESQ



Since you are an attorney can you recommend one for me? I live in Minnesota and was going through Lend America for my first time buying a home. I paid off everything on my credit as well as my fiancé (because it had to be done). I got everything and did everything they said to do. Now we are 19 days away from closing and they are telling me they cannot approve the loan because I paid my rent late in April 2008! I paid my rent late once and they can't approve the loan? Now I have $3000 tied up in all of this and have to figure out how to get it all back. Is there any attorney that can help us maybe start a lawsuit against this company, as I have read on here I am not the only one this has happened too and I think I would like to find someone to represent all of us. Can You Help PLease?

That post is a year old. Like most of the posters on this thread, he signed up, made one post and left. So you're not too likely to get through to him.

Not sure why you're trying to deal with some guy in New York. I assume Minnesota has attorneys?

If you want to post about this on here, we do have a legal forum, which would probably be a better for it, because you're talking about legal help, not about whether Lend America is any good. (Obviously not.)

If you take a closer look at their top producing loan officers…there is a smell in the air. They're creating another sub prime implosion. They are qualifying buyers who shouldn't be buying homes to begin with. 530 credit scores 50k income…that's asking for trouble Mr. Ashley. Your good friend Mitch Cohen is paying off debt for buyers…isn't that illegal…i see orange in your future for all you scum bags!!

If you take a closer look at their top producing loan officers there is a smell in the air. They're creating another sub prime implosion. They are qualifying buyers who shouldn't be buying homes to begin with. 530 credit scores 50k income that's asking for trouble Mr. Ashley. Your good friend Mitch Cohen is paying off debt for buyers isn't that illegal- I see orange in your future for all you scum bags!!

Are you talking to one of the people who posted almost a year ago? I don't think they're here anymore.

Can we please kill this thread already?

Jack, I wish I had done my homework. I told the loan officers at LA I regret using them. Is there anyway I can contact you or you contact me to trade notes?

Hannah, I feel the pain now. Please give us an update, Thanks

I am interested in hearing from unsatisfied Lend America customers. I do not work for them or not affiliated in any way with them. I too have been duped by them my e-mail is [email protected], legitimate e-mails only please thank you

Michelle, read my post right above yours. This thread is old. It's doubtful any of the original people are still around. They all posted on this thread and nothing else, ever.

Dec. 2, 2009
FHA shuts down Lend America

The Melville, NY - based lender closed its doors and laid off nearly 600 people after the Federal Housing Administration revoked its approval to originate government-backed loans.

I would guess today's news from Melville, NY about Lend America is not surprising some people! I hope that those who are with Lend America... or used to be with Lend America don't get too hurt by another greedy life sucking business like this one...
We are caught up in a similar scam with Bank of America... Obama's plan was to reduce rates and bring borrowers under the 31% debt threshold of debt to income ratio on mortgages alone... not create higher interest rates and consult it's borrowers to "Not pay mortgages" to better qualify for government money. And to consult inhouse borrowers that are temporarily suffering rough times to "make half payments" on their mortgages - forebarrance, (then subsequently reporting to Equifax, TRW and other bureaus negative information subsequently ruining credit scores and credit reports) reporting the borrower 30, 60, 90 and 120 days late forcing their own borrowers into dealing specifiically with them (can you say monopoly) the forebarrence program is being abused all over the place and banks are locking borrowers into their scams and taking good competition that would better serve the borrower. But surely bankers must sit there and say, "let's just destroy their credit so we know we own them and we'll make a few thousand off the deal in the meantime."
The banking industry makes me sick when they don't follow the basics of "good and lawful business" what they are doing isn't what made America great... but it is the same terrorist mentality that will bring her to her knees as sure as the other crazed terrorist animal used passenger planes as missiles in PA and NY. You get my rat of the day award... heck wear it for a lifetime, some of your clieints will suffer that long!

Michael

Surprise!! Lend america is shut down for illicit mortgage practices oh yeah and its owner michael ashley looking at time just like dear ole dad ken ashley did for mortgage fraud!!




well, i’ve tried and tried to find any information on a lawsuit about someone going to jail over mortgage fraud linked to lend america or it’s parent company and haven’t been able to find anything. I would be very interested in ready about their shutting down too, considering all the new programs they are putting out like the hope for family program, not to mention the new building that they just built or the new employees they just brought onboard…. Hmm…. Doesn’t sound like they’re about the be shut down, does it? Here, read about all that on reuters.com (forward-thinking positions lend america as the best prepared fha approved lender... | reuters (http://www.reuters.com/article/pressrelease/idus112071+12-mar-2008+prn20080312))
here’s what mortgagemag.com has to say about them. This was in an article about direct lenders that are continuing to offer mortgage options during the housing crunch. (lend america continues to offer consumers relevant mortgage solutions during current mortgage market disruption (http://www.mortgagemag.com/news/2007/0816/1000008185070.htm))
lend america, a national mortgage banking organization and one of new york`s largest privately owned direct lenders, has proudly served the residential mortgage marketplace for over 20 years. The company is one of the most successful direct lenders in the united states and is the region`s largest and most well known fha direct lenders. Lend america offers a wide range of home purchase and refinance programs to meet their clients` individual requirements. Lend america`s new 40,000 square foot headquarters employs approximately 300 employees and is located at 201 old country road, melville, new york, 11747. For more information on lend america, please visit nationwide, direct lender, lend america offers mortgages, loans, with little to no money down, quick loan process (http://www.lendamerica.com/).
And here’s one about how they are helping a major financial institution re-finance $1 billion of its’ non-performance real-estate portfolio. In lay-mans’ terms, this means they are helping refinance all types of loans into their new hope program for home-owners.
lend america facilitating hope refinancings | real estate and technology news for agents, brokers and investors | inman news (http://www.inman.com/news/2008/10/20/lend-america-facilitating-hope-refinancings)
and to the comment about “you get what you pay for” and my payments increasing – this so-called attorney is inferring that a yearly increase in payments is somehow a “scam” – anyone that has a fixed payment mortgage will see a slight increase in their payment yearly because of property taxes… duh! In all reality, lend america doesn’t service many of their own loans (in fact, at the time i got mine, they were not servicing any of them) – my loan was picked up by gmac – i think we all know who they are… i never sent a single payment to lend america, and gmac wouldn’t approve me outright. Funny how the system works.

If you're going to trash the company, mr. Attorney, be prepared to back it up. Can you provide a link to this so-called mortgage fraud case?

Lend america is bull I was a loan officer for them ask about the points on the back end things you don't know about they charge masive points please I quit I couldn't sleep at night and not for nothing you worked from 9am to 2 am sometime to meet your dead line because if you didn't you lost your job.. do yourself a favor just look real good in to a company you trust your money to

Okay, enough of this babbling back and fourth!! I am a customer of theirs and they helped me when I was almost a year behind in my payments. All this talk, no one has yet to say what is going to happen to the existing customers.

Well aviator4 I am glad you had good luck with this company because I did not. I did a refinance with them over two months ago and we where supposed to close in 10 days now I heard they “CLOSED THERE DOORS” and apparently their phones because every time I call no one wants to call me back and they are very rude when you speak to them but I will not mention names because I do not want to slander anyone on a public blog. This company did not pay my other mortgage company off or did they send my the reminder which was $19,000 which I don’t know about you but my family could sure use, and then they had the tenacity to sent me a mortgage bill with a late fee and call my house with some one trying to collect and when I ask why they say that they only collect and don’t know any thing about the so called loan its self. No one can give me answers are they going to honor our contract or not? Am I going to get my money or not? Yah real good company. You can do all your “ LOL and Woohooos you want but the bottom line is this company is screwing over hard working AMERICANS, VETERANS and their families and if you want proof contact me.

I bet all of you who posted such praise of LA and Michael Ashley feel real stupid about right now. LA tried to pay off my 1st mortgage earlier this month... with a BAD check. If I wrote a bad check for $60,000 I would be in jail. I have talked with the FBI, special investigators with HUD and FHA, the NY banking authority,and the attorney general in NY and VA about this. I heard this week Gennie Mae is taking over some of these cases. I am also filing a law suit against them.

Well, as a courtesy update to this post. My posts above are based on MY EXPERIENCE with them. THAT IS ALL.

What I can say is that perhaps I defended them a little too ferociously now that the FHA has shut them down and fined them over half a million dollars and their shady practices have finally come to light. Look, I'm no special investigator, I don't claim to be a financial expert or a mortgage expert or whatever. I'm not in the industry (though some on this board have accused me of such) - I'm just an average consumer speaking to my experience. I didn't get screwed by LA - they helped me out.

I will say it again, my experiences above are my PERSONAL experiences. I didn't have to forge any documents or skirt my way around proving income. I didn't have to pay a mortgage broker some ridiculous amount of money or anything like that. I guess I was one of the legitimate customers that they had. I am still in my house, the mortgage is now handled by GMAC, the rate is still the same. My payment has changed since my first post here. It's gone up $30 a month, but that's because this is the first year property taxes included the actual Payment, not just the land and it was expected.

I'm still a happy customer. Not because Lend America is necessarily because they're a good company, but because in the end, Gary delivered on his promises... every last one of them. I just didn't get mixed up in all the bad practices that apparently Lend America was getting into.

I never got a chance to streamline my FHA loan before the were shut down - for some reason my gut told me not to do it.. Something tells me this is a good thing. The rate on my loan is still outstanding and who knows how big of a mess I'd be in had I actually tried to do a streamline right before they were shut down.

Please know, I am a real consumer, I am a real homeowner (now), and am not affiliated with them whatsoever. My experiences above are STRICTLY based on MY PERSONAL EXPERIENCE.

It will be a LONG LONG time before I EVER endorse another company, thanks to this very blog.

I think that is a very good idea

Personally, I don't think there's anything wrong with endorsing a company, if you've had a good experience and believe in what you are saying. However, I do believe many posters on this thread were not just regular customers, so this particular thread might not have been the best place to do it. This thread has been a lot of nonsense back and forth.

There are other places around here where companies do get mentioned and people post experiences. Nothing wrong with that. I just think this thread was a little whacky, got way out of hand, and quite frankly, I'm tired of looking at it. (And yes I know, I'm causing it to show up on my subscription list.)

Michelle, I don't think it was necessarily cool saying that everyone who endorsed them should feel stupid. For those who were real customers and had good experiences... well, sometimes people need to watch out for things a little better, but they don't need to feel "stupid" about it - just learn a lesson and hopefully do better research next time. I'm not sure if this was a "jumping out and biting you obvious" sort of situation - perhaps a little more subtle.

For those who were lying or just screwing around, I doubt seriously they feel stupid about it, do you? People who do stuff like that intentional have a purpose and they don't feel stupid about it. They're probably just pleased they got away with it as long as they did.