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American Loans and Funding – Watch List

The following information appears only because this entity has hit my radar and has raised a concern and I do not want to lose this information. I’m keeping it handy in case issues appear in the future.

Consumer is Reporting the following:

I am one of the victims of a fraud made by American Loans and Funding at 445 South Figueroa Street, Suite 2600, Los Angeles, CA 90071 (800)3975631. I want to know if you can help me to recover my loss or recommend an attorney who can handle my case with no upfront fee. I had filed a complaint with FBI, BBB, LA Attorney General and CA DRE.

On 07/13/10 I applied for a pledged asset mortgage with American Loans and Funding for $903,725 at 4.15% 30 year fix. The loan specialist David Smith (800)9145116 told me to wire a deposit of $52,716.48 to show solvency to their investors. The money will be refunded within 3 months after close of escrow. I wired the money to their Bank of America account 0266095930651074691 at 1969 South Atlantic Blvd, Monterey Park, CA 91754 on 07/30/10. They sent Tavares & Associates to do the appraisal on 08/06/10. I received the closing instruction from Pickford Escrow Company on 09/09/10. The escrow was never closed and funding was delayed again and again. I called David Smith and spoke to Jorge Ramirez, William Rivers, Louis Sandoval and Rolando Wilson. They all gave me the excuses. On 02/22/11 the Co-founder Jorge Ramirez (213)8143165 called me to assure they are reputable company and my loan will be funded on 07/15/11. He told me he will wire the interest to my credit union but never did. On 04/22/11 he emailed me a notice of bankruptcy.

American Loans and Funding used to claim itself as subsidiary of Mortgageclose.com on the advertising logo. I tried to go after Mortgageclose.com (888)3570542 at 1600 North Broadway, Suite #500, Santa Ana, CA 92706. I faxed them a letter along with the loan document on 06/15/11. They have not called me back.

If you have had any experience with this program, please post your comments and feedback in the comments below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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