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.