On February 3, 2014 I had my first contact with Shore Mortgage, mortgage broker in Troy Michigan, regarding a refinance loan I was seeking for my second home in the Hamptons.
I explained to the mortgage broker that I was looking to acquire a loan, which has a lower interest than my current one with Wells Fargo – 6.5%.
I stated that I needed a stated asset loan since my income was not enough to qualify. I noted that my liquid assets exceed the amount I was looking to borrow. I added that my credit rating was 800.
The broker told me that based on that information he could get me a 15-year loan at 3.5% I said lets do it.
As we proceeded over the next couple of weeks the broker continuously changed his story – 3.5% became 4.5% and 15 years became 30 years. Furthermore stated assets became full financial disclosure even though I did not have the income to qualify. It soon became obvious that this was the old bait and switch game.
It also became obvious that they were just playing games with me. Why? – I have a great fear of what is going to happen to all the personal financial information that I have given him.
I am going to ask the appropriate federal and New York State regulatory agencies to look into this.