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American General Finance / Fraud

1 OR, United States Review updated:

We went into AGF's office initially for a refinance. We were assured after we provided documents (2 week old appraisal, two years worth of tax returns, year-to-date earning statements for current year) and they pulled credit, that my husband MORE THAN QUALIFIED to refinance our existing mortgage. I was staying out of it because I am a displaced real estate broker with no job and no promising prospects for one. During the conversation about the mortgage refi, I let it slip that I wanted to get the truck sold that day so that we could keep current our existing mortgage. Pouncing on this info like a spider monkey jacked up on Jolt cola, the loan originator said, "why sell the truck, your husband said he wanted it for his business, we'll write an auto loan for it now and then the auto loan can be absorbed by your refinance because you have over $150k equity in your property. Once the home loan closes, we'll give you the title to the truck back; we won't even take it out of your name but we do need you to sign a bill of sale if you decide to do this.) Skeptical and being the voice of reason I asked my husband if he thought this was a good idea. He shrugged and then this very rude man said "Don't listen to her, she's not going to be listed on either loan." Excuse me, the title to the truck is in MY NAME! My husband then told this rude man that should the home loan not go through, we would not be in a position to make monthly payments on it as well as try and get a mortgage loan elsewhere. Again we were told "you're MORE THAN QUALIFIED again and IT WILL BE NO PROBLEM TO GET THE MORTGAGE LOAN CLOSED WITHIN THREE WEEKS; You WON'T OWE a truck payment." We discussed it in private and my husband agreed to do it based on the promise of NO PROBLEM to get the mortgage loan. Guess what, big problem. A week went by and my husband called to see when he could expect to go in and sign documents. He was asked, "what home loan, you don't have an application for a home loan with us, you only have an auto loan with us." when asked why did they want a current appraisal for our property the answered with "what appraisal, we don't have an appraisal in your name and by the way, your first payment is due in two weeks." To make a long story short, we didn't make the first payment on the loan, instead we filed a complaint with the local Justice Department alledging fraud, and set about trying to find a more affordable monthly house loan. Well, AGF filed a big black mark on our credit bureaus and we were unable to get financing even after we explained that we were duped into the truck loan in the first place. Subsequently, to make a long story short, we were foreclosed upon, now AGF has hired an attorney and is suing us for possession of the truck for non payment. We fired back an answer Pro Se of course because we can't afford an attorney and now are in litigation. We were scheduled for trial in October. But AGF decided court order be damned they repossessed the truck. Well we got it back ( the same day) after a blazing conversation with their lawyer and the trial judge but they damaged the transmission now so that we don't even dare drive it for fear it will be damaged further. Now their lawyer is trying to forego the trial (he's afraid, I think with all these deceptive lending practice going on) and is trying to deny us our ability to tell our side of the story. I'll let you know what happens in the future; I'm trying to draft an opposition brief in response to their motion for summary judgment but I'm not an attorney but I used to want to be one; does that count?!?

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  • Jr
      21st of Feb, 2010
    0 Votes

    I feel your pain. No matter how difficult the task, don't give up. There are gov. agencies watching these guys. Unfortunately for consumers like you and I, the gov. investagory agencies are overloaded and unable don't move on them right away because pre-mature action may tip off the other vermin and allow them to go underground before there is enough evidence to bag them. The gov. for the most part go after the big fish. They direct the small cases to local consumer affairs agencies. In most states, there under funded.
    Times are really hard when you see attorneys who worked hard to pass the bar and build there business, risk it all by ripping of consumers, investors and big business around the country.

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