Foundation Financial Group / Misleading Practices

1 Jacksonville, FL, United States Review updated:

I sent this email voicing a complain:

Mr. Paul Scott, CEO
Foundation Financial Group
Jacksonville, FL 32202

RE: Appraisal Fees
Mr. Scott,
I am writing to you for help and to let you know how your employees are misleading your prospective clients. In May of this year I was contacted by one of your associates regarding an online inquiry I filled out. I told him I was looking to refinance my home and that I was working with a VA lender and the VA appraisal came in lower than my payoff. After answering a few questions he put me in touch with his manager Adam Haden. Adam explained that he had an in-house appraisal department and would check with them regarding the value of my home. Later he called back and told me my house would appraise for 210, 000 – 220, 000 more than enough to make the loan. I told him several times I did not want to pay for another appraisal that would come in low. He continually assured me that his appraisal would come in high enough to make the loan. With his assurance I decided to pay for a second appraisal. This appraisal came in lower than the VA one. After Christine called and told me that they could not do the loan I tried getting in touch with Adam. I left several messages for him and have yet received his return call. After a few days I had the bank reverse the $486.00 for the appraisal. On July 31 the charges reappeared. I have left several messages for Adam in the last few days with no response.
I feel that I was misled by Adam and the only reason I approved an appraisal was on his word. Why else would I pay for another appraisal only a few days after paying the VA one? He misrepresented your company and misled me. For these reasons I request the $486.00 be returned. Please contact me with any questions.
Leo Russo

They decided I was not entitled to a refund. I feel I was misled and you should know the deceptive practice of this lender and the unwillingness to correct a wrong by their employee. If you have questions please contact me at [protected] or by my email [protected]

Leo Russo

Sort by: UpDate | Rating


  • Mg
      Feb 28, 2010

    I currently work for Foundation Financial Group and im disgusted with these comments I'm reading up here. I cant speak for every employee, but I can speak for myself. We are a great and honest company. I've never done wrong to any person I've dealt with and I constantly link hands with homeowners to give them a great experience in refi. Im sick and tired of seeing these complaints and having this effect the idea of " Foundation Financial Group" Half of these complaints are coming from upset ex- employes...

    *Homeowners dare yourself to trust into the person not the so called image of an organization. It takes one person to do wrong and slander an entire image of a company, but years of great doings to build that trust back up.

    We are an A+ lender on BBB an dispite all these comments I still plan to go into work tomorrow with my head held high!

    -1 Votes
  • Dm
      Apr 11, 2010

    As a Foundation Financial employee, perhaps you haven't done anything wrong. But, there are people working there that are misleading people. I was contacted by someone there two weeks ago who very much misrepresented themselves and misled me. I ended up wasting $490.00 on that I didn't have to waste on an appraisal. I will be contacting the president of the instituition and warning everyone that I know about your institution.

    +1 Votes
  • Jo
      Apr 30, 2010

    I recently Started the Process of Refinancing my house on Feb 20th 2010. I kept getting a lot of phone calls because my credit was pulled by Wells Fargo, who i originally inquired with. I picked up the phone because I was tired of the calls. I spoke with a young lady who actually made me think about a lot of things. I immediately googled FFG and saw this report about how the company was a rip off. The young lady had me go to the BBB website to assure that this article was about one person who had a bad experience and that Bank Of America Services their loans not Wells Fargo nor ASC. This objection was clarified in the 1st call. I must have spent 40 minutes on the phone. I was told that they can close in 15 days or less and Wells told me in about 2 months but wouldnt guarantee me a closing date. I decided to pick FFG because the young lady I spoke with actually cared about my goals with refinancing. After I got off of the phone with her I called Wels and I couldnt get the same person I originally spoke with on the phone. This concerned me. The next call I received was from the young lady's licensed loan officer who was absolutely on point. I received accurate numbers the same day and ordered the $490 appraisal fee the same day (a little bit pricy) but it was well worth it. The Appraiser came out the next day and I was now guaranteed a closing date on paper. I started with FFG on April 7th and Closed April 20th. Only 13 days total from start to finish. Now Bank Of America holds my loan and I went from a 6.375% interst rate to a 4.875% and paid off my credit cards. All in all I saved $382 per month and I definitely would tell someone not to be discouraged from working with Foundation Financial I would go out of my way to recommend them to any perosn who doesnt want to deal with the Refinance Headaches. They made it simple, fast and the rate they initially gave me did not change. Thank you Foundation Financial for helping me even though I too was skeptical at first

    Johnathan H.
    Pinola, PA

    0 Votes

Post your comment