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Sub 500 Mortgage / Mortgage Fraud

1 8910 University Center Lane #400San Diego, CA, United States Review updated:

This company have made claims to especially help those with below average credit scores finance a home. But what they really are is a SUB PRIME lender with unscrupulous morals.

When I was finally at the point of paying off my entire loan, they refused to send me a payment breakdown and held on to my final payment for four months. During that time they resold my mortgage to a family trust and claimed that this family trust was the original investor. This family trust was never mentioned on my loan papers. Only recently did a lawyer representing this family trust file papers acknowledging that this trust was the new mortgagee.

Sub 500 Mortgage never disclosed this information in writing to me which they should have. Also the final payment that was made to them was transferable, which they held on to. Sub 500 Mortgage returned my final payment after this family trust (so called new mortgagee) decided to move forward with foreclosure.

I have since retained an attorney and fighting this fraudulent act. We shall soon see what the outcome will be.

Sub 500 Mortgage is now Manaco Financial also a sub-company of Financial Investors Inc. based in Hawaii. Anyone checking in to these companies should check with their Better Business Bureaus and with The Department of Commerce and Consumer Affairs. These companies are in bad standing.

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Comments

  • Ha
      20th of Jul, 2008
    0 Votes
    Sub 500 Mortgage - Sub prime rip off
    Sub 500 Mortgage
    8910 University Center Lane #400
    San Diego
    California
    United States

    I had a mortgage which was bought by Sub 500 Mortgage. I was late on two payments then caught up on those payments and was about to pay off my entire loan amount. I wrote several letters and also called to ask for a payment break down. They never responded by letter but when called, they said that they are working on it and would be in the mail shortly. Five months have gone by and still nothing. I sent in a bond which was double the amount of the remaining balance to pay off the debt. They held on to the bond for months and only recently returned it saying that they had since sold the debt to another company without notifying me. Now that several months had passed and they never used the bond to pay off the debt, the new mortgage company has filed to foreclose on my property.

    This company is a fraud and people should stay away.

  • Ca
      21st of Jul, 2008
    0 Votes

    My mortgage was supposedly sold to a Trust by Sub 500. I was never told in writing of such a transfer until I received a letter from an attorney representing this Trust that they were the investor in my mortgage and they were foreclosing on my property. After checking with the land bureau, this attorney only filed papers on behalf of the Trust after the fact. They had already tried to foreclose. I never realized until speaking with an attorney myself that Sub 500 Mortgage when it did it's lien report with a title company failed to disclose that my property already had a lien on it when their title lien reported that their was none.

  • Ca
      21st of Jul, 2008
    0 Votes

    Sub 500 Mortgage's website has been removed. Now if you call their telephone number. It looks as though they've also changed their name. The name of the company reflects the name of the CEO.

    Something is really fishy here!

  • Si
      30th of Jul, 2008
    0 Votes

    I was in a similar situation. I had always been making payments directly to Sub500 Mortgage then all of a sudden without notice I received a foreclosure notice from an attorney representing a family trust. This attorney said that this trust was the investor in my mortgage and had been the mortgagee shortly after I signed with Sub500 Mortgage. I too had never been given notice of such a transfer. (Is this legal?) This family trust has since foreclosed on my property.

    My advice now for anyone considering doing business with such a company and it's affiliates is they should do a complete search with the Better Business Bureau and other agencies. This company took advantage of my situation and refinancers should be aware of such deception.

  • Ey
      6th of Aug, 2008
    0 Votes

    Hasn't Sub 500 Mortgage gone out of business?

  • Ch
      15th of Oct, 2011
    0 Votes

    I borrow some money from sub 500 to fix a driveway 18, 000.00 that needed repair in2007. I was sending the loan payment to sub 500 for what I owe. A letter came through the mail and told me not to mail any more payments to them. Since sub-500 mortgage Inc is no longer servicing this loan they cannot accept the cashiers check on the behalf Mr Vazquez, and for that reason we are returning to you Please contact Action Foreclosure service for the amount necessary to reinstate.

  • Ch
      18th of Oct, 2011
    0 Votes

    I borrow some money from Sub-500 to repair and fix the driveway that needed repair. The Loan amount was $18, 000.00 dollars for the repair. I was sending the loan payment to Sub-500 for what owe. A letter came through the mail and told me not to mail any more payments to them. since Sub-500 is no longer servicing this loan they cannot accept the cashiers on behalf Mr. Ernesto Vazquez-Elias, and for that reason we are returning to you Please contact Action Foreclosure service for the amount necessary to reinstate.

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