In February of 2005, months after now being the sole owner of my family home, I was contacted by a Rose from FAST TRACT FINANCIAL out of Newport California who solicited me to refinance my home. At this exact point in time the interest rate on my mortgage was 8 percent. My mortage payment at this time was roughly 1,100 dollars, which included property taxes and insurance. Going against my better judgment and gut feeling, I reluctantly agreed. Rose told me that I had EQUITY of 200,000 dollars in my home that could be used for anything that I wanted to use it for. At this time point my family had a business in Hollywood California with eight employees. My family and I believed that this would be a good endeavor for the entire family, so the refinance took place.
I was specifically told that I qualified for a fixed rate of 6 to 7 percent because I had good credit and payment history. FTF touted itself as a company that does it all so you don’t have to. They solicited quick and easy loans and extra money in your pocket amongst other things as to why people should use Fast Tract Financial. Everything happened so fast, In March 2005 I signed the paperwork and closed on the loan. When I closed the Refi, I was told by FTF that they I would be given a loan by a reputable company such as Countrywide, Bank of America, or an entity in this ballpark. I thought this was a good thing because I was familiar with the strict underwriting at Countrywide, because my nephew and his wife who have excellent credit and good jobs were turned down.
When the closing occurred, I drove the 45 miles from Ontario CA to Newport Beach. When I got to the facility to sign the papers, I was told that there were some new things in line and that THEY WOULD SEND OVER THE DISCLOURES ON ALL OF THE PAYMENTS AT A LATER DATE. I was told at this exact point in time that THEY DID NOT KNOW WHO THE LENDER WAS because the lenders were still getting vetted. I then replied “WELL IF WE DO NOT KNOW WHO THE LENDER IS WHY AM I SIGNING BLANK PIECES OF PAPER? At this point I did not have in writing what my interest rate was, all I had was what I was being told my rate was going to be. I was reassured of my 6-7 fixed rate, 200,000 in equity, and comfortable monthly payments. I was pressured, the documents to sign are right there, everything is going so fast; it is easy to see how people and I get PREYED UPON.
I was then told to not worry about the blank pages that I was signing, that they would be FILLING IT IN AFTERWARDS WITH THE NORMAL REFI INFORMATION. I now know this is not standard practice in the field and illegal.
