Peoples Mortgage - beware of lies and bait and switch on your loan

OK, I experienced a similar situation. I learned in my case that hey actually never tried to process the loan. I had very good credit scores but I was purchasing a rural property. They told me I had the loan and there was plenty of time to meet contract deadlines, but behind the curtain they waited until the contract would fail then tried a classic bate and switch. The wanted and extra 100K down and another half point, so I called their bluff only to learn they had a 417K lending limit. The loan was for over a million. I talked to Grant Holmes, Jason wouldnt return a call or email. I went to Stan the owner of the company and he refused to speak to me. His assistant Stephanie was a gatekeeper to field complaints. Over 4 weeks, not a single person at Peoples Mortgage ever kept a commitment or told me anything truthful.
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ID
#832401 Review #832401 is a subjective opinion of poster.
Location
Dallas, Texas
Service
Peoples Mortgage Home Loan
Cons
  • No integrity to their word from the top down
Reason of review
Poor customer service
Preferred solution
Deliver product or service ordered
New Reviewer

People's Mortgage lacks professionalism

Peoples Mortgage found me through Lending Tree when I submitted my information on their website for my home search. I elected to go with Peoples Mortgage of Utah due to my point of contact's (Jason L's) aggressive behavior and willingness to return calls. My wife and I located a Fannie Mae foreclosure that we wanted and qualified to purchase. We met all of Fannie Mae guidelines, and we had/have the to credit, and down payment to close on the residence in the 30 days that the selling bank required. Jason informed us after two weeks that the Lenders they were going to sell our loan to did not lend on manufactured homes. He reported that he had a lender that would. The day of closing he requested additional paperwork to be signed, which we completed/returned immediately. My real estate agent spoke to the selling bank and obtained a 30-day extension. Suddenly, Jason would not return my calls. My agent called Jason three times without a return call. The selling agent called Jason without returns. All three of us sent Jason emails without a response. We hit the deadline for the extension and obtained a second 30 day extension. The selling agent finally received an answer from Jason that the buyer of my loan was not returning his calls. It was very unprofessional of Jason and Peoples Mortgage not to keep me informed of the situation. I would have immediately found a lender elsewhere. We finally obtained another 30 day extension from the lender, and my agent located a lender that lends on manufactured homes. My wife and I were exhausted throughout the process. We were required to pay for another property evaluation, etc. My wife and I finally elected to not go through this process again and let the home go. I never heard from Peoples Mortgage again. It would have been very professional for Jason to contact me immediately and inform me that the loan would not work. We would have been disappointed; however we had appropriate time to secure a new lender. It was a lesson learned. I could never recommend Peoples Mortgage to anyone.
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ID
#466684 Review #466684 is a subjective opinion of poster.
Loss
$60000

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