Apr 25, 2008
Be leery of these guys! They are a company who purchase loans from banks. These are mostly loans the bank thinks will default. The bank may "write-off" the loan as a “bad-debt”, and then sell it to this company: “United Mortgage”.
The loan can actually have been written-off by the bank, or other lending institution, and then sold to these guys, for something like $0.03/$ 1.00.
United Mortgage buys the loan papers for almost nothing, then comes after you for the full amount of the loan and interest.
They will wait a three or four months then come at you hard for the full amount that the bank wrote off plus interest. They will call your relatives, employer, anyone they can to get to you.
They person I spoke with there was Alfred Moore. He lied and cheated me, and tried to do it again, before I refused to talk with him. He will say and do anything he needs to, to get money out of you. He is not to be trusted.
Be careful. Try to get everything in writing, do nothing verbally, make no agreements verbally, make them put it in writing, or they will cheat you!
I know, they did and to me.
I finally demanded that they secure for me a document from the original bank stating that the bank had sold the loan to them, and stating the terms of that sale. I stated that until I received this document that I would not consider dealing with them. It has been six months, now, I have not heard a word from them nor have I received the document I asked for.
I am not sure this is over for me. But you should be very careful if you deal with these guys.