I was approached by Global Equity Financal, Inc. in March 2016 to refinance my home with a FHA loan. Roy Koldaro was assigned as my loan officer and guide me through the process. After 3 months of empty promises, lots of stress and lots of out of pocket expenses, I fired him and Global Equity. NOTE: I have lots of emails that support all of my statements. I live on a fixed income and needed to reorganize my monthly expenses and Roy said that he could help me do that. But the only thing Roy and Global Equity did for me was to place me into jeopardy of losing my home. Roy didn't understand that if he told me that I needed to provide something in order to get a loan, I would do it. I did everything including find a contractor to make major repairs to my home to reverse a FHA automatic denial into an approval. The contractor did the work contingent on being paid at closing which I was lead to believe we would be doing once the work was completed and I also provided additional paperwork which I did. It was not true, we were never ever close to closing. If you are approached by this company, run, don't walk away from them and Roy Koldaro. Roy acts like he is working for you but HE isn't. He is a sweet talker but very deceptive!! Watch out!!!
Today, Thursday, December 16, 2021, I am creating for you a detailed letter of events that will summarize my activity with you and your firm as well as the occurrences involving this property, and the potential fixes to the property and mortgage ability.
On July 23, 2021, I began to re-finance my mortgage with Global Equity Finance in July. I currently have a 5% interest rate on my mortgage. It is a carry back thru Fidelity Loan Servicing from when we first purchased the home on August 17, 2017.
On July 27th, We were IMMEDIATELY approved for the loan after the documents requested were submitted, We have always been creditable and never lied or misled anyone there. From the beginning, I explained that I have a "Super Single" manufactured home on just over 1 acre of land in northeastern AZ and it wasn't disclosed to me about it not being the 2005 I thought I had purchased.
While in the process of refurbishing the home, we found the original document for manufacture and corrected the listing in the county assessor's office and with the insurance company. We also informed the Realtor, the previous owner and the originator of the property of our findings. So everyone is now on board. We turned a "junk" property into something nice and anyone would want to own. We completed the upgrades and repairs in September of 2021 before labor day and wanted a new loan to pay off the debt and have a fixed monthly mortgage with all of the previous owners off the loan.
They could not go any further in the lending process until they had an appraisal. They were literally betting on the appraisal being +/- $200k and said doing their "minimum loan of $100k was easily done, had to have the appraisal!!! The first attempt at an appraisal was a farse, they billed me $1400 for an initially $325 appraisal. They did refund me, then said they found an appraiser for $610 and charged me then the appraiser never showed. They refunded me again.
I was very specific about my concerns with paying this new amount because it did jeopardize our monthly bills and they said to just make minimum payments until we close. He then "Promised me" to fund immediately and finally found an appraiser to do for $1000 and billed me for it to find out the appraiser only received $750 for his service. The "clearing house" gets the rest. The appraisal comes back at $178,400 and they think it is great (I know it's ridiculously low!). They then drag their feet and say the house is not a double-wide and never was.
The lender has to be changed. So instead of United Warehouse Funding they have another bank to do the loan thru for a higher rate and more points. We finally signed the new bank documents and signed documents with Global Equity Finance that locked in and guaranteed a 2.99 percent interest rate. Global Equity's employee, Davin (Dave) Freeman, that I dealt with told me multiple times that all we needed was the appraisal for my home to finish the refinance. Now it is October 12th and I spent $1,000 on the appraisal. From the beginning of the transaction, they were aware that my home was a manufactured single-wide home.
On October 15th, they informed me that the lender he chose did not finance Single-Wide manufactured homes, that we needed to use a different lender, and that the 2.99% interest rate was now impossible. He tried to sell me on refinancing to a 3.25% interest. I was even OK with that new loan and I still want it. According to the lender, "We will shoot for an End-Of-November Closing".
Paying off a lot of debt and fixing monthly payments on a fixed retirement is essential to do and now these are new excuses being posed to me by the lender. This is their final notice to us about our loan and have not talked to us about it since. Only this e-mail was sent on October 27th 2021. Global Equity employees won't even call me or take any calls. All we need is a waiver issued to fix this and they won't even talk to me. This was the final communication from this company, hiding behind the curtain of government regulation when I was going for a simple conventional loan. Per e-mail quote:
“This is per Fannie Mae/Freddie Mac Guidelines (not ours)
Loan Ineligible - Loan is Ineligible for transaction due to following:
1) Subject is Single-wide Manufactured Home – Not eligible for Cash out transaction;
2) Single-wide Manufactured Home Over 10 Years – Not eligible for transaction;
3) Per Appraiser, subject property moved from other site to current location- not eligible for refinance.
Working with the appraiser to try and clarify/revise the report so we can try and save the loan, but of course we cant change #1 or #2 since we confirmed its a single wide, but I'm working on #3 to try and save it.”
Now I can't even get them to call me and we really just need a waiver for funding. Here are some very realistic answers for you to consider.
1. Pay off the home and the debt, I am not looking for cash, just more construction money so if you have to, fund it like a construction loan.
2. This home was built after January 1, 1976 and does not fall into unprotected property or non-compliance.
3. Since the property had official information filed about it at the county consistent with improper information for both property lines, formal markers, and not matching information to the original construction of the home, it has been totally modified and refurbished with many replacements and upgrades to conform to become a new 2021 “Super Single-Wide Manufactured Home” and is permanently mounted to the concrete posts and stem wall below. It will NEVER be moved again! So, file the waiver and fund this property.
4. As another possible solution is with all of the re-engineering of this structure, we may qualify for a new engineering certificate and that will in effect change the date of manufacture for the financial ability of this home. This process can take up to 60 days to complete but started the process on December 7th.
It could become a match to the 2008 date that the chassis was moved onto the property, OR a new tag may be created and a new build certificate issued for either 2021 or 2022. depending upon the inspection and the process results. Either one is OK by me. We have been fully transparent this entire time to all involved, Including the County Assessor’s office, The engineering office, the treasury office, the appraiser that you sent and you, the finance department whom we hope will still complete the mission.
There is very high expectations of everyone’s performance. Obviously, my wife and I have been extremely busy for the last 4 years making this place nice. Now, as much as we have done, we need to be recognized for our efforts. You need to fulfill the promise of lending or return the money used to do so. Global Equity Finance Loan Number: 92423006, Assessors Number:106-27-101.
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I was approached by Global Equity Financal, Inc. in March 2016 to refinance my home with a FHA loan. Roy Koldaro was assigned as my loan officer and guide me through the process. After 3 months of empty promises, lots of stress and lots of out of pocket expenses, I fired him and Global Equity. NOTE: I have lots of emails that support all of my statements. I live on a fixed income and needed to reorganize my monthly expenses and Roy said that he could help me do that. But the only thing Roy and Global Equity did for me was to place me into jeopardy of losing my home. Roy didn't understand that if he told me that I needed to provide something in order to get a loan, I would do it. I did everything including find a contractor to make major repairs to my home to reverse a FHA automatic denial into an approval. The contractor did the work contingent on being paid at closing which I was lead to believe we would be doing once the work was completed and I also provided additional paperwork which I did. It was not true, we were never ever close to closing. If you are approached by this company, run, don't walk away from them and Roy Koldaro. Roy acts like he is working for you but HE isn't. He is a sweet talker but very deceptive!! Watch out!!!
TO: Global Equity Finance, Inc.
Attention: Davin (Dave) Freeman
404 Camino Del Rio South Suite 300
San Diego, Ca 92108-3586
Today, Thursday, December 16, 2021, I am creating for you a detailed letter of events that will summarize my activity with you and your firm as well as the occurrences involving this property, and the potential fixes to the property and mortgage ability.
On July 23, 2021, I began to re-finance my mortgage with Global Equity Finance in July. I currently have a 5% interest rate on my mortgage. It is a carry back thru Fidelity Loan Servicing from when we first purchased the home on August 17, 2017.
On July 27th, We were IMMEDIATELY approved for the loan after the documents requested were submitted, We have always been creditable and never lied or misled anyone there. From the beginning, I explained that I have a "Super Single" manufactured home on just over 1 acre of land in northeastern AZ and it wasn't disclosed to me about it not being the 2005 I thought I had purchased.
While in the process of refurbishing the home, we found the original document for manufacture and corrected the listing in the county assessor's office and with the insurance company. We also informed the Realtor, the previous owner and the originator of the property of our findings. So everyone is now on board. We turned a "junk" property into something nice and anyone would want to own. We completed the upgrades and repairs in September of 2021 before labor day and wanted a new loan to pay off the debt and have a fixed monthly mortgage with all of the previous owners off the loan.
They could not go any further in the lending process until they had an appraisal. They were literally betting on the appraisal being +/- $200k and said doing their "minimum loan of $100k was easily done, had to have the appraisal!!! The first attempt at an appraisal was a farse, they billed me $1400 for an initially $325 appraisal. They did refund me, then said they found an appraiser for $610 and charged me then the appraiser never showed. They refunded me again.
I was very specific about my concerns with paying this new amount because it did jeopardize our monthly bills and they said to just make minimum payments until we close. He then "Promised me" to fund immediately and finally found an appraiser to do for $1000 and billed me for it to find out the appraiser only received $750 for his service. The "clearing house" gets the rest. The appraisal comes back at $178,400 and they think it is great (I know it's ridiculously low!). They then drag their feet and say the house is not a double-wide and never was.
The lender has to be changed. So instead of United Warehouse Funding they have another bank to do the loan thru for a higher rate and more points. We finally signed the new bank documents and signed documents with Global Equity Finance that locked in and guaranteed a 2.99 percent interest rate. Global Equity's employee, Davin (Dave) Freeman, that I dealt with told me multiple times that all we needed was the appraisal for my home to finish the refinance. Now it is October 12th and I spent $1,000 on the appraisal. From the beginning of the transaction, they were aware that my home was a manufactured single-wide home.
On October 15th, they informed me that the lender he chose did not finance Single-Wide manufactured homes, that we needed to use a different lender, and that the 2.99% interest rate was now impossible. He tried to sell me on refinancing to a 3.25% interest. I was even OK with that new loan and I still want it. According to the lender, "We will shoot for an End-Of-November Closing".
Paying off a lot of debt and fixing monthly payments on a fixed retirement is essential to do and now these are new excuses being posed to me by the lender. This is their final notice to us about our loan and have not talked to us about it since. Only this e-mail was sent on October 27th 2021. Global Equity employees won't even call me or take any calls. All we need is a waiver issued to fix this and they won't even talk to me. This was the final communication from this company, hiding behind the curtain of government regulation when I was going for a simple conventional loan. Per e-mail quote:
“This is per Fannie Mae/Freddie Mac Guidelines (not ours)
Loan Ineligible - Loan is Ineligible for transaction due to following:
1) Subject is Single-wide Manufactured Home – Not eligible for Cash out transaction;
2) Single-wide Manufactured Home Over 10 Years – Not eligible for transaction;
3) Per Appraiser, subject property moved from other site to current location- not eligible for refinance.
Working with the appraiser to try and clarify/revise the report so we can try and save the loan, but of course we cant change #1 or #2 since we confirmed its a single wide, but I'm working on #3 to try and save it.”
Now I can't even get them to call me and we really just need a waiver for funding. Here are some very realistic answers for you to consider.
1. Pay off the home and the debt, I am not looking for cash, just more construction money so if you have to, fund it like a construction loan.
2. This home was built after January 1, 1976 and does not fall into unprotected property or non-compliance.
3. Since the property had official information filed about it at the county consistent with improper information for both property lines, formal markers, and not matching information to the original construction of the home, it has been totally modified and refurbished with many replacements and upgrades to conform to become a new 2021 “Super Single-Wide Manufactured Home” and is permanently mounted to the concrete posts and stem wall below. It will NEVER be moved again! So, file the waiver and fund this property.
4. As another possible solution is with all of the re-engineering of this structure, we may qualify for a new engineering certificate and that will in effect change the date of manufacture for the financial ability of this home. This process can take up to 60 days to complete but started the process on December 7th.
It could become a match to the 2008 date that the chassis was moved onto the property, OR a new tag may be created and a new build certificate issued for either 2021 or 2022. depending upon the inspection and the process results. Either one is OK by me. We have been fully transparent this entire time to all involved, Including the County Assessor’s office, The engineering office, the treasury office, the appraiser that you sent and you, the finance department whom we hope will still complete the mission.
There is very high expectations of everyone’s performance. Obviously, my wife and I have been extremely busy for the last 4 years making this place nice. Now, as much as we have done, we need to be recognized for our efforts. You need to fulfill the promise of lending or return the money used to do so. Global Equity Finance Loan Number: 92423006, Assessors Number:106-27-101.
1) Withdrew funds without permission.
2) Lied to us about closing costs.
3) Misrepresented the loan fee and amount.