Beware when dealing with mortgage broker Robert Medearis

Beware of Robert Medearis.

For quite some time, there has been a lot of talk about “Subprime Lending”. Should the victims of predatory lending be helped at all? Or should we just let the chips fall where they may…..

This page was set up to tell the story of my experience (and the consequences) of falling into this subprime hell hole.

I was renting a home with my son. We had just gotten custody of my grandchildren and wanted to buy a home so the kids would have a safe and stable place to live.

Our dream of owning a home…………………..

I found out that my nephew had purchased a home, with no down payment, and after I heard his story about how he was able to buy this house, I wanted to find out more!

I first talked to Robert Medearis (who, at the time worked for Premier Mortgage Funding in Colorado Springs) in December of 2005, when my nephew bought a house with his help.

Mr. Medearis said he could solve any problem I may think I had.

No downpayment?….no problem. Credit shaky?….No problem. Only one income?….no problem.

I found the house I wanted with the help of Randy Chambers (Realtor) and Robert went to work on securing the financing.

The payment was to be around 1200 a month. Ok, I could handle that, but he quickly informed me that I would have a second mortgage for around 400 a month (give or take).

It would be tough I told him, but he assured me that all I had to do was make my payments on time and in about 6 months I could refinance and get a lower payment and rate.

I asked him about the pre-payment penalty and he told me not to worry, that the mortgage company would more than likely waive that pre-payment.

At closing, I found my payments would be 1299 and 492 for the first and second mortgage. Higher than what I was told, but “all I had to do” was be on time for 6 months. It was also higher than the “good faith estimate” that I received (and THAT included taxes and insurance, which was later no where to be found.)

Neither my homeowners insurance nor property taxes were included in my mortgage at closing.

I looked to Randy and Robert for answers, and what I was told was not to worry, they would be added on later when the notes were sold (as was the custom in many cases they said.)

So, two months after closing the notes were sold, the payments were the same, and I emailed both Randy and Robert about what was happening. No help from either of them.

So I contact the mortgage company and they wanted a substantial amount of money for escrow and they will include the taxes, insurance in with the payment. There was no way I could come up with the amount they wanted.

I was stretched financially to the limit so I thought I would again take Roberts advice and continue to make my payments on time, and refinance in a couple of months.

I had to catch up with my homeowners insurance (since it hadn’t been included in my mortgage payments) and figured I would be ok by the time the taxes were due.

The six month mark came and I emailed Robert. Would he help me with this refinance?

Nope, he pretty much ignored my emails again and again. When he would bother to answer he would write that he would “look into it”.

8, 9, 10 moths…a year and I was starting to get the picture. I was on my own. My realtor abandoned me and so did my mortgage broker Robert Medearis.

So, I applied for refinancing and was almost laughed at. The pre-penalty of $10,000 alone was enough for all to deny me., let alone that I had no equity because I was only paying the interest.

After trying for two and a half years to get some help from my mortgage broker, Robert Medearis, I am now faced with the possibility of losing my home, because of promises made to me by Robert.

Any correspondence between Robert any I was pretty much ignored.

Randy also ignored my emails.

They were paid their commission and were done with me, and any one else who was duped into this “subprime fiasco”. My nephew included.

My ARM resets in February and the payment on the 1st mortgage will be another $400.00, six months later another $200.00, not to mention what happens with the 2nd mortgage.

My son finally was able to track Robert down after he left the mortgage company that he worked for when he “helped” me. My last email to Robert two months ago was also ignored.

Robert now works at:
SkiHawk Financial, Inc.
2120 Hollow Brook Drive
Suite 202
Colorado Springs, CO 80918
719-266-4744

The party is now over for mortgage brokers who either stretched the truth about subprime lending or outright lied to homeowners about home ownership.

This page is not intended to cast aspersions on any company Robert use to work for, or the company he is working for now. I make no claim that Robert deliberately set out to put me into a mortgage that would ruin me in three years. I leave the judging of his actions and omissions to you.

I am telling my story.

Was I duped? Are mortgage brokers out to help you? Or slide you into a loan that makes THEM money, and puts you in a hole for the life of your loan.

I recently received an email from Robert after I informed him that I was putting up this website.

He reminded me that I DID, after all sign the papers. Yup, I did. After him telling me that a refinance in 6 months would take care of any high payments I would have.

He also told me that he did “look into it” for me and my credit score was lower that it was when I bought the home. Now how would he know that? I never gave him any information so that he could “look into it”. Even if this were true, why did he wait two years to tell me? Is he lying? You can decide that, but he never told me any such thing.

He also said how I did or didn’t handle my finances and pay my bills was not his issue. It isn’t his issue, but was he less that honest when he told me right out that in 6 months I could refinance at a lower rate?

I am not the only one lost in the mess of sub-prime lending and arms about to reset an unaffordable rate. This fiasco affects thousands of people across the country.

I should have walked away the second he told me “not to worry”.

Never, EVER, go to a closing without a lawyer.

WAS ROBERT YOUR BROKER?? - EMAIL ME @ badbroker@gmail.com