I applied for a pledged asset mortgage with American Loans and Funding for $1,170,000 on 07/13/10. The loan specialist David Smith said I need to wire a deposit of $52,716.48 to secure the loan at 4.15% for 30 years. The deposit will be refunded upon close of escrow within 3 months. I wired the money to their Bank of America account on 07/30/10. The appraisal was completed by Tavares & Associates on 08/06/10. Pickford Escrow Company sent out the closing instruction on 09/09/10. The escrow did not close and funding was delayed. I contacted David Smith, Jorge Ramirez, William Rivers, Louis Sandoval and Rolando Wilson. They just gave me excuses time and time again. On 02/22/11 Jorge Ramirez, Co-founder of American Loans and Funding assured that they are reputable company and will fund my loan. The closing date will be 07/15/11. He promised to wire the interest owed but never did. On 04/22/11 he emailed me with a notice of bankruptcy and that his lawyer Paul Spear who claims to work for free will contact me for settlement option.
