Amerifunds Diversified Funding

The customer purchased real estate with a carryback loan from the seller. At all times the customer knew the original principal amount of the carryback loan and, as the payor, the approximate amount outstanding. The Company purchased a portion of the carryback loan from the...

customer’s seller. Subsequently, the Company purchased an additional portion of the carryback loan. The customer has made various payoff requests under various payoff scenarios.  Between the different scenarios being requested, the timing of the requests and the different portions being inquired about, we believe the Company and the customer both got confused on what was being requested.  Both sides got confused but what the customer owes on the total loan has never changed.  Once the inquiry was made with clarity, theproper payoff information was conveyed. The Company did not require the customer pay any penalty on late payments. the borrower could have easily utilized a number of online amortization programs that would have given her an approximate balance owed at any time in the note’s life cycle. Further, it is not unreasonable to expect her to have an approximate idea of what she owed, and that the number weconveyed to her (and by our admission, a mistake), was what she owed US, not what was owed on the entirety of the note. It is a reasonable expectation on our part that she have an idea of what was owed, and having been informed of the lower (incorrect) amount, could have ascertained it was incorrect. As an aside, I ALWAYS know approximately what I owe on any debt.If we told her she owed $80,000 MORE than the full balance, I’m sure she wouldhave cried foul immediately. But when we make a mistake to her benefit, she issilent on the matter?

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]The reason I wanted to know how much was owed to both partys was due to the fact I had no idea what was owed my husband had passed away and I was trying to get on top off my bills,When I called [redacted] I asked her how much was owed to both party's on the loan she said $160,000 I said that doesn't seem right are you sure can you double check which she did and she came back with $200,00 I was like are you sure that's $40,000 more can you please make sure she checked again and came back with $160,000 yet again I said are you sure thats to both party's she said yes,I said okay I wasn't asking for any payoff amount at all I was trying to find out what I owed out to everyone so I could make sure everything was payed,I did call and complain to [redacted] about the mistake there were no different scenarios at all,the next mistake was [redacted] paying the school taxes late and me calling asking what was going off and who was paying the late fee she said I had to which I said no to she then emailed me Feb the 2nd asking me this    [redacted] – Sorry that I have not had the time to return your calls.  Would you be willing to split the late fee with us?  That would be $233.00 to you and we would cover the $233.33.  Please let me know.which I said no to then she emailed me again march 4th telling me this[redacted] – Sorry that I have not gotten back to you sooner.  You are not going to be held responsible for the late fee.  I will call you shortly. I called [redacted] and complained Yet again about the mistakes [redacted] was making first the total amount I owed went from $160,000 to $200,000 then back to $160,000 then the school taxes the only time I have asked for a settlement figure was this year due to I have the place up for sale and I wanted to know the total owed out this time it came back as $229,000 i was never silent on the matter due to I knew something wasn't right I was the one who was saying something was wrong which I have explained to [redacted] when I called him both times that something wasn't right to be clear I have only every asked this year for a payoff never asked last year never came up with any different scenarios at all these were all [redacted] mistake's not mine I should be able to call the bank and ask them look my husband just pasted away I have no idea what is owed on the loan can you please help me and give me a total amount that's all I asked for to be given 3 different amounts is unreal and when I do call and ask for a pay off amount it's still more than what I was told,when I ask what I owe on the entirety of the note how can it go from $160,000 then $200,000 then back to $160,000????and I was question what is going off here, then again this year when I do want a pay off amount I get another number given to me of $229,000 from Randy

Let me suggest to help Mr. [redacted] find more information in his efforts in reconciling his account with the following:

The auditied financials can be found online through the Investor/Advisor portal at www.amerifunds.us They can also be forwarded at his request, if he does not have an account setup, or his advisor is unable to retrive them.

We can schedule a conference call with the VP and CFO from our transfer agent that handles investor acccounting to go over the transactions in detail.

We are more than willing to give Mr. [redacted] access to any of these resources to help him reconcile his account. 

Best regards,

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.Regards,

[redacted]The reason I wanted to know how much was owed to both partys was due to the fact I had no idea what was owed my husband had passed away and I was trying to get on top off my bills,When I called [redacted] I asked her how much was owed to both party's on the loan she said $160,000 I said that doesn't seem right are you sure can you double check which she did and she came back with $200,00 I was like are you sure that's $40,000 more can you please make sure she checked again and came back with $160,000 yet again I said are you sure thats to both party's she said yes,I said okay I wasn't asking for any payoff amount at all I was trying to find out what I owed out to everyone so I could make sure everything was payed,I did call and complain to [redacted] about the mistake there were no different scenarios at all,the next mistake was [redacted] paying the school taxes late and me calling asking what was going off and who was paying the late fee she said I had to which I said no to she then emailed me Feb the 2nd asking me this    [redacted] – Sorry that I have not had the time to return your calls.  Would you be willing to split the late fee with us?  That would be $233.00 to you and we would cover the $233.33.  Please let me know.which I said no to then she emailed me again march 4th telling me this[redacted] – Sorry that I have not gotten back to you sooner.  You are not going to be held responsible for the late fee.  I will call you shortly. I called [redacted] and complained Yet again about the mistakes [redacted] was making first the total amount I owed went from $160,000 to $200,000 then back to $160,000 then the school taxes the only time I have asked for a settlement figure was this year due to I have the place up for sale and I wanted to know the total owed out this time it came back as $229,000 i was never silent on the matter due to I knew something wasn't right I was the one who was saying something was wrong which I have explained to [redacted] when I called him both times that something wasn't right to be clear I have only every asked this year for a payoff never asked last year never came up with any different scenarios at all these were all [redacted] mistake's not mine I should be able to call the bank and ask them look my husband just pasted away I have no idea what is owed on the loan can you please help me and give me a total amount that's all I asked for to be given 3 different amounts is unreal and when I do call and ask for a pay off amount it's still more than what I was told,when I ask what I owe on the entirety of the note how can it go from $160,000 then $200,000 then back to $160,000????and I was question what is going off here, then again this year when I do want a pay off amount I get another number given to me of $229,000 from Randy

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Thank you for your help in resolving this matter. My Broker/agent is in touch with Amerifunds and have demanded all the statements pertaining to my account. Please keep this complaint open until this is resolved.

 Kind regards, [redacted]

Attached is a spreadsheet that shows balances and redemption amount from the reconciliation provided by Phoenix American our transfer agent. Please let me know if you have any questions.

We are not sure from the email exactly how the complainant comes up with his...

numbers, but the value we show for the effect of the 2012 financial statement adjustment and for the 2013 activity in the end, these numbers from the audits show that the redemption was larger than his adjusted balance, so there is no excess amount withheld.

 

Please pass along that we wish him all the best in

the future and appreciated his business.

Thank you,

The customer purchased real estate with a carryback loan from the seller. At all times the customer knew the original principal amount of the carryback loan and, as the payor, the approximate amount outstanding. The Company purchased a portion of the carryback loan from the...

customer’s seller. Subsequently, the Company purchased an additional portion of the carryback loan. The customer has made various payoff requests under various payoff scenarios.  Between the different scenarios being requested, the timing of the requests and the different portions being inquired about, we believe the Company and the customer both got confused on what was being requested.  Both sides got confused but what the customer owes on the total loan has never changed.  Once the inquiry was made with clarity, theproper payoff information was conveyed. The Company did not require the customer pay any penalty on late payments. the borrower could have easily utilized a number of online amortization programs that would have given her an approximate balance owed at any time in the note’s life cycle. Further, it is not unreasonable to expect her to have an approximate idea of what she owed, and that the number weconveyed to her (and by our admission, a mistake), was what she owed US, not what was owed on the entirety of the note. It is a reasonable expectation on our part that she have an idea of what was owed, and having been informed of the lower (incorrect) amount, could have ascertained it was incorrect. As an aside, I ALWAYS know approximately what I owe on any debt.If we told her she owed $80,000 MORE than the full balance, I’m sure she wouldhave cried foul immediately. But when we make a mistake to her benefit, she issilent on the matter?

We apologize for any confusion this may have caused, but we did get to the bottom of it and complaintant now has the correct amount due on their note. Since we only own part of the note there was never a dispute on what was due Amerifunds it was the remainer that was in question. We have no legal interest on the remainder of the complaintants note.

Review: After investing in Amerifunds I closed my account It took me over a year to recover my investment capital minus 2% which they still haven't paid me. Despite numerous phone calls it falls on deaf ears. Could you kindly enquire into this matter. Regards, [redacted]Desired Settlement: Please refund my cash immediately.

Business

Response:

Attached is a spreadsheet that shows balances and redemption amount from the reconciliation provided by Phoenix American our transfer agent. Please let me know if you have any questions.

We are not sure from the email exactly how the complainant comes up with his numbers, but the value we show for the effect of the 2012 financial statement adjustment and for the 2013 activity in the end, these numbers from the audits show that the redemption was larger than his adjusted balance, so there is no excess amount withheld.

Please pass along that we wish him all the best in

the future and appreciated his business.

Thank you,

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

Thank you for your help in resolving this matter. My Broker/agent is in touch with Amerifunds and have demanded all the statements pertaining to my account. Please keep this complaint open until this is resolved.

Kind regards, [redacted]

Business

Response:

Let me suggest to help Mr. [redacted] find more information in his efforts in reconciling his account with the following:

The auditied financials can be found online through the Investor/Advisor portal at www.amerifunds.us They can also be forwarded at his request, if he does not have an account setup, or his advisor is unable to retrive them.

We can schedule a conference call with the VP and CFO from our transfer agent that handles investor acccounting to go over the transactions in detail.

We are more than willing to give Mr. [redacted] access to any of these resources to help him reconcile his account.

Best regards,

Review: Last year my Husband passed away and I called to ask how much I owed on my moragage I was informed it was in total $160,000 I asked if that was to the bank and the people we had owner financed from,They said yes but they wanted to double check,They came back saying sorry its $200,000 we found a mistake on the paperwork from years ago when it was written up,I asked them to make sure as that was a huge diffence from $160,000 when they called me back they said it's $160,000 to both party's that is owed out,So I thought it was only $160,000 owed out a few months later I had another issue they payed my school taxes late from out of the escrow and when I called about it they said I had to pay the late fee and I said no,due that's why I pay into escrow the late fee was $466 they then said I should pay half which I reply no way in the end they did pay I did file complaint with [redacted] about the 2 issues Then this year I wanted to know how much did I owe now due to I have the campground up for sale they came back this time with $229,000 which blew me away,I was like hang on last year this was $160,000 whats going on,I called and spoke to [redacted] and said what is going off here [redacted] keep's messing stuff up,[redacted] looked into this and said you owe $229,000 I told him that due to [redacted] mistakes I now owed $78,000 more than I though I did and this wasn't right he said nothing I could do everyone makes mistake which I do understand but when its one for $78,000 that's just wrong he then had the nerve to tell me well if you payed on time,which I said [redacted] you better look at your records due to the payments have never been late at all and right now am in front on the loan [redacted] has made 3 mistakes which is not right he said well I bet you do as well yes I do but not for that much money.he said I should have know how much was owed out,If I had know how much I wouldn't have been calling them after my husband passed away to find out,but to say nothing you can do is way out of lineDesired Settlement: Due to all the mistakes by [redacted] I think she should have been fired,I did asking [redacted] so for all her Mistakes how do we solve this.He said Nothing you can do which to me is totally unreal they made the mistakes not me they hold the note not me when I call and ask they should know [redacted] should be fire and I should get some help due to I now owe $78,000 more than I was told

Business

Response:

The customer purchased real estate with a carryback loan from the seller. At all times the customer knew the original principal amount of the carryback loan and, as the payor, the approximate amount outstanding. The Company purchased a portion of the carryback loan from the customer’s seller. Subsequently, the Company purchased an additional portion of the carryback loan. The customer has made various payoff requests under various payoff scenarios. Between the different scenarios being requested, the timing of the requests and the different portions being inquired about, we believe the Company and the customer both got confused on what was being requested. Both sides got confused but what the customer owes on the total loan has never changed. Once the inquiry was made with clarity, theproper payoff information was conveyed. The Company did not require the customer pay any penalty on late payments. the borrower could have easily utilized a number of online amortization programs that would have given her an approximate balance owed at any time in the note’s life cycle. Further, it is not unreasonable to expect her to have an approximate idea of what she owed, and that the number weconveyed to her (and by our admission, a mistake), was what she owed US, not what was owed on the entirety of the note. It is a reasonable expectation on our part that she have an idea of what was owed, and having been informed of the lower (incorrect) amount, could have ascertained it was incorrect. As an aside, I ALWAYS know approximately what I owe on any debt.If we told her she owed $80,000 MORE than the full balance, I’m sure she wouldhave cried foul immediately. But when we make a mistake to her benefit, she issilent on the matter?

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

Regards,

[redacted]The reason I wanted to know how much was owed to both partys was due to the fact I had no idea what was owed my husband had passed away and I was trying to get on top off my bills,When I called [redacted] I asked her how much was owed to both party's on the loan she said $160,000 I said that doesn't seem right are you sure can you double check which she did and she came back with $200,00 I was like are you sure that's $40,000 more can you please make sure she checked again and came back with $160,000 yet again I said are you sure thats to both party's she said yes,I said okay I wasn't asking for any payoff amount at all I was trying to find out what I owed out to everyone so I could make sure everything was payed,I did call and complain to [redacted] about the mistake there were no different scenarios at all,the next mistake was [redacted] paying the school taxes late and me calling asking what was going off and who was paying the late fee she said I had to which I said no to she then emailed me Feb the 2nd asking me this [redacted] – Sorry that I have not had the time to return your calls. Would you be willing to split the late fee with us? That would be $233.00 to you and we would cover the $233.33. Please let me know.which I said no to then she emailed me again march 4th telling me this[redacted] – Sorry that I have not gotten back to you sooner. You are not going to be held responsible for the late fee. I will call you shortly. I called [redacted] and complained Yet again about the mistakes [redacted] was making first the total amount I owed went from $160,000 to $200,000 then back to $160,000 then the school taxes the only time I have asked for a settlement figure was this year due to I have the place up for sale and I wanted to know the total owed out this time it came back as $229,000 I was never silent on the matter due to I knew something wasn't right I was the one who was saying something was wrong which I have explained to [redacted] when I called him both times that something wasn't right to be clear I have only every asked this year for a payoff never asked last year never came up with any different scenarios at all these were all [redacted] mistake's not mine I should be able to call the bank and ask them look my husband just pasted away I have no idea what is owed on the loan can you please help me and give me a total amount that's all I asked for to be given 3 different amounts is unreal and when I do call and ask for a pay off amount it's still more than what I was told,when I ask what I owe on the entirety of the note how can it go from $160,000 then $200,000 then back to $160,000????and I was question what is going off here, then again this year when I do want a pay off amount I get another number given to me of $229,000 from Randy

Business

Response:

We apologize for any confusion this may have caused, but we did get to the bottom of it and complaintant now has the correct amount due on their note. Since we only own part of the note there was never a dispute on what was due Amerifunds it was the remainer that was in question. We have no legal interest on the remainder of the complaintants note.