Financial Funding

Revdex.com:
At this time, I have not been contacted by Financial Funding, LLC regarding complaint ID ***
Sincerely,
*** ***

Review: Non-payment of agreed appraisal fees. Financial Funding LLC commissioned my company to appraise a property in Westchester County, New York. The appraisal was submitted and accepted in early November of last year, at which time our invoice, for the agreed fee, was also submitted. We contacted Financial Funding LLC once the invoice went beyond 30 days due, and were told the invoice had been passed to the client's accounts department for payment. After another thirty days passed without payment, we re-contacted Financial Funding LLC, and were again told the invoice has been passed to the accounts department for settlement. Financial Funding LLC has consistently refused to offer an explanation for the delayed payment, and we have still not been paid, more than two months after completing our work. Financial Funding is now refusing to respond to telephone or e-mail enquiries about payment of this invoice.Desired Settlement: Full payment of invoice, together with late payment fees specified therein.

Business

Response:

Can-not tell if real complaint, because we have not every been provide with the property address for the subject property that was appraised.

We would need the property address and our loan #, to check out the claim by [redacted]

We would also need to see his report, that he claims to have send to us. Along with any invoices and a copy of our letter of engagement signed by [redacted] and myself.

As of today's date none of this has been provided.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

My complaint is both real and documented. Please see supporting documents attached, as follows.

1) Final report submitted to client

2) Client correspondence (from original client enquiry through acceptance of report and advice that our invoice has been forwarded to client's accounting department for settlement)

3) Engagement letter signed by client

4) Fee invoice submitted to client

With thanks for your support in this matter.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

In Response to the complaint from Appraiser, Westchester County New York

The appraisal request was made and the report was completed by the appraiser. The issue with the report is that the property is a multi-family property along with commercial spaces. That is not uncommon. What makes the property unique, is that it houses five telecom towers on the room. Those towers were given value, which inflated the value of the property, yet none of the comparables included in the appraisal report included telecom towers. The property is in Westchester County, New York which is in proximity of plenty of building is the New York Metropolitan area. There are an abundance of properties which include telecom towers (multifamily, condo and co-op to name a few) in the metropolitan area. Our request was to include comparables that had the telecom towers so the value would be in line with more similar buildings. That request was made and not accommodated. The inclusion of the telecom tower income inflates the value substantially in comparison to all of the other properties included in the report. That is not beneficial to our client, nor to us. All appraisers send an initial draft copy of the appraisal, so the client and appraiser can provide constructive feedback prior to issuing a final report. This is industry standard, but this is not done with [redacted]. of [redacted]. Take heed prior to ordering appraisals from their company.

Consumer

Response:

At this time, I have not been contacted by Financial Funding, LLC regarding complaint ID [redacted].

Sincerely,

Review: I would like to officially register a complaint against Financial Funding LLC located at [redacted] and [redacted]. [redacted], entered into a contract with the above company which was signed by both parties on August **, 2013, to appraise a property located at [redacted].

The appraisal was completed and billing render in the amount of $1800 per the signed contract. Financial Funding LLC was paid by their client in New Orleans for fees which including the $1800 owed to [redacted]. However Financial Funding is refusing to pay [redacted]ven though they received the appraisal payment due to [redacted]

Numerous emails have passed between several employees of Financial Funding but mainly [redacted], [redacted] and [redacted]. [redacted] advised in an email dated December *, 2013, that the payment due to [redacted] would be "paid in the next check batch, which will be at the end of the month". On January *, 2014, [redacted] was checking with her accounting department and hoped to have a response the next day. After that [redacted] would no longer respond to emails or phone calls.

On February **, 2014, [redacted] advised she had received all information needed and she would investigate and then be in touch. On February **, 2014, [redacted] advised the invoice had again been passed to their accounting office. After that [redacted] would no longer respond to emails or phone calls.

Not once during the billing period in September 2013, and the last interaction with [redacted], did anyone indicate there were problems or questions that needed to be answered.

I began pursing collections of this bill for [redacted], and had a response to an email to [redacted], who is listed as one of the owners of this company along with [redacted]. [redacted] indicated on February **, 2014, that he needed copies of the engagement letter (contract), the appraisal and the invoice. Even though the items requested were in the procession of his employees these items were sent to [redacted] and Financial Funding LLC, on February **, 2014, for the third time. On February **, 2014, [redacted] stated he had five (5) issues with the appraisal; which was the first time anyone had raised any questions since the September 2013, billing date. [redacted] received clarifications to his five (5) issues on March *, 2014, and was asked to advise if he needed any additional information. As of March **, 2014, there has been no further correspondence from [redacted] even though there were several call attempts, as well as, emails to [redacted]. Additionally, the other previously mentioned employees of this company received emails and call attempts. No one will respond.

In summary, Financial Funding LLC, entered into a contract with [redacted] in August 2013. The appraisal was completed and billed in September 2013. Financial Funding LLC received payment from their client which included our appraisal fee of $1800. However, Financial Funding LLC has not paid for the work done by [redacted], nor have they refunded the appraisal fee back to their client. So they kept the monies paid (all of which was not theirs to keep) and are refusing to pay the monies owed.

Please advise if you need any of the mentioned documentation.

Thank you,

For [redacted]

###-###-####Desired Settlement: [redacted] is requesting that Financial Services LLC honor their signed contract for services rendered and pay [redacted] the $1800 due to them. Financial Funding LLC kept the $1800 payment which was intended by their client to pay the appraisl fee. We would hope to reach resoluton without possible legal action which is costly and time consumming for both parties. In fact [redacted] is willing to accept a reasonable settlement offer if that will bring closure to this long on-going issue

Consumer

Response:

At this time, I have not been contacted by Financial Funding, LLC regarding complaint ID [redacted].

Sincerely,