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  1. #1

    Jupiter Lending/Mortgage Planning and Lending Specialists in Colorado

    Has anyone done business with this company in the past year? If so, would you like to share your experience with me? I'd like to hear about your loan and if you got what you thought you signed up for. I read a recent article in the Denver Post newspaper regarding mortgage fraud, and this company was specifically mentioned. Apparently they have several complaints listed with the BBB, besides. My particular experience with them was financially devastating. Anyone else?

  2. #2

    Re: Jupiter Lending/Mortgage Planning and Lending Specialists in Colorado

    Yes. I am a victim of this company's dishonest practices too. I was lured into taking loans for three separate properties with an understanding that the interest rate would remain fixed at 3.25% for five years. Later I found out that the broker had me sign documents with a teaser rate of 3.25% for two months. The rate then jumped sharply to 8.375%. I am now seeing an increase of about $1500/month in my payment. I looked into refinancing. The refinancing would involve paying pre-payment penalties of thousands of dollars. Jerry Johnson of this company really got me cornered. He would not respond to my inquiries about the misrepresentation. One of his associate called me to "help". Then he also stopped calling. I have filed a complaint with the BBB. But nothing has happened yet. I am now thinking about filing a formal complaint with authorities. This company's business practice is certainly deceptive and highly immoral.
    Last edited by murarishrestha; 02-08-2007 at 11:28 PM.

  3. #3
    Join Date
    Jan 2007
    Location
    Stow, OH SOL III
    Posts
    3,231

    Re: Jupiter Lending/Mortgage Planning and Lending Specialists in Colorado

    This them?;
    Mortgage Planning & Lending Specialists, Ltd.
    11551 E Arapahoe Rd #116
    Centennial, CO 80112
    Telephone: (303) 481-3900
    www.planyourmortgage.com
    www.jupiterlending.com
    If so here is the BBB report.. Read through it as it contains a lot of info.
    The Bureau has requested basic information from this company. The Bureau has not received a response. In Addition the company is using the BBB Reliability Seal without authorization on their website, The BBB along with the Council of BBB's in Richmond VA, have tried on numerous occasions to contact the company in writing, but Jupiter Lending has refused correspondence from the BBB and Council of BBB's.

    The company also has an unsatisfactory report for violating the Truth in Lending Act regarding discounted variable rate loans. They advertise a 1.95% 5 year loan which, according to consumers, is in fact a 1 month rate of 1.95% that escalates for the remaining 59 months to an interest rate above 5% (as of 11/14/2005).
    The Truth in Lending Act is a Federal law.
    Also, both websites linked to in the BBB report are now suspended.
    And a post somewhat like you two's appears here at Ripoffreport.com

    I would suggest that you contact the Colorado Attorney General as it appears that this may be a criminal case.

    This may be of some help, it is the website registration for one of the sites;
    Registrant:
    Mortgage Planning and Lending Specialists, Ltd.
    7555 East Hampden Ave.
    Denver, CO 80231
    US
    Domain Name: PLANYOURMORTGAGE.COM
    Administrative Contact:
    Hester, Tim
    Mortgage Planning and Lending Specialists, Ltd.
    7555 East Hampden Ave.
    Denver, CO 80231
    US
    (303) 489-3900 fax: (303) 489-3950
    Good Luck
    Last edited by nomaxim; 02-09-2007 at 12:11 AM.

  4. #4

    Re: Jupiter Lending/Mortgage Planning and Lending Specialists in Colorado

    If anyone feels they are a victim of the following companies or of these men: Jerry Johnson, Leo Shifrin, Jupiter Lending, Mortgage Planning and Lending Specialists, Mile High Mortgage ..... PLEASE contact the Colorado Attorney General's office. They are currently actively investigating this case, and the more complaints and evidence they have from the victims, the better.

    There are 25 complaints listed on the BBB site against these men as of 2/07, but obviously there are many, many more victims out there. Please come forward and let your voices be heard!

    The Denver Post ran an article on December 19, 2006.

    http://www.rockymountainnews.com/drm...ef=patrick.net

    (Here is a portion of the article)

    Subpoena targets records on mortgage advertisers

    John Suthers said he would investigate super-low mortgage rates.
    By John Rebchook, Rocky Mountain News
    December 19, 2006

    The Colorado attorney general's office has subpoenaed the Denver Newspaper Agency for information about mortgage companies and their owners who previously had advertised in the Rocky Mountain News and Denver Post.

    A year ago, Attorney General John Suthers said that as part of his crackdown on mortgage fraud, he would investigate companies that advertised super-low mortgage rates in the newspapers, saying the ads could be bait-and-switch ploys.

    In the subpoena issued on Friday to the agency, which handles advertising and all other business operations for both papers, the attorney general asked for all the information the agency has on Leo Shifrin, Mark Shifrin and Jerry Johnson and companies with which they are affiliated.

    The companies include Mortgage Planning and Lending Specialist Ltd., Jupiter Lending, Mile High Mortgage, CBA Inc., Consumer Mortgage Group Inc., Mortgage Processing Group Inc., Shifrin Inc., Wholesale Mortgage Lending LLC, Vision Title Agency of Colorado Inc. and VTA of Mile High, according to the subpoena.



    Please contact me ASAP for more information.

    Myparachuteisblue@yahoo.com
    Last edited by Whenbadthingshappen; 02-19-2007 at 07:05 PM.

  5. #5

    Re: Jupiter Lending/Mortgage Planning and Lending Specialists in Colorado

    I thought this article was extremely interesting, too.

    Misleading Mortgage Rates Raise Questions, Worry Industry

    The Washington Post tells the story of Bryan and Susan Andrews, who, along with their four children, were looking to cut monthly expenses, and got the sales pitch that seemed perfect:

    A mortgage at 1.95 percent, fixed for five years.

    But after the deal closed, in 2004, the couple realized to their horror that the $191,000 loan they got was actually an adjustable-rate mortgage.
    The rate has since climbed all the way to 8.3 percent and, because of the way the mortgage is structured, the couple now owe more than they did when they signed for the home loan.
    They went to court, saying they were deceived. A federal judge sided with them and is allowing a class-action suit involving up to 7,000 borrowers against Chevy Chase Bank, based in Bethesda , Md.
    The bank has appealed and on Friday was granted a motion for an expedited appeal. The bank says the terms were clearly stated in the contract and that the family should take any grievance to the mortgage broker who sent the original sales flier and acted as an intermediary.
    The case worries the home mortgage loan industry because of the potential for hefty losses if other borrowers are allowed to rescind mortgages they claim were misleading.
    It also underscores the rising uncertainty surrounding the kinds of loans that have emerged in the past five years, said Glenn Costello, managing director of Fitch Ratings Residential Mortgage Backed Securities Group.
    These loans include such variations as interest-only mortgage loans and what are known as option ARMs, which allow people the choice of paying less each month than the interest would be.
    In many of these loans, the amount owed is deferred to keep monthly payments down. The downside is that, at some point, the mortgage payments can rise sharply - and the amount owed can rise, too.
    Banking regulators have only recently begun offering new information to borrowers about these loans and warning the mortgage company to explain them more carefully. Meanwhile, the mortgage loans have proliferated.
    “Some percentage of borrowers don’t understand the terms of these loans, and it is to be expected that there would be some issues emerging,” Costello said.
    The Andrewses, who live in Cedarburg , Wis. , and previously had a 5.75 percent fixed-rate mortgage, say they didn’t realize what they had done until they got their first payment coupon for the new loan in the mail.
    They couldn’t engage in a mortgage refinance into a different loan without around $5,700 in prepayment penalties. They sued two years ago.
    Last month, U.S. District Court Judge Lynn Adelman, a federal judge in Milwaukee , ruled that Chevy Chase had violated the 1968 Truth in Lending Act, which requires lenders to clearly explain loan terms to borrowers.
    The disclosures to consumers showed a “lack of forthrightness” and “would both confuse and mislead an ordinary consumer about the cost of the home loans,” the judge wrote.
    Adelman ruled that while the borrowers were ineligible for damages, they could to turn back or “rescind” their mortgages. Recision would permit borrowers to be released from the loans and be reimbursed for any interest paid to Chevy Chase as well as their closing costs.
    In other words, the ruling may give some home loan borrowers a refund of everything they have paid to live in their houses for years.
    At the core of the dispute are some words that appeared on the top right corner of a document the lender must provide under truth in lending laws. One line read: “WS Cashflow 5-year fixed,” and the line under it said “Note Interest Rate: 1.950%.”


    Posted by Richard Barber on Feb 08 2007 under Mortgage Rates, Mortgage Lending, Mortgage Fraud

  6. #6

    Re: Jupiter Lending/Mortgage Planning and Lending

    Leo Shifrin will be facing charges filed by the Colorado Attorney General's office on numerous counts, as reported by an article posted in today's Denver Post:

    http://www.denverpost.com/headlines/ci_8361378

    His father, Mark Shifrin, as well as Jerry Johnson, are also included in the suit. Mr. Shifrin will indeed need to "vigorously defend" himself against the complaint, as the deceptive newspaper ads seem to paint a clear-cut picture of the fraud alleged by numerous other victims (as evidenced by the complaints against him on the Denver Better Business Bureau site).



    Colorado Attorney General John Suthers has targeted alleged false advertising and other deceptive mortgage-industry practices in a complaint filed in Denver District Court.

    Leo Shifrin; his father, Mark Shifrin; loan officer Jerry Johnson and Jupiter Lending; Mortgage Planning and Lending Specialists; Wholesale Mortgage Lending; Mortgage Processing Group; Shifrin Inc.; and United States Marketing Associates are listed as defendants in Suthers' filing.

    The complaint alleges that the defendants authored and submitted more than 500 "misleading and unlawful" newspaper advertisements with the Rocky Mountain News, The Denver Post and other publications in violation of the Colorado Consumer Protection Act.

    The ads typically advertised a low "teaser" rate with a term such as "five-year fixed," creating confusion between the option ARM loans being offered and more traditional adjustable-rate mortgages.

    Teaser rates on option ARMs typically adjust higher within a month or two. Option ARMs also contain a minimum-payment option that can cause a loan balance to grow as unpaid interest is added to principal.

    "Regardless of their specific requests for a fixed interest loan, consumers were steered to option ARM loans with negative amortization features and substantial prepayment penalties that resulted in larger fees and commissions for defendants," the complaint alleges.

    Leo Shifrin counters that he has adhered to federal guidelines and the terms of a letter the state sent him on advertising practices in 2004.

    "We have complied with all state and federal laws. We will vigorously defend ourselves against the complaint," Shifrin said.

    The attorney general's investigation, which followed numerous consumer complaints in 2006, initially looked at 13 lenders, said Nate Strauch, a spokesman for Suthers.

    "We have not yet filed against any other mortgage broker, but we are in serious negotiations with a number of others, although we can't yet disclose who they are," Strauch said.

    Suthers is seeking an undetermined amount of damages. The complaint was filed Feb. 15.

  7. 02-27-2008, 01:14 AM

    Reason
    really weird spam wth

  8. 02-27-2008, 01:17 AM

    Reason
    really weird spam wth

  9. 02-27-2008, 01:26 AM

    Reason
    really weird spam wth

  10. 02-27-2008, 01:59 AM

    Reason
    really weird spam wth

  11. #7
    Join Date
    Apr 2009
    Posts
    1

    Re: Jupiter Lending/Mortgage Planning and Lending

    Quote Originally Posted by Whenbadthingshappen View Post
    Has anyone done business with this company in the past year? If so, would you like to share your experience with me? I'd like to hear about your loan and if you got what you thought you signed up for. I read a recent article in the Denver Post newspaper regarding mortgage fraud, and this company was specifically mentioned. Apparently they have several complaints listed with the BBB, besides. My particular experience with them was financially devastating. Anyone else?
    Colorado does not require licenses for mortgage brokers, and therefore have no control over what goes on. Check with the Secretary of State in other jurisdictions to see if they are registered.

  12. #8

    Re: Jupiter Lending/Mortgage Planning and Lending

    For the record, Mortgage Planning and Lending Specialist was sold September 12, 2005. Prior to that date they had a perfect record with the BBB, had a great reputation in the market and where very well respected amongst their peers under Tim Hester's leadership as President. Once the firm was sold Leo Shifrin and Mark Shifrin became involved with the firm and basically ruined the company and ran it into the ground in less than a year. Leo and Mark Shifrin are now facing charges from the Attorney General and Leo Shifrin has been brought up on criminal charges for tax evasion.

  13. #9

    Re: Jupiter Lending/Mortgage Planning and Lending

    hi tim hester,

    what you are forgetting to tell people is that mortgage planning was run into the ground before the shifrins took over.

    maybe you should have paid your employees and the rent.

    fact is you are the one who looted mortgage planning.

    then you wrote a slanderous fax to kill the warehouse line while you were out of town and had mommy fax it. too bad she left the fax heading on the fax!

    you are such an hypocrite. don't you have anything better to do?

    you are going to give yourself another heart attack.

  14. #10

    Re: Jupiter Lending/Mortgage Planning and Lending

    Once again Leo Shifrin tells half truths and Lies, trying to decieve the public. All employees of the company were paid in full and they absolutely loved the company. The company had a great reputation for ten years prior to Leo Shifrin and Mark Shifrin coming into the picture in September 2005. The BBB will verify that. As to the rest of lies in the prior post they are not worth commenting on. The public needs to know that Leo Shifrin is really a bad character with a prior criminal history dating back to the early 1990's. Recently (2011) Leo Shifrin was convicted ** the US Government, in a criminal court, for Tax Evasion and will be sentenced in August of 2011. The Attorney General, for the State of Colorado, also won a case against Leo Shifrin and others for violations of the Consumer Protection laws in January of 2011 and Leo Shifrin was ordered to pay a huge amount of money to the State and all of the victims that he ripped off. Go to the Colorado courts website to see how much legal action Leo Shifrin and Mark Shifrin are involved with, you are going to be shocked. You would have to be crazy to do business with Leo Shifrin.

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