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BBB Accredited Business since
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The Texas Note Company is a group of real estate investors that specialize in seller financing.
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A BBB Accredited Business since
BBB has determined that The Texas Note Company, LLC meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.
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Reason for Rating
BBB rating is based on 13 factors. Get the details about the factors considered.
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||0|
|Total Closed Complaints||1|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
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Type of Entity
Limited Liability Company (LLC)
Business ManagementMr. Robert Young III, Managing Member
Real Estate Loans Loan Servicing Financing
8127 Mesa Drive B206-253
Austin, TX 78759 (512) 464-1214 (888) 304-7779 Directions
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Complaint Trends - Last 3 Years
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BBB Customer Review Rating plus BBB Rating Overview
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|Customer Review Experience||Value|
|Positive Review||5 points per review|
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|Negative Review||1 point per review|
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Read Complaint Details
Complaint: ****** ***** of this company has accessed my bank account via impersonation or otherwise to obtain information about my mortgage account without my permission. This company has been a part of a real estate scam that has taken my credit hostage by leaving me with a mortgage in my name for a house I do not own, all against my will as I was deceived. He had no right to make any contact with My bank concerning my account as doing so would also enable to access my other accounts I have with the same bank.
Desired Settlement: I want this company to stop making any and all electronic payments to my account as it has been proven to me that they will not respect my security and privacy.
Mr **** and his wife were behind on his 1st lien note at Wells Fargo and sold his property "Subject To" to Namesless LLC in August of 2012. Namesless LLC then resold the property using a wrap transaction to do so, thereby keeping Mr ****'s loan at Wells Fargo in place, and the wrap note the 2nd position note. Nameless LLC hired Texas Note Loan Services, LLC, a company I own, to service the wrapped loan. Our job is to collect the payment from the new property owner, validate that the funds are good then make the payment each month to Wells Fargo, any left over we send to Nameless LLC each month and then take our monthly fee of $35.00. We have done that each month.
As was explained to Mr & Mrs **** by the Torok Law firm and Nameless LLC when they went into the transaction their loan was still in place at Wells Fargo and they need to be available to Texas Note Loan Services or Nameless LLC as to provide information concerning any changes that may occur at Wells Fargo; escrow changes, insurance notifications, servicer change etc.. The ****s have been less than cooperative since they sold the property in August of 2012. The idea was that the new owners of the property would get refinanced thereby paying off the ****s loan at Wells Fargo but that has not happen yet. We have requested statements and updated payment info but they have failed to provide it. The contact info we had on file was no longer valid and we could not reach them. Mr **** did finally reach out to us in January of this year looking for Flip Robison, owner of Namesless LLC, we provided him with that info and then requested a recent Wells Fargo statement and to verify the Wells Fargo payment amount. He would not provide us with any information stated that he wanted the house to be foreclosed on.
Texas Note Loans Services LLC has done what we were hired top do, collect the monthly payment from the new owner then make those payments are valid then make the payment to Mr ****'s loan to Wells Fargo. I understand Mr. ****s frustration that he wants to be done with this transaction. I have reach out to the new owner and discussed with him about refinancing. We also provided the new owner with a mortgage broker contact to get refinanced.
I have attached the paperwork that Mr **** signed when he sold his property.
If additional information is need please do not hesitate to contact us. ************
I have cooperated for years in spite of what is stated here and provided statements when requested until recently when I was unable to obtain statements. Where it is true how the house was sold, it was done so under the false impression given by representatives of Nameless LLC who intentionally deceived me to sell the house in a manner that would provide them ongoing income from the sale of the property. I was very new to real estate, as well as taking care of my sick pregnant wife at this time, and I explained very simply that the mortgage was to be out of my name once the house was sold. Documents that I signed were done so while being given false descriptions of what they were. Even after finding out how it was sold, lies continued. I was told it would out of my name in 5 years. That was a lie. I was told all lenders are required by law to remove this from my debt to income ration when seeking credit approvals. That was a lie. If I had truly understood what type of sale this was I would never had agreed to it. I had put extra trust into ******** ******* because I got his number from my neighbor who I assumed knew him personally but turned out did not which I found out way later.
No one is trying to refinance that house. That is a complete lie. It is a rental property now.
According to the TREC agent investigating that complaint, Marshal Saleman has had other investigations against him for the same thing by other people.
So. My issue with Texas Note Company is that not only is he lying and saying I have not been cooperative, he has contacted My bank and impersonated me to get information from Wells Fargo that he has no right to. He has violated my privacy and security in doing so. I never gave him permission to contact Wells Fargo despite them asking for it from me many times. I do know how they have or got permission to make payments on this account but I have withdrawn any permission for them to make payments to this account directly. Either over the phone electronically mail or in person. I want them to deal with me directly period.
I never once agreed to babysit this mortgage for anyone. I am not getting paid to call Wells Fargo or gather statements or send emails and updates about the condition of mortgage or watch that account for late payments. The response to my complaint resolves nothing. If anything it just caused further harm.