SouthStar Funding - Non-prime Lender
We have seen this coming for quite some time. This notice was just discovered posted on the Altanta-based lender's web site (formerly www.southstar.com [10/18 update]) today:
SouthStar Funding, LLC sincerely regrets that it was necessary to cease its mortgage lending operations. The recent unprecedented downturn and policy changes in the mortgage industry necessitated this action. SouthStar appreciates its employees' and customers' loyalty to the company throughout the years.
I have to say that it is with genuine satisfaction that I post this report of SouthStar's closure (no, this is not my usual feeling when adding to this list). This is because SouthStar has the disctinction of being the first lender to actually threaten me legally and attempt to get me fired at my job, for placing them on the "Ailing Lenders" list in reponse to reports in February. Apparently, I became the "two minute hate" for the company's insecure employees, and some of them even made veiled physical threats.
It all made me all the more certain the company was doomed.
Update, 2pm: We also have recieved this email notice from a number of readers:
Below is some data on the company, courtesy of HousingWire:
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.