Misrepresentation, Lack of Transparency, and Serious Financial Harm — My Experience with Michael Lara & Barrett Financial
I began working with Michael Lara of Barrett Financial in April 2025 to explore a HELOC and potentially purchase a second property in Atlanta. When no qualifying loan was found, Michael suggested switching to a HELOC-only option “just in case.” I clearly stated that no funds should be issued unless I chose to move forward with a home purchase.
In August 2025, I was informed a loan had been secured and that signing documents was required. Because I travel frequently, coordinating a notary took weeks. When signing finally occurred, the notary informed me that the loan included paying off my car loan, paying off a credit account, and issuing me a check with the remaining funds—all actions I had never approved or requested.
I immediately flagged these concerns. After signing, I reached out to Michael and his assistant, who both claimed they were unaware of the loan terms. Michael initially dismissed my concerns and attempted to persuade me that these payouts were “beneficial,” despite the fact that:
My car loan was at 4%, while the HELOC carries 9.5%
Paying off the car loan voided my GAP coverage, which only applies while financed through CarMax
The credit account that was paid off wasn’t even due until January
Michael assured me the loan could be canceled and replaced with one aligned with what I originally agreed to. Days later, I was told the loan could not be canceled and that I was fully obligated. By then, CarMax and the credit lender confirmed that payoff transactions had already been processed, closed, and were irreversible.
Throughout this process, Michael and his assistant provided minimal support, denied responsibility, and failed to take accountability for misrepresented loan terms. Speaking with other agents afterwards, I learned multiple consumers have reported similar issues regarding both Michael and Barrett Financial.
This situation has caused significant financial harm, higher interest obligations, loss of coverage, and unnecessary stress. I’m sharing my experience so others don’t encounter the same misleading practices. Transparency, accuracy, and client protection must be non-negotiable in lending.