| 05/05/2016 |
No |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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This is a follow up to Case # XXXX. I have been in my home for 18 months. On XXXX XXXX, XXXX the current servicer of my mortgage ran an escrow analysis that resulted in my monthly mortgage payment increasing from {$1400.00} to {$2600.00}. This was reportedly the result of the XXXX property taxes being grossly underestimated in the payment schedule presented to me. I have a 30-year conventional loan with a fixed interest rate. The new payment of {$2600.00} is being imposed over 18 months in order to reimburse the XXXX Escrow shortage and to make the XXXX Escrow balance current. My finances will not allow me to make these substantially increased payments on this mortgage at the new monthly payment. At closing, the Title Company included a Payment Shock Notice, which makes mention to an expectation for bills to increase substantially and my monthly escrow payment could be much higher. These terms are very ambiguous and the increase I experienced is not substantial, it is tremendous and I feel, in no way should be considered reasonable to impose on a consumer. My inability to afford this new payment will cause me to immediately default on the mortgage, it will cause financial turmoil, and will cause immeasurable disruption to my family. This situation is absolutely unreasonable, and my family is the victim of a massive mistake that was made by a professional organization that we trusted to handle the transaction of purchasing a home.
The response provided by the current loan servicer simply restated the facts and the information I had originally provided. I would like to bring attention to the last Good Faith Estimate provided to me days before closing, which I have included as an attachment. American Southwest Mortgage Company, who originated the loan, estimated my taxes to be approximately {$430.00} a month, and to be included with my monthly payment, for a total monthly escrow payment of {$630.00}. It was my understanding based on this document, that American Southwest Mortgage Company was fully aware of the magnitude of the property taxes that I would be subjected to once the escrow analysis was completed. Somehow, between receiving this Good Faith Estimate and the closing, the loan documents changed to exclude the real property taxes. I am concerned that this was done in an effort to fund the loan, as I would not have qualified at the higher payment based on my debt/income ratio. During the closing, it was not made clear to me that there had been a change that would omit the property taxes, ultimately leaving me with this large escrow shortage. The series of events that led up to closing appear to be deceitful and intentional. The property taxes were not unknown, and they left the property taxes as unimproved property in order to reduce my monthly payment, knowing full well that this would become an issue in the future.
Another item of concern is that the Builder ( XXXX XXXX ) and American Southwest Mortgage Company were talking in the days leading up to the closing, and ultimately XXXX ended up paying more towards the closing costs in order to help close the deal ( Change order dated XXXX attached ). This was not prompted by me, or explained to me why it was happening, but it appears as though they were working together and did everything possible to make sure that my mortgage funded, ultimately leaving me with the escrow shortage 18 months later.
I feel that this loan was originated under deceitful and fraudulent practices and I probably never should have qualified for this deal. The solutions to this problem all result in me losing money : If I move, I pay commission to sell ; If I stay I may not be able to afford the payments, resulting in fees and penalties and my credit will get damaged. This is unfair and unacceptable to impose on a consumer.
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| 05/11/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
|
- Application, originator, mortgage broker
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|
Web |
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Complainant was referred by a web lending service to First South Mortgage in XXXX, TX. XXXX/XXXX/2015. Complainant was contacted by said lender and conveyed intentions to secure a refi cash out loan on a Texas rental property and use for the down on a new XXXX loan for a winter home In XXXX XXXX, TX. Loan officer assured me she could handle both loans by XXXX/XXXX/2015. Complainant entered into due diligence with loan agent. Loan agent misrepresented capacity and failed to close on dates promised, Complainant incurred XXXX extensions and addition expense due to lender malpractice. Lender upon indicating they would close the mortgages scheduled the remote notary to my home and it was discovered the refi was not included in the documents but delayed XXXX weeks. Complainant had to scramble and secure {$110000.00}. to provide closing funds to not lose the house. After contacting lender for why I was not informed both loans were not included, they lied and told me they never intended to run the loans concurrent, as was discussed on XXXX/XXXX/2015 and the basis of my awarding the loan packages. Complainant was not informed he was required to post personal funds to close, lender `` XXXX '' the XXXX mortgage and postponed the refi, after ALL due diligence had been done, to the tune of XXXX hours of my time and my secretary for both loans. ON XXXX XXXX lender emailed me, dropping the refi entirely, leaving me holding the bag for {$110000.00}. out of pocket and having to find a new lender to facilitate making me whole. Many details and malfeasance is left out here and can be included at a later date. The Texas XXXX indicate the Application of First South to begin business in Texas was not fully approved as of XXXX, 2015, according to their web site. Lender jumped the gun and began taking referrals from a web site and conducted business with this Complainant in a shoddy and criminal manner, without having completed their obligations to the State of Texas..
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| 11/29/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Loan modification,collection,foreclosure
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|
Web |
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I am writing this letter about mistreatment by American Southwest Mortgage and I contacted them for assistance with my mortgage payments and the loan being serviced by XXXX Mortgage XXXX and dealing with XXXX XXXX - Loss Mitigation Specialist and she advised that American Southwest Mortgage will only consider extend the terms and I asked for other options and she said a person by the name of XXXX XXXX with XXXX XXXX Mortgage spoke with the CEO and he agreed with the decision and I called XXXX and called the CEO spoke with XXXX and she advised that the XXXX does not speak to customer and I stress to her how important it is for me not to have any late and now they are reporting on my credit the XX/XX/2016 late and due that my job could be in jeopardy and I made a principal and interest payment and I asked XXXX over and over about my credit and now I could lose my job due to that late and also my house because they would not even consider any of the options and the reason I am having problems, please look into how they treat there customers when it comes to seeking help to keep your home
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| 08/04/2017 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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|
Web |
|
|
|
| 08/04/2017 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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|
Referral |
|
|
|
| 11/08/2016 |
Yes |
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- Loan servicing, payments, escrow account
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|
Postal mail |
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| 07/26/2016 |
Yes |
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- Loan servicing, payments, escrow account
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|
Web |
|
|
|
| 04/29/2016 |
No |
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- Loan servicing, payments, escrow account
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|
Web |
Older American |
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|
| 09/23/2015 |
No |
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- Application, originator, mortgage broker
|
|
Web |
|
|
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| 02/19/2015 |
Yes |
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- Settlement process and costs
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|
Web |
|
|
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| 02/03/2015 |
Yes |
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- Credit decision / Underwriting
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|
Web |
|
|
|
| 12/31/2014 |
Yes |
|
- Application, originator, mortgage broker
|
|
Web |
|
|
|
| 10/08/2014 |
Yes |
|
- Application, originator, mortgage broker
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|
Referral |
|
|
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| 09/25/2014 |
No |
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- Application, originator, mortgage broker
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|
Phone |
|
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| 05/15/2014 |
No |
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- Loan servicing, payments, escrow account
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Referral |
|
|
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| 07/22/2013 |
Yes |
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- Loan servicing, payments, escrow account
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|
Web |
Servicemember |
|
|
| 04/17/2013 |
No |
- Mortgage
- Conventional fixed mortgage
|
- Loan servicing, payments, escrow account
|
|
Web |
|
|
|
| 10/26/2012 |
Yes |
|
- Application, originator, mortgage broker
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|
Referral |
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