| 10/06/2020 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Struggling to pay mortgage
|
|
Web |
|
|
Around end of XXXX early XXXX I was interested in buying a home. I found a home I liked and it was determined that I needed a letter of approval to make an offer on the house. The lender I was currently using would not be able to supply that within the day, but my realtor recommended me to XXXX XXXX at Vellum Mortgage. She got me the letter, but then the next day called and stated that with my debt to income ratio I would not qualify for a mortgage on that home ( $ XXXX ). In that same phone call she advised that if I could get rid of my car loan I would be able to qualify and that once I closed I would be able to get my car back. I was able to have my mother take out an auto loan her loan paid off my car. At that moment I was able to qualify.
Fast-forward to XX/XX/XXXX she advised to have my brother give me money and to have my mother take out another loan in the amount of XXXX to assist with the down payment, she says that she will write this as a gift. She also had me make up a story to tell underwriting that I will be using an XXXX to get back and forth to work to support the reasoning off " getting rid '' of my car. Even though the understanding between me and XXXX is that I would continue to pay my mother and then get the car refinanced back in my name.
I have closed on the house ( $ XXXX ) and have moved into the home and has since needed to begin to make payments on my car and pay my brother back for the amount. Now I am unable to make my mortgage and am facing foreclosure or trying to sell the home. I have recently learned that the things I were advised of were malpractice and were examples of predatory loaning.
|
| 01/08/2021 |
Yes |
|
- Trouble during payment process
|
|
Web |
Servicemember |
|
I refinanced my home around XXXX XX/XX/XXXX for {$390000.00} with Vellum Mortgage in XXXX, VA. There is no prepayment penalty and Vellum 's own statements explicitly state that any additional funds will be applied to principal while also giving me the option to be more specific as to where the funds should be applied. Vellum refused to apply additional funds to my principal balance and told me their policy was to hold it all in an escrow account for future transfer to whichever company may acquire my loan. I made 2 payments, with an additional {$510.00} in each payment. I contacted the company to rectify this after it was obvious what happened the first time. I then received a corrected statement showing my payment was applied to principal. After the second payment I requested an update and it was then I see that the document they sent me was falsified and they did not apply my additional funds, now totaling {$1000.00} to my principal which resulted in me paying additional interest that I would not have otherwise. My loan has been sold effective XX/XX/XXXX and my additional payments, if applied on XX/XX/XXXX still result in me paying additional interest and my loan amortizing slower than if my payments had been applied correctly.
|