Consumer complaint received 2022-04-14
Company: Better Mortgage, Inc.
State: MA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I am writing to dispute Better Mortgages ' claim to holding $ XXXX of a {$27000.00} earnest money deposit. They claim my withholding of information in the approval process caused me to lose a " Verified Pre-Approval '' for a mortgage. I believe that upon the signing of a purchase agreement, Better has introduced new hurdles to my closing this contract, including negligent communication in the midst of their recent mass layoff and navigation of this decision. In the process, I have been introduced new approval requirements without appropriate time to adjust to the rising costs as a result. I believe not only should I not be held liable to lose my hard-earned money, which literally is out of diligent effort to pull myself out of debt over the last two years, but also that they should be liable for the third party costs I lose in this deal including travel costs, inspection costs, appraisal, escrow, and loss of wages due to the distraction of this negligent handling. Below is a detailed recap of our relationship to this point where they are holding {$27000.00} dollars of mine and offering to retain $ XXXX of it to walk away. 

- On XX/XX/XXXX I received a verified pre-approval letter from Better Mortgage, verifying me for the " the full purchase price of {$940000.00} you requested. '' On a conventional mortgage. 
- On XXXX XXXX I responded requesting the approval letter be lowered to $ XXXX as my goal was a purchase under $ XXXX at the time, at which point I received an out of office from my XXXX XXXX XXXX XXXX # XXXX stating she would be out of office XX/XX/XXXX until XX/XX/XXXX. 
- On XX/XX/XXXX I received another verified pre-approval letter from Better Mortgage, verifying me for the " the full purchase price of {$940000.00} you requested. '' On a conventional mortgage. 
- On XXXX XXXX upon identifying the first home we wanted to offer on, we received a Florida Cash Offer from XXXX XXXX XXXX to submit an offer for $ XXXX, - On XX/XX/XXXX I signed a consent to offer on a home at XXXX XXXX XXXXXXXX XXXX XXXXXXXX, FL XXXX at XXXX, we lose this bid. 
- On XX/XX/XXXX I signed a consent to offer on a home at " XXXX XXXX XXXX XXXX XXXX, FL XXXX '' at max offer budget XXXX. Bid gets mistakingly submitted at {$520.00}. We ended up back out of deal upon learning of foundation damage. 
- On XX/XX/XXXX I signed a signed a consent to offer on a home at " XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX '' at $ XXXX, we win this offer and this is the transaction in question. 
- On XX/XX/XXXX I signed a AS IS Residential Contract for sale and purchase with a 21 day period to secure financing to close. 
- On XX/XX/XXXX, I submitted proof of escrow payment - On XX/XX/XXXX I receive a message from XXXX XXXX that my loan has been conditionally approved and that I need to continue completing tasks- On XX/XX/XXXX I sign a consent to amend the purchase contract extending inspection periods to XXXX - On XX/XX/XXXX I receive a call from XXXX at Better Mortgage that I may have to submit my XXXX taxes and that I will need to increase my downpayment to 6 %. This is the point I start flagging my concern on XXXX and am connected with XXXX XXXX. I express that my costs are rising on the Closing cost + additional Downpayment and I am concerned that there is no end in sight of the changes of estimated costs from Better and related to closing. 
- On XX/XX/XXXX and XXXX I fly down to XXXX to complete the inspection - On XX/XX/XXXX I sign a consent to amend the purchase agreement with seller agreeing to XXXX closing credits- On XX/XX/XXXX I am informed that I will need to submit XXXX taxes in order to secure final approval - On XX/XX/XXXX I sign a consent to amend the purchase agreement to move the closing date to XX/XX/XXXX - On XX/XX/XXXX, I complete my XXXX taxes and pay all XXXX tax debt. 
- On XX/XX/XXXX, I submit my XXXX tax returns and proof of payment to Better- All of last week, week of XXXX I'm told I'm ahead of the process, continue answering prompts in the system and we'll get to close. 
- On XX/XX/XXXX, I receive an email from XXXX XXXX Friday XXXX at XXXX est and then a phone call around XXXX telling me the deal is in danger. I share ways would be able to clear my IRS debt before close and ask for details about what I need to do to get approved and not lose my money. 
- On XX/XX/XXXX, I email XXXX expressing concern that I have not received next steps to remedy in email. I learn XXXX is on vacation for another 2-3weeks. 
- On Monday XX/XX/XXXX, I get a call from XXXX XXXX, sharing a grim story about path to loan approval, then verbal walkthrough of the steps I would need to take to keep my money. I ask to see it in email because it sounds complicated. 
- In the meanwhile, I contact 3 other lenders and secure pre-approval for the mortgage for this property, while putting pieces in place to pay off the XXXX tax debt - On Tuesday XX/XX/XXXX, I learn that XXXX is terminating the deal without XXXX sharing her email or XXXX sharing an email about my option - and telling me I'll forfeit XXXX. 
- On Wednesday XX/XX/XXXX I receive a consent to amend the purchase agreement to be terminated. I ask for additional information before I can agree and I receive a new request for a 5th Consent to Amendment R & C

Company response to consumer: Closed with explanation