Consumer complaint received 2023-05-25
Company: United Shore Financial Services, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I have sent an offer and it was accepted on XX/XX/XXXX. 
On XX/XX/XXXX, the lender 's mortgage advisor XXXX XXXX XXXX confirmed via SMS that I only need to come up with 5 % down payment for a {$900000.00} home. 

On XX/XX/XXXX, I sent the earnest money of {$28000.00} to escrow. I also filed a quit deed for XXXX XXXX that I am in the mortgage in as another requirement that I needed to meet. 

On XX/XX/XXXX, I had the property inspection completed. I did not shop for an appraiser but my lender asked me to pay for an appraiser who appraised the property at a value of XXXX which I think was rigged. I was also given a run down of the rates and monthly payments at this time. It is a variable rate that will start at 4 % on year 1 then moves to 5 % on year 2, 6 % on year 3 and it will stay locked in at 7 % on year 4. The estimated monthly payment was {$3800.00} on year 1, XXXX on year 2 and XXXX on year 3. He also stated that rates are expected to go down in 4-6 months so I can opt to refinance to get me into a low fixed rate. 

On XX/XX/XXXX, I accepted the first offer that I received for my XXXX home, even at a loss, just to make sure that I close a couple days early to meet the requirement and to use the funds to close at XXXX. 

On XX/XX/XXXX, the down payment was increased to 10 %, including a requirement of paying off my XXXX XXXX, XXXX XXXX  account and XXXX XXXX account of my co borrower. 

On XX/XX/XXXX, I was asked to order HOA bylaws and declaration. 
On XX/XX/XXXX, I was asked to order HOA insurance. 

On XX/XX/XXXX, I sent a recap of our call on XX/XX/XXXX where he confirmed that we are moving to closing as long as I sold my property in XXXX. I waived my contingencies on XX/XX/XXXX per confirmation from my lender. I believe on the XX/XX/XXXX call he said that he was able to make it happen without paying my XXXX account. 

On XX/XX/XXXX, he told me that we need to pay my co borrower 's XXXX  account of {$21000.00} to get the debt ratio under 50 % On XX/XX/XXXX I was sent an estimated closing statement by my realtor which came from escrow which required {$66000.00} in addition to the XXXX XXXX. 

I sold my XXXX property on XX/XX/XXXX which was the last contingency given to me to close my supposed home in XXXX. I routed {$66000.00} of the funds to escrow. 

On XX/XX/XXXX, the lender found that we don't have the HOA lender questionnaire. The closing was delayed to XX/XX/XXXX instead of XX/XX/XXXX because it fell on a weekend. 

The lender questionnaires came on XX/XX/XXXX. At XXXX on the same day, escrow received my loan documents. It still requires XXXX on top of what I had already paid. This included a {$29000.00} origination charge as part of closing costs. I did not receive a fair estimate of closing costs from my lender nor did I sign disclosures. I was at a shock that I needed to come up with {$72000.00} a day after I was supposed to close. I called my lender in tears that I am about to lose {$31000.00} from my expenses in acquiring the home including my XXXX that I could not get back. He let me know that the {$29000.00} was necessary to get me the rate. Then I confronted him again on XX/XX/XXXX, because I was given the CD by escrow and it showed that my interest rate was 5.999 % and my monthly payment is actually {$6300.00}. 

The lender and realtor has been asking me to loan from family or friends, withdraw from my ex-husband 's 401K account and other means that are more harmful to me than good. 

I asked my lender to refund those costs to me. To this date, {$94000.00} of my money is still in escrow. My lender used switch and bait schemes as well as predatory lending practices which cost me a lot of money and time. The lawyer that I spoke with said I should have received my loan estimate 3 days before close and signed by me. That did not happen. On XX/XX/XXXX, I let my lender know that if I do not get the costs back in the sum of {$30000.00} I will file a lawsuit. I sold my property in XXXX  at the first offer I received to make sure I met all of my requirements to proceed with the sale. I filed a quit deed for the XXXX property I share with my ex-husband and sister. I am out of homes. I have to take time off because this has been using a lot of my time. The {$30000.00} is the total amount spent just on earnest money deposit, appraisal, inspection, HOA bylaws, insurance and lender questionnaire. It does not even represent all my losses to attempt to find a solution to what I was put through.

Company response to consumer: Closed with explanation