Consumer complaint received 2023-12-18
Company: Commerce Home Mortgage, Inc
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-issue: Closing disclosure or other related disclosures

Complaint:
This complaint is against my lender, Change Lending. On XX/XX/2023 we opened escrow to buy a home in XXXX XXXX, CA. I used my loan officer XXXX XXXX and XXXX XXXX to help me secure a loan for my first purchase and they went with Change lending due to my type of loan as I am self employed. We were due to close on XX/XX/2023. As far as I knew the loan was moving along just fine with some slight hiccups on the seller side with the appraisal. On XX/XX/XXXX the seller had demanded we release the loan and appraisal contingencies as we were behind on releasing both. He threatened to cancel escrow and he served my realtor with notice to perform papers. That same day, XX/XX/XXXX at XXXX I had received a call from XXXX informing me that Change lending had lost its XXXX XXXX earlier that week and we were just being notified days later. He told me that he would speak with Change and let me know later that day if we were clear to close and the loan would be funded before I signed the contingency release. I agreed that without any guarantee that they were clear then I wouldn't sign. At XXXX he called to update me. He said that his broker XXXX was friends with the investor at Change and that my loan would still be funded and if it didn't go through then we would get our {$32000.00} deposit back and if Change lending didn't give it back he would pay it himself. He told me that I needed to verify one more piece of my funding and when that was good we could release all contingencies. At XXXX I was told according to Change lending we were good to sign and release all contingencies. So we did. To my surprise on Monday, XX/XX/XXXX the lender was still asking for more information on the loan but we should close by Wednesday. I kept being reassured that everything was fine and we would close. I began to pack my home up. My notice to move out of my place was sent. We just kept being told docs were ready to go out. They told me, my realtor and the seller that it would close. Then Change lending was served a cease a desist and all loans had to be stopped. We were now days past our close date. My belongings had to be moved into storage and the seller was growing tired of being told " any day. '' On Friday XX/XX/XXXX I again was told that we were clear to close and docs were being sent to Escrow that day. That never happened and once again the seller grew angry. On Tuesday XX/XX/XXXX the seller canceled escrow and we lost the home. XXXX and XXXX continues to tell us and the seller that they would still try to close the deal. Making everyone believe that it may still happen. All of this was being translated from Change lending. After another week of this I finally had to tell them no more. The seller had started remodeling the home with our money and we were left hanging out to dry. When I asked XXXX about the money he promised I would get back he just kept saying the attorney at Change lending has the file now. XXXX and XXXX sent me to go after Change lending, which I have had XXXX contact with at this point. They got me in touch with the attorney there which at first failed to respond and when I reached out again weeks later I was told " we have the file and are reviewing it. '' Change has not even acknowledged theres an issue with us. They have ignored attempts made to communicate with them. This should absolutely not be allowed to happen to any consumer. We hire professionals to protect us in these transactions. Instead my money was gambled with, lost and then walked away from.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation