Consumer complaint received 2019-03-26
Company: Intercounty Mortgage Network Corp.
State: NJ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Real quick overview. The same mortgage broker who processed the mortgage for obtaining our XXXX home, we used to try and obtain a construction loan for the renovation work that needed to be done at the house. Initially, he wanted to get us a {$250000.00} dollar construction loan as he said it was what persons who flip houses normally useare given. I told him I did not need that much, not sure I would qualify for that amount, and especially since it exceeded the value of the final property value. He said it was the proper way to go, as this was the type of loan people who have investment properties use. He said we could put the renovation expenses on our credit cards temporarily and then when the loan went through, we could pay ourselves back with the loan money. We were having trouble obtaining this loan. He gave us excuse after excuse, saying everything was waiting on " just one more thing '', and we weren't getting anywhere. This didn't lead anywhere. Then he told us that if we re-mortgaged our home to take out money and put that money in the bank, that we'll get approved for another type of loan. We remortgaged our home, took out the money and put it in the bank, but then after excuse after excuse, " just waiting on one more thing '', we weren't getting anywhere and didn't get this loan either ( was taking out money from our home to put in the bank to look like we were worthy of the loan to get approved even legal? ). Then simultaneously we had a deal to potentially purchase the house next to us. We spoke to this gentleman and he said we could get a loan to do both. We did everything asked of us but after excuse after excuse, again " just waiting for one more thing to go through '', we got nowhere and no loan. We tried to contact other mortgage lenders about financing options, but at this point they all told us that we were not going to be eligible for any type of financing given the fact that we had maxed out our credit cards and that there were so many hits on our credit reports that it lowered our scores dramatically and that we were ineligible. Because of the inability to secure the loan, we lost out on the opportunity to purchase this other home and still didn't have the construction loan. The mortgage person admitted it was his mistakes which led to the loan not being approved. At this point we were desperate. The payments on the credit cards each month at extremely high-interest rates were stifling and we were getting further and further in debt so as we had to start draining our retirement accounts. We had no other place to turn and were at the mercy of this mortgage guy who said he would try and get us just a construction loan and would not make the same mistakes he made previously. We applied once again for a construction loan, and after excuse after excuse, " just waiting for one more thing to be approved '', we did not get the loan. Each and every time we were told that we were " just waiting for one more thing to get approved '', each and every time, which just never materialized into any progress. There have been times along the way that he made claims that we found out to be false. It's been over a year of wasted time and financial devastation and destroying our credit rating and we would like to bring this situation to light.

Company response to consumer: Closed with explanation