Consumer complaint received 2018-02-16
Company: Evergreen Moneysource Mortgage Company
State: WA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
I have a loan that closed with XXXX XXXX on XX/XX/XXXX. There was never a final inspection or appraisal done as required by the Holdback agreement signed at Escrow and was to be executed and funds released AFTER ALL REPAIRS WERE FINISHED, INSPECTED AND A XXXX APPRAISAL WAS COMPLETED TO INSURE THE VALUE OF THE HOME HAD NOT DECREASED. I have requested the FULLY EXECUTED HOLDBACK AGREEMENT from XXXX and they have REFUSED TO RELEASE IT TO ME. Instead, they sent a fraudulent agreement, that proves we were not satisfied with the Holdback agreement. We also can prove XXXX made us sign off on the Holdback repairs under duress. If we did not sign, they would return the {$2000.00} to the seller and we would be liable for all repairs. XXXX  and the contractors that did the repairs would be able to apply a lien on our home. XXXX NEVER DISCLOSED TO US THAT THEY WAIVED THE FINAL INSPECTION AND APPRAISAL/XXXX  UNTIL A WEEK AGO. They omitted and never disclosed this on any Loan Disclosures prior to closing. XXXX NEVER planned on following the Holdback agreement. They received the {$2000.00} from Escrow prior to the repairs ever starting, which is a breach of contract and then never paid one of the contractors. ( The contractor had to contact me to get paid. They received payment on XX/XX/XXXX. ) XXXX NEVER DISCLOSED ANY DAMAGES DONE BY THE SELLER, THAT WE REPORTED TO THEM 3 DAYS AFTER CLOSING AND PRIOR TO ANY REPAIRS BEING DONE. A final inspection and appraisal would have prevented this home loan from ever going through and XXXX knew this. They interfered with a contract to benefit from the loan. They did not look out for our best interest when they became the fiduciary, by taking control of the money for the Holdback agreement and then not FULLY EXECUTING IT AS WRITTEN. 
We have contacted XXXX XXXX XXXX XXXX to get a copy of the signed Holdback Agreement. As you can see, both the Escrow agent and XXXX did not follow the Agreement. Funds should have never been released. I spoke to XXXX in XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. They will tell you I never spoke to anyone until XX/XX/XXXX, but that is another misstatement by XXXX, who has denied that they had to follow the Holdback agreement. Only WE WERE FORCED TO FOLLOW THE TERMS OF THE AGREEMENT. According to XXXX, they COULD WAIVE ALL OF THEIR DUTIES BECAUSE IT WAS A " IN HOUSE '' AGREEMENT. That is not what we signed at Closing. 
XXXX has refused to speak to us any further. They state they have educated us enough, even though they have not fulfilled our QWR to turn over ALL signed Documents in our file. They sent 355 pages, 2 appraisals, but refuse to send the FULLY EXECUTED HOLDBACK AGREEMENT or THE SIGNED WAIVER OF THE HOLDBACK AGREEMENT, that would have disclosed the change of this document prior to closing. 
I have emails showing our duress as XXXX enforced the Holdback agreement. Never once did they ask if we were satisfied with the repairs or if we inspected them, but insisted the form was signed, or the contractors would not get paid.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation