Consumer complaint received 2019-07-17
Company: TOLL BROTHERS INC
State: ID
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/XXXX I signed a rate lock agreement through TBIM  with Toll Brothers in XXXX Idaho. My husband is the veteran on this loan and he did not want to have this rate lock. I signed it, but there were two spots for mine and my husbands signatures. They would not close on the home we were having built until XX/XX/XXXX due to a VA short sale seasoning period. They were fully aware of the situation that pertained to the short sale. They sold us a product that was not suppose to expire until after we closed in XX/XX/XXXX. Fast forward to XX/XX/XXXX, I go to the local sales office and speak with the other agent handling our contract. She looked up to see on XX/XX/XXXX if there was a rate lock. She stated to me there was no rate lock on file. So, with that being said and me thinking the rate lock didn't go through due to lack of the veterans signature on a va loan, I called my bank whom is a military bank and got a VA loan through them with no waiting for a seasoning period as TBI made us wait. TBI stated that since we had gone through another lender that the rate lock fee would have to be paid back. They added it to my closing cost on XX/XX/XXXX. After speaking with 3 people, we got generic information that pertained to the rate lock that they stated was locked with XXXX XXXX. To my surprise, on the information given the rate expires on XX/XX/XXXX. That's 1 week  before TBI would allow us to close the loan with them. I've heard from a few people that they would have extended it out, but nothing in writing on that. I was not told that the rate lock would expire before we could close in XX/XX/XXXX. After speaking with TBI 's legal department, they stated they were under no obligation to extend the rate lock out, but would. So, they have told me they would but also they don't have to if they choose not too. They sold me a product that we wouldn't have been able to legal use in the time frame it was sold to us. So, we had a 50/50 chance of having to pay more money out of pocket because the rate lock the sold us expired 1 full week before closing. I have asked for my money back due to the product being expired by time we could have used it. They stated to me that we couldn't fulfill the commitment on our end before it expired. Due to the nature of the shirt sale and they were fully aware of the short sale when we first applied. They scammed us on a product that was not usable during the product period. Now, they wouldn't close our loan because they state VA guidelines. We spoke with the VA about buying this home and they stated that it was up to the lender. They had no issue with us closing before the 24 months after a short sale. Now, my bank has our loan and TBI keeps giving me the run around. Not telling me how in the 7 months after the rate lock was signed it didn't get sent to the sales office to show we had a rate lock on file. TBI took our money fully knowing we could not use that product. This is fraud! They can't sale me something I can not use.

Company response to consumer: Closed with monetary relief