Consumer complaint received 2018-07-14
Company: Consumer Real Estate Finance Co.
State: PA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
We are filing this complaint against Consumer Real Estate Finance Co., XXXX XXXX XXXX XXXX., XXXX XXXX, XXXX XXXX, XXXX. 

My XXXX year old husband and I, age XXXX had a two bedroom house for sale through XXXX XXXX XXXX XXXX in XXXX, XXXX. XXXX showed the house to a prospective buyer, who made an offer on the house back in XX/XX/XXXX. Closing was susposed to be on or before XX/XX/XXXX. It never happened! Then closing was susposed to be XX/XX/XXXX, it never happened. The finance company kept dragging their feet at every turn. 

Finally they set up a closing date for XX/XX/XXXX. My husband and I were present along with our attorney. On their side was a representative from XXXX XXXX XXXX, the buyer and the XXXX real estate representative. The closing went through, all papers were signed and deal was closed. The deed was signed over and the new owner was given the keys to the house along with the garage door openers. He and his wife and 3 large dogs moved into the house that night. 

XX/XX/XXXX we were going away for the day so we stopped at the bank before we left town and deposited the check. At about XXXX XXXX in the afternoon we received a call from our lawyer telling us not to deposit the check as the finance company wanted the check back. I said sorry it was already cashed. I was then advised that the finance company would put a stop payment on the check. I called the bank and advised them of what was going on. They advised me that they would call me back when they received the stop payment notice. The stop payment was received by our bank on XX/XX/XXXX. The bank advised that the money would be sent back to the finance company the following morning. 

We do not understand how this can be done. The house was signed over, they have the deed. Checks were issued to us and to our attorney at the closing. Then the next day were were told not to cash the check!! How can this Finance Company do this to people?? Isn't it a breach of contract? We were left with the buyer and his wife and 3 large dogs in our house. We tried to get him to sign a lease, which he wasn't doing. We were stuck with these people in our home and what would have happened if we couldn't get them out? The finance company could care less, it was our problem not their 's!! They didn't care about the mess that they created. This is not how a loan company, finance company or bank should do business. 

Now at XXXX XXXX., XX/XX/XXXX, we called our attorney to ask a question. I was told they had good news for me. The proceeds from the sale of the house are being wired to our checking account tomorrow morning, XX/XX/XXXX! Now mind you the check they gave us and we deposited had a stop payment placed on it and they are removing the funds from our account on the XXXX also. Now does that make sense? 

Now it is all over, we spent 3 days in XXXX? This was a XXXX of a situation to leave people in. If they have done this to us, how many others have gone through this too? How many others didn't file a complaint? 

Something needs to be done with this Finance Company, they should not be able to do to people what they did to us. We were the seller not the buyer!! People do not deserve to be treated like this. We are both over the age of XXXX and the stress placed on us was unreal!! Is this the new way Senior Citizens are being treated? 

They are using predatory practices and this is not a good business practice. I think they should be fined and a little of that fine turned over to use for what they put us through! 

Please advise us of what action you will be taking against this finance company.

Company response to consumer: Closed with explanation