Consumer complaint received 2022-11-14
Company: SOUTHSTATE CORPORATION
State: AL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Struggling to pay mortgage

Complaint:
In XXXX of XXXX, I entered into a construction loan contract with South State Bank. In XXXX or XXXX of XXXX, I began construction on my dream home. I'd designed this house for me and this was to be my forever home. From the beginning of the project until XX/XX/XXXX, the project was going well, and my home was approximately XXXX XXXX  complete ( I was making my interest only payments and I received draws according to the bank 's protocol ). Around the middle of XX/XX/XXXX, I received an email from XXXX XXXX, an agent of South State Bank, stating that I would not receive any further draws, because I would run out of money by the end of my project. How did he know that, I do not know ; but, I found that it was extremely unfair to stop my project in the middle of it without working with me to reduce cost in some manner. I had contractors in my home that had to be paid, so I ended up paying them out of my savings account, which is now depleted due to unexpected expenses caused by South State. South State told me that i would need to secure additional financing to complete the project. My original XXXX XXXXXXXX with South State, XXXX XXXX, who completed the construction loan for me, completed an application on my behalf, utilizing the same information from the construction loan. I did not reveal to South State that I had obtained another job and there was not a lapse in time between the prior employer and my current employer. When it came time to underwrite my loan for the additional funds to complete my project, I submitted false pay stubs ( displaying to South State that I still worked for my prior employer ). I was wrong to do that, but I panicked, because I did not want to be embarrassed and have my project stopping in the middle of it, but ultimately, that is what happened. Once the bank found out that I did not work for my former employer and had submitted false paystubs, they called my loan due and requested payment in full within XXXX XXXX During this time, I found a new loan company and I was close to securing the loan, but South State refused to provide a clear to close, because they stated I had not made a payment. This was incorrect. I submitted a payment to South State, they refused payment and returned my check to me. Because they would not provide a clear to close, I lost that deal ( that was deal # XXXX ). I could not pay that amount, so South State proceeded to foreclose on my property. In order to stop foreclosing proceedings, I filed XXXX XXXX. That left me protected under bankruptcy laws. After entering bankruptcy South State presented a proposal to obtain the loan for the {$150000.00} and receive a clear deed. I had until XX/XX/XXXX to complete this deal. I tried XXXX XXXX possible to get this done, but I could not for XXXX reasons : XXXX. No one wanted to finance a half built house ; and, XXXX. I filed XXXX XXXX. Finally, I found a company that would allow my parents to obtain the property. We were close to closing on this loan, and the lawyers of South State stepped in again, stating that I was in default and this killed the deal ( that was deal # XXXX ). I have tried all I could to rectify this situation with South State, but they want to take my property. I am a XXXX XXXX XXXX XXXX and this was my home to start my life over in. I failed to add that the proposal South State provided included that if I could not get this deal done, they would obtain my property by deed in lieu of foreclosure. So, on XXXX, I found out that South State is proceeding with the sale of my property. I truly believe that South State has XXXX  against me, because I am XXXX XXXXXXXX XXXX XXXX, building a large home in a rural area.

Company response to consumer: Closed with explanation