Consumer complaint received 2018-03-10
Company: EVERBANK, NATIONAL ASSOCIATION
State: NY
Product: Mortgage
Sub-product: VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On or about XX/XX/2018 EverBank, XXXX representatives XXXX XXXX, stated at my closing date on XX/XX/18, that an outstanding mortage loan that was taken On or about XXXX, would be satisfied by the owner. She indicated it was discussed with the sellers representative, and documentation would be provided to me at closing, once the seller pays off the loan from the sale of the property at closing. XXXX XXXX XXXX when so far to state that the loan would then be satisfied and the title would be clean and clear, which would deem me as the rightful owner of the property. The bank knowingly positions a false narrative to purchasing the property, when it was clear that the property could never be sold. 

Everbank was misleading and did not follow banking policies and procedures knowing that I purchasing the property would never be accomplished due to representatives at Ever Bank, XXXX, delayed the process of proceeding to close on the home using many unfair tactics, being aware that the open loan was a loan that can never be satisfied at closing, because in fact the seller had taken out a Home Equity Loan. The bank is well aware that taking out an Home Equity Loan, means in fact the equity is taken out against the home leaving the value of the home is worth less than what it is appraised, due to the equity being taken out of the home. The bank never once dispels this matter to me, withholding this information to me as the buyer. Instead the following representatives ( XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX ), used stall tactics and put unnecessary barriers that refusing to follow policies and procedures, under the notions or in lure of not being able to complete these steps. I was still able to complete all requirements stated on the commitment letter, that Ever Bank, XXXX also delayed dispensing to me as well, which XXXX XXXX were aware and allowed the false banking practices to proceed. 
The representatives, that handled my VA XXXX traditional Home Mortgage Loan process as follows ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ), all had the documentation of the type of loan that was taken out against the home ( Home Equity Loan ). The Bank still proceeded to state on one end I was ready for closing, and on the other end I was not ready for closing, due to stall tactics that were against policies and procedures all to distract me from finding out that the seller has taken out an Home Equity Loan taking all the equity out of the home as well as that Deed of Trust is not within the sellers possession. 

Ever Bank, XXXX has convinced me to dispense expenses towards the home, which amounted over XXXX dollars on the intention that I would obtain the loan, knowing that this could never occur due to the seller taking out a Home Equity Loan, which took all the equity out of the home, which the property is worth less than what is appraised for and could never be sold..

Company response to consumer: Closed with explanation