Consumer complaint received 2018-07-26
Company: Neighborhood Assistance Corporation of America ("NACA")
State: KS
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
We began the process of requesting a subordination back in XXXX and our subordination was finally approved in XXXX. Now that our subordination has been finalized we are in a position in which we feel deceived by NACA by limiting the amount of money we can withdraw from our HELOC to {$11000.00}. 
We have bent over backwards again and again to provide anything and everything NACA has asked for. We have provided quotes, estimates, bank statements, utility bills, taxes, property tax bills, HOA documents, mortgage statements and multiple letters explaining why we were requesting the subordination. I spent hour upon hour on the phone with their MAP department to prepare our file and go through your " extensive counseling session '' prior to be sent to underwriting. We were told from the get go the requirements were to not exceed a DTI of XXXX XXXX and go through the counseling subordination process. We are well within this requirement even after the HELOC approval showing that we have over {$100000.00} in equity in our home. We also had to pay for the appraisal and application for the HELOC before NACA would continue with consideration for the subordination. Our current DTI is somewhere around XXXX XXXX which we pride ourselves on and therefore meet the requirements provided to be approved. 

I am very disappointed in the lack of response from most everyone I have encountered at NACA. My lender and I have left numerous voicemails and emails and have received XXXX response. I spoke to someone in the MAP department 2 days ago and she received a confirmation from a manager directly that he would call me back later that day. Here we are today and still no call back. 

We were provided terms for qualification and a list of documents needed for the process. We compiled XXXX XXXX and we qualify per your terms provided. I will also point out that this process took 4 months which is absolutely unacceptable. We now have to reapply for the HELOC, have our credit run again and pay for a new appraisal due to the delays we have encountered. It was never once discussed with us that there would be a limitation on the amount we were allowed to withdraw from the HELOC. This was deceptive and it needs to be corrected immediately. 

We are requesting the subordination paperwork be reprocessed with a limit adjustment to {$50000.00}. We have provided statements and quotes as well as letters explaining in detail how this money will be spent. The bottom line is that we were never disclosed the limitation of funds we were able to pull and therefore incurring additional fees and credit inquiries because of this deception. If there was to be a limitation it was never disclosed. 

We don't have any documentation to include as we were never provided anything in writing from NACA. All conversations were completed by telephone which I am told each time I call that they are recorded.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation