Consumer complaint received 2019-07-19
Company: Zeus Mortgage, Ltd.
State: TX
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
After receiving a pre-approval letter from XXXX XXXX, a loan specialist at Zeus Lending on XX/XX/XXXX, I began looking for an investment property. I found a triplex in XXXX XXXX, Texas on XX/XX/XXXX. I contacted XXXX at Zeus Lending shortly after that and gave him the details on the property. He then researched the property through their in-house valuation system and told me the property was coming back with a value of around {$260000.00}. After running my credit and providing XXXX with all of the supporting financial documents he requested including Drivers License, Bank Statements, Paystubs, Tax Returns and mortgage statements he sent me an email confirming that 100 % the property would qualify under their program to be financed on a 12 month loan and then the property would be available to refinance. He said he was sure that if we ordered an appraisal on the property that it would come in high enough to finance the purchase amount of the property and the renovation costs totaling around {$260000.00}. Taking him at his word I signed a contract with the seller of the property and put down a deposit of {$3000.00} which was non-refundable on XX/XX/XXXX. XXXX then asked me to pay for the appraisal up front which he quoted me a price of {$570.00}. It is important to note that he had researched the property and knew what type of property it was. I paid for the appraisal with a credit card on XX/XX/XXXX and he assured me that the appraisal would arrive no later than XX/XX/XXXX. He again assured me that this property would be 100 % financeable based on my credit profile, liquidity, and the equity I would have in the property. On XX/XX/XXXX, XXXX sent me an email informing me that the appraisal had been delayed because the appraiser that they had hired had taken the payment and then decided he was " not as equipped to appraise a triplex. '' He then informed me that the closing would have to be delayed after assuring me earlier in the week that it would close no later than the XXXX of XXXX. XXXX said that a new appraisal would have to be ordered and it would take until XX/XX/XXXX to receive it and also the price had now increased to {$750.00}. I reluctantly agreed and asked that he send another email confirming the property would be financeable. He did send an email confirming that. On XX/XX/XXXX he informed me that it would be delayed again and it would come in before the XXXX of XXXX. On the XXXX of XXXX he informed me that it would be delayed once again and it would arrive on the XXXX of XXXX. On the XXXX of XXXX he said it would be delayed again until the XXXX of XXXX. After asking if I could talk to the appraiser to see what the delay was he said that was not possible and again assured me the property could be financed. On XX/XX/XXXX I went to their home office and sat down with XXXX, a manager of Zeus Lending and XXXX XXXX. They both verbally said to me that the appraisal would be received that day and we would be able to close on the property on XX/XX/XXXX. It is now XX/XX/XXXX and there still is no appraisal that has been received. I called XXXX on XX/XX/XXXX and asked for a refund on the appraisal because we'd never received it however, XXXX told me that was not possible. I fear that Zeus Lending never ordered the appraisal and is charging me money to defraud me.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with monetary relief