Consumer complaint received 2017-11-02
Company: Academy Mortgage Corporation (NY)
State: NY
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Back in XXXX XXXX, I apply for a mortgage with a local Mortgage banker called Academy MORTGAGE BANKER IN XXXX New York. My broker after doing his due diligence and 2-3 weeks of forms, pay stubs,2 years of tax returns and all required documentation for myself, my wife and my son, said that I will get you a mortgage of up to {$300000.00}, so congratulation go ahead and start looking for a house. ( Emailed me a pre-aproval letter ). 

( WE WERE RENTING A HOUSE AT THE TIME THAT WAS GOING TO FORECLOSURE ) and found out that there is an Auction on the house that is going to be on XXXX XXXX in the front of the town hall, so I called the broker and ask him, if we can go to the auction and bid the House, can we get the Fund within a Month if we won? he said absolutely go ahead and bid. so me and my wife went to the Auction and bid against 15 investors and we won the bid at {$170000.00} and Give the Referee 10 percent of the winning bid ( {$17000.00} ) all our saving. Called the Mortgage broker and told him the good news, he said you need a lawyer, I said I did not think we can win the bid and I do n't have a lawyer, he said call this lawyer is good Friend of mine, and said come to my office so we can start the Application since you have the contract, so the next day we went to his office feeling excited and happy that we bought the house that we lived in last 21/2 years and that we do not have to get evicted or move to another house.My wife and, were struggling for the past 23 years together and trying to save for a house and raise XXXX kids in XXXX XXXX New York we have an XXXX years old Daughter and a XXXX  years son and like any parents out there we are struggling along 2 jobs each just to survive. 

The Mortgage broker order an appraisal for the house that they charge me {$470.00}. that came in at {$290000.00} as is Property, and his processor called me and emailed the appraisal and said Congratulation you guys are so lucky.The next day the Lawyer called me and said that he has a bad news for me and said that you will not get approved for a mortgage how about if I can get an Investor to buy the house from you and may be rented to you and than sell it to you for a profit down the line???!!! 

I said that this is not an option, and called the mortgage broker to see if that is true what his referral lawyer just told me, he said that his manager said that its not a problem if he signed at closing.He said do not worry we will protect you.!!!!??? 

HELP ME PLEASE SOMEONE HELP ME THEY ARE TRYING TO STEAL THE HOUSE FROM US. 

So now we are out of luck cause the mortgage broker called me today with another road block and said that we are not able to approve you.so WE LOST {$17000.00} + {$600.00} ( LAWYER RETAINER DEPOSIT ) + {$470.00} Appraisal cost. 



Today is XXXX XXXX we just forfeited our 10 percent deposit.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation