Consumer complaint received 2019-01-15
Company: Real Time Group, Inc.
State: AZ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
This compliant is with Real Time Resolutions. Real Time held the second lien on my home. I applied for a mortgage with XXXX XXXX and they approved the loan including a {$22000.00}. Payment to Real Time to release the second lien. In XXXX a chapter XXXX was filed and discharged on both the first and second liens These liens were not reaffirmed but we continued to pay the first as we have for the last 10 years. The Real Time Rep on or about the XXXX of XX/XX/XXXX advised both XXXX XXXX  and myself they would accept the {$22000.00}. offered. XXXX continued with a conventional loan approval based on the statement of acceptance from Real Time to settle the second lien for the {$22000.00}. The loan from XXXX continued and was approved and we were going to close as soon as Real Time sent the contract for the release but it needed to be sent right away which the Real Time Rep said he would be sending. The contract never arrived and on the final day the Real Time Rep advised me they now wanted XXXX to settle the second lien. I advised him this was not the agreed amount and the Real Time Rep said he did not agree to {$22000.00}. Both XXXX XXXX  and I were advised Real Time would accept the {$22000.00} which is why XXXX continued to process a conventional loan and not a Harp Loan. The approved conventional loan paid of the existing first mortgage and included the {$22000.00} to be sent to Real Time for the release of the second. XXXX was unable to continued with the mortgage loan based on the new request for the Higher {$35000.00} to release the second. I filed a compliant with CFPB which made Real Time review the recorded conversations between their rep and XXXX  and myself. They agreed that based on the recordings Real Time had indeed agreed to accept the {$22000.00}. 
They sent a contract to XXXX a few days later agreeing to a settlement for {$22000.00} and XXXX called me to advise me they would be able to continue with the loan process. The problem is during the few days after XXXX was forced to cancel to first loan the interest rate was increased and I went from a 5.125 interest rate to a 5.7 which caused the mortgage payment to increase. This is a 30 year mortgage and the additional amount I will be paying due to the Bad Faith demonstrated by Real Time is something I believe Real Time should be be required to pay for. Real Time agreed to a settlement amount then backed out saying they did not agree which canceled my locked rate on the first approved loan but when they did realize that their rep had agreed to the {$22000.00} they sent a contract accepting the offer because they knew they had demonstrated bad faith and I believe they realized I may take legal action. Real Time was paid {$22000.00} and I believe they should be required to offer a settlement back to me to help compensate me for the extra money I must now pay each month due to their bad faith business practice which caused me to have a higher monthly payment. Even a small {$25.00} a month increase would add up to about {$9000.00} extra over 30 years. Why should they be allowed to conduct business in this manner without a penalty when their bad faith has caused a financial loss to someone. I believe I have a reason to continue holding Real Time responsible for the additional financial responsibility I must assume to stay in my home.

Company response to consumer: Closed with explanation