Consumer complaint received 2016-08-22
Company: United Shore Financial Services, LLC
State: TN
Product: Mortgage
Sub-product: FHA mortgage
Issue: Credit decision / Underwriting

Complaint:
PURCHASED HOME XXXX XXXX 1. RECEIVED FHA LOAN FROM UNITED WHOLESALE MORTGAGE 2. NOT LONG AFTER CLOSING UNITED WHOLESALE SOLD MY LOAN TO XXXX XXXX XXXX 3. A FEW MONTHS LATER I REFINANCED THE INTEREST RATE ONLY TO ANOTHER FHA LOAN ( APPRAISAL WAS NOT NEEDED FOR THIS LOAN ) 4. AROUND A YEAR LATER - DUE TO REDUCTION IN INCOME I BEGAN STRUGGLING MAKING MY MORTGAGE PAYMENTS. XXXX WAS & STILL IS OUR SERVICER 5. WE HAVE STRUGGLED & CONTINUE EVEN WITH MORTGAGE MODIFICATION TO MAKE THE PAYMENTS. IN AN ATTEMPT TO BE PROACTIVE IN HOLDING ON TO OUR HOME WE ARE DOING THE ONLY THING WE CAN DO WHICH IS WE ARE ROBBING XXXX TO PAY XXXX IN ORDER TO KEEP OUR HOME 6. IN XXXX XXXX WE DECIDED WE WOULD TRY TO REFINANCE HOPING THAT WE WOULD HAVE ENOUGH EQUITY IN ORDER TO MAYBE ELMINATE THE FHA MONTHLY MORTGAGE INSURANCE PREMIUM WHICH WOULD HELP LOWER OUR PAYMENTS - **THIS IS THE PROBLEM- WE WERE TOLD THAT WE OWED WAY TOO MUCH TO REFINANCE & WE ALSO COULD N'T SELL IT BECAUSE WE WERE UNDERWATER & OWED TOO MUCH. WE WERE TOLD THAT WE SHOULD GET OUR APPRAISER FROM WHEN WE PURCHASED THE HOUSE BECAUSE IT SOUNDED LIKE WE MIGHT HAVE PAID TOO MUCH - SOMETHING DID N'T SEEM RIGHT. 
7. WE COULD NOT FIND THE APPRAISAL OR ANY OF THE CLOSING PAPERWORK SO WE CONTACT UNITED WHOLESALE & WERE TOLD THAT THEY WERE UNABLE TO LOCATE THESE PAPERS & REDIRECTED US TO CONTACT XXXX XXXX XXXX & WE DID AND XXXX XXXX XXXX SENT US ALL OF THE CLOSING PAPERS. 
8. WHILE REVIEWING THE APPRAISAL WE DISCOVERED THERE WERE SOME ERRORS - WE NOTICED OUR HOME ALSO ON THE MAP CALLED THE SUBJECT PROPERTY - IT HAD BEEN PLACED ON THE WRONG PLACE ON THE MAP. OUR STREET IS CLEARLY INDICATED IN THE UPPER RIGHT CORNER OF THE MAP & OUR HOME WAS PLACED ON THE LOWER LEFT CORNER OF THE MAP. 
9. WE THEN NOTICED THAT ALL OF THE COMPARABLE HOME SALES USED TO COME UP WITH A VALUE OF OUR HOME WERE WRONG. THE MILEAGE TO EACH OF THESE HOMES WERE WRONG - THERE WAS NOT ONE CORRECT COMP DISTANCE FROM OUR HOME TO ANY OF THESE COMPS. 
10. ALSO IN NEIGHBORHOOD SECTION IT STATED OUR HOME WAS LOCATED IN XXXX TENNESSEE & JUST ABOVE THAT WAS THE INFORMATION ABOUT OUR HOME & IT CLEARLY SHOWED THE CORRECT ADDRESS & LOCATION IN XXXX TN. 
11. WHEN XXXX XXXX XXXX PROVIDED US THE PAPERWORK THEY ALSO PROVIDED US A FORM CALLED DIRECT ENDORSEMENT FOR FHA HUD APPROVED MORTGAGE IN WHICH AN FHA DIRECT ENDORSED UNDERWRITER SIGNED OFF THAT SHE CERTIFIED THAT ALL DATA SUPPLIED BY THE LENDER USED TO DETERMINE THE QUALITY OF THE LOAN WAS USED & SHE CERTIFIED THAT IT MET THE GUIDELINES & WAS ELIGIBLE FOR HUD INSURANCE. 
12. WE ARE DEEPLY UNDERWATER ON OUR MORTGAGE - WE ARE DROWING - OH HOW WE HAVE SUFFERED TRYING TO HOLD ON TO OUR HOME. WE ARE IN HOME OWNERSHIP XXXX. WE WANT TO KEEP OUR HOME & YET WE KNOW IT IS A MATTER OF TIME BEFORE WE LOSE IT. 
13. WE WROTE A NOTICE OF ERROR TO UNITED WHOLESALE ADDRESSING THESE ISSUES IN XXXX XXXX HAD IT DELIVERED BY FED EX AND WE ONLY RECEIVED A VAUGE RESPONSE THAT IT WAS IMPOSSIBLE FOR THEM TO LOOK IT UP GIVEN THE AMOUNT OF TIME & REDIRECTED US AGAIN TO XXXX XXXX XXXX AND WE HAVE SENT SEVERAL LETTERS FROM WHICH WE HAVE RECEIVED NO RESPONSE. 
14. RECENTLY ANOTHER LETTER WAS SENT TO BOTH VIA USPS OVERNIGHT 15. A FOLLOWUP CALL WAS MADE ON XX/XX/XXXX TO UNITED WHOLESALE WHERE MY WIFE WAS TRANSFERRED TO XXXX XXXX SERVICING MGR WHO STATED THAT WE CAME TO THEM ASKED FOR A LOAN TO BUY A HOUSE IN XX/XX/XXXX & THEY GRANTED OUR WISH AND THAT WAS IT. MY WIFE ADVISED THAT HIS EXPLANATION WAS NOT GOING TO WORK. HE SAID WELL YOU MUST HAVE THOUGHT YOUR HOME WAS WORTH IT WHEN YOU SIGNED THE CONTRACT. OUR CONTRACT WAS CONTINGENT UPON FINANCING & IF THE UNDERWRITER HAD DONE THE JOB THAT FHA ENTRUSTED HER TO DO AND PROPERLY UNDERWROTE THE APPRAISAL SHE WOULD HAVE DISCOVERED THE ERRORS & THE HOUSE NO DOUBT WOULD N'T HAVE APPRAISED AND WE WOULD HAVE BEEN DENIED OR FORCED TO RENEGOTIATE OUR CONTRACT 16. THERE IS NO DEBATE HERE ONLY ERRORS IN B & W

Company response to consumer: Closed with explanation