Consumer complaint received 2016-10-22
Company: CIT BANK, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
Considering the house is in foreclosure with a sale date of XXXX/XXXX/2016 pending Short Sale Heir Approval I called Financial Freedom XXXX/XXXX/2016 and there had not been a status update in the system since XXXX/XXXX/2016 nor retuned response, in which the email sent to us by the rep was an appraisal reconsideration form which was completed and sent back to Financial Freedom per the short sale rep 's request in order for the appraisal to be re evaluated/reconsidered. The appraisal value completed XXXX/XXXX/2016 was much higher than the previous one completed in XXXX 2016.It 's been three weeks now since the requested items sent XX/XX/2016 regarding the redetermination evaluation was submitted. The appraisal value was too high and the comparables that were used to get the value by the appraiser were " flip type '' investor properties that were over priced for the area due to the new rehab and construction on the properties. Leaving us as the heirs, not being able to obtain a loan because the lender representing us said the loan that we were approved for was not enough to purchase after we were SS approved to purchase the original appraisal value but because the original appraisal had just expired before we found out what the new appraisal was, not known to us, the new appraisal was too high and we were not approved for the higher amount. So we had to request that the appraisal to be re considered and brought to it 's true value. The lender did increase the loan amount 5 % higher allowing some market appreciation. 
After several calls requesting an update from Financial Freedom on the status of the evaluation and confirmation of the sent email requesting a receipt by the FF rep, I was told by a FF Representative, to fax in the request for reconsideration form, request for extension of the appraisal, request to postpone the sale, and send an approval letter in order to receive an email receipt conformation stated below. 
" Please postpone the pending foreclosure sale date XX/XX/2016 to continue the SS Heir approval process. 
Please extend the appraisal which is due to expire soon in order to continue the reconsideration evaluation request, which was previously submitted and attached to this fax while waiting for an evaluation determination and approval. '' We are looking forward to the Short Sale Heir Approval and to move forward towards the purchase of the family home. We would appreciate your cooperation in this matter and too escalate this request to upper management or the department who can get a quicker response. This requires immediate attention because of the pending sale date XXXX/XXXX/2016. 
As of today there has not been a response to our plea and we stand to lose the opportunity to purchase the family home due to no response and the lack of diligence to comply too our request in a timely manner. FF states their position in pushing a foreclosure and sticking to their timeline and everything they did was late or behind schedule forcing a foreclosure date against us because a value was not determined in time enough for us to obtain financing and we were not granted a fair value to purchase the home with traditional financing leaving us no choice but to get hard money in such short notice. We obtained the financing and it was too late and the first appraisal expired and they had to order another one which increased 20 % in value in less than 3 months which was outrageous and predatory on FF part possibly forcing us too loose our family home. We ask ourselves why lead us on and misrepresenting the fact that we have a chance to rebuttal the value in order to obtain a true value and now it 's being taken away and also the opportunity to exercise our rights as heirs to purchase the family property. We are seeking assistance in order to keep the home in the family after 60 years.

Company response to consumer: Closed with explanation