Consumer complaint received 2022-12-06
Company: MONEY SOURCE, INC., THE
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
XXXX XXXX  induced me by fraud and material omissions into a higher interest loan that cost XXXX. They claim the loan closed XX/XX/XXXX and I canceled too late on XX/XX/XXXX. You closed the case because alameda said I canceled 5 days too late. SHAME ON YOU!!! I read the loan contract after a reasonable time! I rescinded after I read it. The law says reasonable time to read. The law says if a date and time are critical the contract must include a statement Time is of the Essence. 5 days extra to read is valid under the law but you failed to uphold the law, reward a criminal lender, punish a victim of financial crime. 

Plus XXXX did agree to cancel the loan. They blocked me, refused to answer letters, and sent XXXX Attorneys to intimidate me and extort escrow money that I can prove the attorneys knew XXXX never paid! The letter the att sent me said the company agreed to cancel the loan. Obviously time was not of the essence because that letter was XX/XX/XXXX open till a week later. 
But you closed the case because XXXX  lied to you and I cant leave the house because of stress fear physical and emotional serious ongoing injury. 

Also dont forget that this loan was induced by lies and material omissions otherwise known as fraud. They had all the loan docs on XX/XX/XXXX but lied and said I needed a certificate of occupancy for the appraisal so they intentionally postponed the application till the interest rates went up a point n half late XXXX. Then they postponed because they said they needed the new rental to have signed leases. But Ive had an ongoing rental here for 22 years. It was a group home for dual diagnosed then for Covid I merely closed off a couple doorways and got a separate address. But alameda had all the leases back in XXXX. But later they solicited forgery on different leases. They did this twice. Then they still didnt use the real leases XXXX and XXXX but used fraudulent docs in the loan. 

How are you ok with that! 

I told them the purpose of the loan was to retire out of the area. They made assurances to a broker in XXXX who wouldnt let me but a retirement home without the lenders assurances of XXXX cash out in 2 months. I entered the purchase agreement put down XXXX and lost the retirement house because the loan didnt finish till XX/XX/XXXX? This serves as proof they knew I was retiring g out of area. They knew I was going to live off rental income. They knew my XXXX old mom and I had the bank accounts jointly they used for the loan. But after I finally finished reading the XXXX pages of the loan and did the outside legal research needed to understand the codes therein only cited and to try but was not able to find sections referred to in sections that could go to multiple sections and none were clearly identified as the section it was referring to in the multiple sections. Its just unknown what sections several terms are implying. Ya so it took a few extra days to understand. A reasonable time. 

Only after I read the contract did I find the fraud. The loan takes away XXXX unit of rental income for XXXX yrs. The loan has occupancy requirements expressly and implicitly. This is a fraud because they knew why I was getting the loan and they gave me a bag of coal. But you seem to find thats all ok. And Im just the one who is wrong. 

Then I waited for the lender to cancel all interests as the cancel doc says. Prove it to me. And return my money spent getting g this loan. They agreed to cancel XXXX XXXX. I waited till mid XXXX for them to perform. They never did. No proof offered. Refused to give back my money. Intentionally extorted unpaid escrow money. So I gave back money per contract even though they failed to perform. 

You agreed w lender its all ok. So now Im in a loan for XXXX XXXX more than before with alameda. From XXXX XXXX to XXXX XXXX. I paid points to lower. But its still XXXX XXXX for XXXX years because of the cost. I have an extra XXXX and XXXX to pay to alameda for XXXX yrs for no bennifit to me. XXXX claims they got XXXX from me. They claim they paid me XXXX and XXXX in cc pay off. Yippie I apparently got XXXX of Benifit and I have to pay {$280000.00} for that XXXX. But you say thats great. Go predatory lenders. XXXX  the homeowners. Yippie. Thanks a bunch for nothing. 

This loan is fraud all over the place. This loan is void. This loan is canceled. But even if it was 5 days late and you somehow try to force time is of the essence it doesnt matter because the company AGREED to cancel. What is happening with the law. How are you ok with all of this unlawful conduct. Why are you even here if victims of financial crimes dont matter. 

Cancel this loan!!!! Make the co put me back in the first loan they did at XXXX XXXX

Company response to consumer: Closed with explanation