Consumer complaint received 2022-07-14
Company: Synovus Bank
State: FL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XXXX XXXX XXXX XXXX XXXX  I am writing this complaint because the XXXX XXXX XXXX XXXX  process has caused my family egregious humiliation, financial catastrophe, and despair. It is my goal to ensure that this never happens to another prospective homeowner and as such, I am filing several complaints with different oversight agencies. The first complaint is with the Board of Governors of the Federal Reserve System against Synovus Bank for its, Unfair or misleading practices. 


Although the process began on XX/XX/XXXX, the home buying process did not begin until XX/XX/XXXX. At that time I spoke to XXXX XXXX to inform him that I had met all the requirements to purchase a home and had already completed a prequalification process with a bank. Four months later on XX/XX/XXXX, I received my XXXX award letter and reservation number. My intake coordinator suggested that I contact Synovus bank because they administer the XXXX XXXX XXXX program that would add another {$25000.00} to the already approved {$30000.00} provided by XXXX XXXX XXXX XXXXXXXX. 


XXXX XXXX at Synovus Bank prepared a prequalification letter stating that Synovus would approve up to {$320000.00}. I responded by email that I thought that this number was a little high considering the XXXX XXXX  XXXX strict limits on the debt ratio. She assured me that she had taken it into consideration. On XX/XX/XXXX, I placed an offer on the property located at XXXX XXXX XXXX. When I contacted XXXX to tell her that the offer had been accepted she notified me that a glitch in the system gave me a prequalification amount that was too high. Frustrated but understanding, I asked her to give me a firm number. Her revised prequalification was for {$270000.00}. I called her to let her know that the owner will consider {$270000.00}. At this time XXXX informed me that {$270000.00} did not work. This was the first of many times I requested a pre-approval rather than a pre-qualification letter without success. 


On XX/XX/XXXX, I wrote to XXXX XXXX the president of Synovus indicating the problem I was having with XXXX XXXX. He assigned XXXX XXXX to work with me. XXXX assured me this was no problem and went about to secure several grants however absent from the package was the XXXX XXXX XXXX grant of {$25000.00}. On XX/XX/XXXX, I spoke with XXXX on four separate occasions about my concerns about the upcoming ribbon-cutting ceremony with the mayor. XXXX assured me that a mortgage for {$280000.00} was not a problem. I attended the ceremony with the mayor, many dignitaries, and news crews from all XXXX organizations. Placing myself and my often wheelchair-bound son on display for all to see. 


On XX/XX/XXXX, XXXX informed me that he could not verify XXXX income. XXXX had verified his income on XX/XX/XXXX however too much time had lapsed and by XX/XX/XXXX, they could no longer verify his income. I informed XXXX that XXXX had accepted a XXXX job within the XXXX XXXX XXXX, however, once all his paperwork is processed you can verify his income. XXXX told me he could make it work with just my income because my total monthly debt is {$160.00} per month. On XX/XX/XXXX, almost two weeks later XXXX informed me that they could not process the loan. I asked if we could delay the process until XXXX received the formal offer he responded that he would need two months of pay stubs which is an untenable position for us. During a prior discussion, he stated that he could move forward with an offer letter/contract as proof of employment. At this point, I knew that there was nothing we could do to obtain a mortgage with Synovus or access the XXXX XXXX XXXX funds of {$25000.00} administered by Synovus. 


I understand that during the home buying process one should not make any changes however that is difficult to achieve over an 18-month process. Especially when it comes to employment within the world XXXX XXXXXXXX 


Our lease ended on XX/XX/XXXX, and our original plan for housing became unavailable. As a result, we have been living out of our car and in cheap hotels. But even this modest plan has fully depleted our savings leaving us with just enough money to close on the house. Prior to my lease ending XXXX. suggested that I re-sign the lease and break it once we found a house. After struggling for two years to improve my credit I did not think this a wise alternative. In addition, I recently discovered that because of all the hard pulls on my credit it has dropped to XXXX from just above the XXXX required score. During this time I have not had any late payments and I have not made any purchases, therefore, the only cause for the XXXX score to drop is due to the process of acquiring a mortgage. 


Over the past few days, I have worked XXXX  XXXX to try to obtain a mortgage on properties less than {$220000.00}, however, she finds reasons to reject each property. I can only assume that Synovus does not intend to underwrite a mortgage for me and my son. Making the XXXX XXXX XXXX assistance improbable. When my realtor brought it to the attention XXXX XXXXXXXX yesterday that I could not place an offer on another property without the letter of denial for the XXXX XXXX property. This was also necessary to process the return of the {$1000.00} earnest money certified check. I received the denial letter today four weeks after I received a verbal rejection. 


In summary, we are humiliated by our use of television as the first homeowners during the Unveiling of First Affordable Home From Infill Phase II. Had we known that we would not be given a mortgage for this property we would have made other decisions that would not have publicly humiliated us and decimated our finances. We feel bamboozled by Synovus. We believed every promise they made to our detriment. 



Just last week I was contacted by Synovus to complete an application for the XXXX XXXX property and to provide additional tax documentation. I became hopeful once again. I emailed XXXX XXXX and XXXX XXXX to ask them why they needed this information. XXXX did not respond, however, XXXX indicated that she did not know. A few days later my realtor informed me that they were probably preparing a post-mortem denial letter. 


We have been XXXX  now for over four weeks and we see no relief in the future. I respectfully request that the agencies involved help us work to find a solution to our XXXX  predicament. Ideally, we would love to secure a mortgage on the XXXX XXXX property. We are paying {$600.00} per week to stay in an XXXXXXXX motel, needless to say, a mortgage is more affordable. 


I have supporting information in the form of emails and phone logs. If you require further information I am more than willing to provide it to you.

Company response to consumer: Closed with explanation