Consumer complaint received 2017-10-19
Company: EQUITY LOANS LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
If I could give 0 stars I would. I am so appalled by the practices of this mortgage company. We are the seller of a house and the buyer got a preapproval from them. Needless to say after 55 days under contract and 5 extensions they realized they never should have pre approved the buyer as he did n't qualify for the loan he was requesting. We did n't start getting communication from them until a week before the first closing date. They decided to extend the first closing date less than 24 hours before. During the whole process they would not return emails or phone calls unless numerous attempts where made. Who they have working for them are completely incompetent, rude, and unprofessional in every sense. XXXX XXXX and XXXX XXXX were horrible and hold no accountability for their delays and all the parties involved. They are very rude and unprofessional in what they would communicate to my realitor as well as to us. They consistently lied about where they were at in the process and would say things like " we are all set to close tomorrow. '' Then come tomorrow and another excuse and delay would come up. At one point they were asking for something on the house that had nothing to do with our house. They were searching for an excuse and reason they ( other than the obvious that they should never have preapproved him in the first place ) to come up with to blame the house and not their XXXX poor business approach of approving people who ca n't afford the loan. They stoup as low as they then became deceitful in who we are speaking with via text message. XXXX XXXX gave us his cell phone and is supposedly the Manager of this branch and he assured us when he took over the file that it would be handled better and accordingly. Needless to say it did n't get much better. He was rude and made false promises as well. When I called to get an update on the cell phone he provided us, one of his associates answered and had been responding to our texts not XXXX, whom we thought was. When I confronted them about being deceitful who we were communicating too they became very threatening and even more rude, that I caught them lying. This process should not have taken 55 days costing the buyer an inspection fee and other associated costs on a house HE COULD NEVER AFFORD!!!! We also had to pay over {$200.00} to have the HOA send over paperwork to them. Not to mention we informed our renters we were under contract and they had to vacate, assuming we would sell the house since the buyer had a PRE-APPROVAL FROM THEM!!! Un beknown to us that it was a falsified approval. This company holds no accountability for their actions and the deadline of a closing date. They cost us thousands of dollars and I do n't want to know what they costs the buyer. I would be even more XXXX if I was the buyer. I am reviewing the laws and policies on accountability of Mortgage loan companies and filing whatever I can so they can be held accountable for the money they cost buyers and sellers during this process. THIS IS UNACCEPTABLE AND WILL NOT BE TOLERATED! They Buyers name is XXXX XXXX.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation