Consumer complaint received 2019-07-25
Company: MORTGAGE INVESTORS GROUP
State: FL
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
My wife and I are selling a house to the potential buyers who failed to close on our house on XX/XX/2019 for, at the time, unknown reasons. I didn't find out until over a week later that they were unable to obtain the loan because of something that popped up on their credit report when Mortgage Investors Group ( MIG ) ran their credit the second time before closing. MIG knew the loan was not approved and failed to advise my realtor or me until multiple days after the contract ended and closing did not occur. MIG had told my closing office there were glitches in the system and they were having technical difficulties as to why the buyers weren't able to close. It wasn't until over a week after closing that we found out the buyers weren't able to close because their loan got denied due to a credit report issue for a judgment of {$160.00} from a certain company. I had many questions and was confused as to what was going on so days later on XX/XX/2019, the MIG Branch Manager, XXXX XXXX called me and told me that he said he didn't see any reason why this loan would not get approved once the judgment was taken off the buyers credit report. All he needed to see was the letter from the judgment company that said they had settled the amount and everything was good to go. Once Mr. XXXX received that letter, the loan, in his eyes, would get approved and the buyers could close on my house. Days go by again and back and forth with Mr. XXXX trying to figure out how long this would take. Mr. XXXX said he was putting his reputation out on the line for the buyers and that once the letter was received, he was sure that would be all he needed for loan approval. XX/XX/2019 is when we found out the buyers got denied the loan, 22 days after we were set to close. My wife and I got strung along for over 3 weeks with our house not sold or put back on the market because we put our faith in Mr. XXXX XXXX word that our house would close once the judgment on the buyers report was settled. XXXX XXXX reached out to me ; I never requested to talk to him. So by him calling me personally, that is a testament of his faith in the buyers to get their loan approved to buy our house. We put our house on the market XX/XX/2019 and had multiple offers right away. Because this lasted so long, our house is again still on the market showing over 2 months active when 90 percent of that time was under contract with the aforementioned buyers. We missed out on the hottest time on the market to sell our house because they got denied a loan due to the buyers negligence. We could have gone back on the market XX/XX/2019 when the contract ended or even earlier, but we were recommended to give it time and that the loan will eventually go through. The buyers rushed us out of our house over 1 month early, caused my wife and XXXX XXXXn to move to XXXX without me over 1 month prior to me being completed with my job, my wife had to quit her job one month early, I had living expenses for over a month in XXXX  with out my family because they wanted us out of the house early. My wife and I closed on XX/XX/2019, gave up the keys, and turned the utilities off. We then had to turn the utilities back on, retrieve the keys, and now we have to pay 2 mortgages. We have invested more time and money in this deal than we should have and then to have a Manager of the mortgage company call me to express his surety in these buyers and then to have it all fall through. It's heartbreaking and downright wrong. 

I feel as though a number of professional standards were violated by the Mortgage Investor Group and Branch Manager, XXXX XXXX, regarding the handling and communication pertaining to the buyer 's financing relative to the purchase of our home. These violations directly and adversely impacted my family. I would like to file a formal complaint against both and understand any available recourse that may be available to me. I can be reached at XXXX to answer any questions you might have. Thank you in advance for your assistance.

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 monetary relief