Consumer complaint received 2017-04-24
Company: NQM Funding, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Hi. 

It 's a long story and I hope you can help me. 

I 've purchased a house with XXXX in XX/XX/XXXX. 

2 days before the contract was signed between me and XXXX, I was referred by XXXX XXXX, XXXX 's Employee and Realtor, to talk with XXXX XXXX from XXXX XXXX XXXX XXXX about my loan options. 

I sent all my documents for him the very next week and for 4 months I asked him several times about my process and he never gave me answers, always postponing and saying that we had enough time to finish everything. 

30 days before the expected closing date, XXXX 's let us know that would be on XX/XX/XXXX and I 've contact XXXX to see about my process when he informed me that probably we wo n't be able to close on time for XX/XX/XXXX with good rates! Only if I accept higher rates we would be able to closing until XX/XX/XXXX, and even in this case he was n't sure about the timing. 

I was XXXX XXXX because my rental contract was expiring on XX/XX/XXXX, I 'm from XXXX, so I 'm in a foreign country with wife and daughter and I ca n't be without home or living in hotels AND the major reason is because I was dealing with him for 4 months already! 

I spoke with XXXX XXXX about the situation, he was aware already of XXXX 's delays and he referred me to another company, never saying that I would be prejudiced for changing to another mortgage broker. 

The company referred was XXXX XXXX XXXX XXXX, one of their companies. 

I was able to renew my rental contract for only one month, because this second company said we would be OK in 45 days, maximum 60. After 45 days dealing with them, they said that the appraisal came shorter than expected and that I should pay {$17000.00} as down payment. At the time I said that would be hard, I only had {$10000.00} available and then XXXX accepted to reduce the purchase amount in {$7000.00}. 

15 days after, total 2 months dealing with them ( XX/XX/XXXX and XX/XX/XXXX ), on the LAST day of my rental contract, besides the fact they said everything was ok, all the time, the bank denied my loan application. 

The very same day, when I was already looking for a new rent, XXXX XXXX called me and said XXXX and XXXX, both from XXXX XXXX XXXX XXXX had a solution for my case. Another loan with a slightly higher rate, but that I would n't need to spend a dime at closing because the bank was more flexible and they would 'fix ' the appraisal, so I would keep the {$10000.00} extras in my pocket and XXXX would keep the discount purchased price, also that would be FAST because they already had my documents, around 15 days they imagined. 

I said that I need to think about that and check the loan conditions and my options, and then my and my family moved for a week to a hotel to see what to do. 

Next day, I said to XXXX XXXX that I could n't be in a hotel for " 15 days '' and could n't rent anything for this period, that I have a little kid, a dog, and we need to move on and as he said to me that If I had a denial letter from a mortgage company XXXX would refund me, so I requested XXXX my down payment restitution ( {$100000.00} ). He said would be hard to get refunded, because XXXX was expecting my closing for XXXX, that they were n't charging penalties, that I changed from XXXX XXXX XXXX, and that he was not his decision, but he would try. 

On the same day, XXXX from XXXX XXXX XXXX XXXX called me and said that the rate would be 7.75 % APR for this new loan with a high penalty to prepay ( around $ 7k ), something that is very higher than what we were expecting, around 5.5 %. I said that I would n't do that, that I want my money back, and she said that XXXX would n't refund my money If I walk from the application, that the ONLY case that they would refund is if I try All the options that XXXX XXXX XXXX XXXX has on the portfolio and all of them deny the loan, besides that they would keep $ XXXX from me. 

After that, XXXX XXXX confirmed that his Manager from XXXX said they wo n't refund me, that they would keep a good part of my money for the same reasons explained before, contradicting everything what he explained to me on the whole process. I think that is the first problem in this process. Someone acted wrongly, or XXXX now or XXXX from the beginning until now, someone lied or misinformed me to this point. 

I was REALLY XXXX XXXX and sad because I would need to pay around {$1800.00} only for a mortgage, IF they approved, do n't know WHEN, and I had no place to live until that and no other option, because I ca n't afford to lose half of my life savings. 

I said to them IF this was my only option, to move on with the process, against my real desire, and that was very explicit. 

During all this part of the process they never informed me correctly about what were going on, never said anything about expected date to close, always saying that " was close '', and always requesting more documents, and saying that we are close. I was in a horrible living condition because as I said I could n't rent anything for few weeks, could n't afford to stay in a hotel close to my daughter school for nobody knows how long, so I rent a bedroom in a friend house for us XXXX and a dog. They know that, I begged them to at least give us a direction, an estimation, give us information. They never treated us with respect. 

By the second month of this second process, XXXX informed us that our mortgage was applied as an 'investment loan ', instead of a 'second home loan ' something that is not true and I consider it 's a mortgage fraud because was done without my knowledge and consent. 

Because of that, they said the bank did n't accept the incentives that XXXX gave to me on the purchase, around {$21000.00} toward closing costs, and requested me to sign an addendum to my XXXX 's contract changing the amount for {$7000.00}, but I should not have any concern because XXXX would pay the difference directly to the bank on the closing date. I asked they to CONFIRM to me that I would n't need to pay the difference ( from {$7000.00} to {$21000.00} ) and they confirmed several times, XXXX confirmed, XXXX confirmed and XXXX confirmed. XXXX and XXXX XXXX XXXX XXXX would work around the numbers so for me would be the same, at the closing I would need to pay only a few bucks. 

After few more weeks with XXXX not answering our calls, XXXX saying that they were working and giving us no information at all, XXXX and XXXX confirmed that XXXX accepted the numbers and the closing would be on XX/XX/XXXX, then postponed to XX/XX/XXXX, and that everything was good, the closing would be around {$600.00} as they promised. 

On XX/XX/XXXX XXXX said that everything was good, and asked if they sent me the account number to wire the {$600.00} for the closing, and after my negative he sent me, I wired the money and was expecting to go sign the papers, get the keys and move on with my life. On the same day, afternoon, he said something went bad, someone new from XXXX did n't accept the deal that XXXX made with another person, that he did n't know what 's gon na happen. 

Next week, the first week of XX/XX/XXXX, XXXX still did n't take our calls, XXXX said nothing, just to us to contact XXXX, nothing else. 

After the whole week without gave me any answer, on Thursday, XX/XX/XXXX, XXXX called me and said that I had two options, the first one that I should pay part of the difference {$7000.00}, because XXXX took care of the other {$7000.00}, and they would n't keep their promise to XXXX probably because they figured out they had some kind of loss on the deal, and the other option would be to me do n't pay and 'walk away ' and they retain around $ 55k of my down payment, considering that my loan was approved by the bank and I 've signed the contract reducing the incentives. 

I had NO options. Or pay the $ XXXX and get the keys or LOSE $ XXXX and TRY to go after my rights. 

I spoke with some people after that and they said I should n't have signed the documents and finish the deal, but when you are on foreign country, for 3 months away from a decent living and risking to lose a $ XXXX and still be paying rent, we put the options in a balance and thought that would be better to pay this {$7000.00} than risk {$55000.00}. 

After all that, my points are : - > XXXX XXXX kept me in the dark for 4 months and just near the closing said to me to accept higher rates would be the only option to get the closing done, even a hard money loan he offered, and I think this is configured as a bait and switch fraud. 

- > I think someone is wrong, XXXX when said they would n't refund the money or XXXX when said before that when I have a denial letter from the bank I would be refunded. For that reason, I was forced to enter into a contract where I will lose around {$500.00} per month during 30 years. 

- > The fact they applied for a 'investment loan ' instead of a 'second home loan ' it 's incorrect and they know that. This could configure a mortgage fraud and was done entirely about XXXX XXXX XXXX XXXX. 

- > It was clearly said to me that I could sign the contract with XXXX reducing my incentives from {$21000.00} to {$7000.00} that XXXX would take care of the closing costs, and that did n't happen. For that reason, I combined with the first one, i was forced to pay extra {$7000.00} at closing. 

I have proof from all I said before because it was majorly done by texts and emails. 

I want to check my options now because I really think XXXX and XXXX XXXX XXXX XXXX   worked together to put me in a bad situation, and probably this is happening with other customers too. I know that $ XXXX + {$500.00}, extras per month is not too much for them, but for my family it is, and after all the humiliation, misinformation and lies, I ca n't see they walk away without paying for their wrongdoings. 

I 'm available anytime to talk about this. If you ca n't help me, I appreciate if you can refer someone that can, because we do n't know much about the consumer protection rights here in US.

Company response to consumer: Closed with explanation