Consumer complaint received 2019-06-28
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: Cstone Mortgage Inc (CA)

I wanted to buy a home for my daughter to live in in XXXX XXXX. I applied and got approved with underwriting for XXXX. I found a house, made an offer that was accepted for XXXX. I gave my earnest money of XXXX and paid XXXX for an appraisal and XXXX for an inspection. Escrow was scheduled to close XX/XX/2019. 

On XX/XX/XXXX the loan person - XXXX - texted me and said she needed to talk to me about some changes to my loan. She said they needed to change it to an investment property and now required 15 % down. I had the additional money but it cleans out all of my accounts and I'm not comfortable doing that when I was already approved at 10 %. This was NOT an income property but a home purchased for my daughter to live in. They called it a second home or vacation home. 

They said they could do the 10 % if I had a cosigner. So I asked a person that is a client of my own, young and very wealthy and he so kindly agreed to help out. At that time, escrow had to be extended and I was asked to give up my earnest money. I did not want to sign but we had to cancel everything if I didn't so I was essentially forced to sign in lieu of losing the property all together. 

I was 99 % certain the cosigner would be adequate but after 2 weeks of seriously incompetently trying to get financial information from my signer, they decided that even though he had millions of dollars in REVENUE, he didn't show enough personal income to be able to Cosign for me. 

I then told them I was willing to give up the 15 % to just get this loan closed, by this time I was getting sick in my XXXX  and experiencing physical symptoms from the XXXX. I HAVE 15 % but was told that it wasn't enough. I needed to also have 6 months of mortgage payments as well as 3 months of RENT as well. 

They then told me that if I had someone on my lease that paid half of my rent the numbers would add up and they would be able to do the loan. My signer was not willing to do that but my boyfriend said he would. So he came that day and I put him on my lease of my apartment. I forwarded the new lease to both my agent and the loan lady and was told THAT was also not good enough. I needed to have a separate lease in my name that says I am only responsible for half the rent. This of course is completely unrealistic - what apartment company gives a separate lease for each person living there. There is only 1. Whoever is on it is equally responsible. 

So that was my last straw. They just would NOT fund a loan that I was already pre approved for with UNDERWRITING. They took my XXXX and refuse to answer in regards to what can be done about it. 

I lost my XXXX in earnest money I lost XXXX for the appraisal I lost XXXX for the inspection. 
My daughter, who was supposed to live in the house is now scrambling to find something else because she gave notice at the apartment she is living in - with 3 people and ONE lease. She needs to move my XX/XX/XXXX unless they let her reverse her notice. 
I am also physically ill and emotionally drained from this experience. 

All I want is to see if there is a way to get some or all of my earnest money back. I gave them everything they wanted to be able to close this loan and NOTHING was good enough, they needed more. 

Please let me know if there is anything you can do to help me salvage some of that money.