Consumer complaint received 2023-01-07
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BROKER SOLUTIONS, INC. (TX)

We were selling our home in XXXX  and moving to the XXXX, XXXX  XXXX in XX/XX/2022. My credit is low, but I am working on it. We told New American funding this when we applied for a loan before starting to look at homes in the XXXX area. They provided a pre-approval and approved us to begin looking for and offering on homes. 

We also had a mortgage forbearance going on our previous mortgage that we stopped in XXXX with plans for the first payment to begin XX/XX/XXXX of XXXX. I provided account statements along with all of the other information they asked for at New American Funding. We sold the home in Arkansas on XX/XX/XXXX of XXXX  and repaid the forbearance plan along with the entire mortgage amount. We planned to use the proceeds we had left over to put a down payment on the new mortgage. 

With New American Funding approving us, we placed an offer on a home and began a contract with a seller on our negotiated price. We had sent our XXXX XXXX and Option Fee, an inspection performed, and had an appraisal completed. During the inspection, the roof needed to be replaced. Not only did the selling agent ask, but our realtor confirmed with the loan officer that we had no issues standing in the way of closing before proceeding with the roof repair. The loan officer said we were good to go and confirmed we could proceed with the roof repair, and we agreed to pay a portion of the repairs at closing. Through the entire contract, I asked multiple times if we needed any documents or information submitted to make sure we always had things turned in within a timely manner. We were always told that we had everything and they were just having to go through steps to get things processed. 

We stayed with family for a little while before leaving Arkansas since closing was set on XX/XX/XXXX for the house we were buying and closing on the house we sold was on XX/XX/XXXX. On XX/XX/XXXX we let New American Funding know we were leaving Arkansas and asked if we were still on track to close on the XXXX. They told us there were some delays but should be able to get it done before closing. On XX/XX/XXXX they said we would have to postpone because of the delays and wouldnt be able to close on the XXXX. Finally on XX/XX/XXXX after only being told there were delays they told us they would have to decline the loan because we had the forbearance on the previous loan without having XXXX consecutive payments post forbearance. We have documents proving the statement of satisfaction and a letter showing we satisfied the forbearance repayment even though we used proceeds to cover the forbearance and remaining loan. However, we were unable to close the loan and we have been left scrambling in a new city to find a place to live. New American funding has refunded the appraisal and stated they would repay the inspection. They have stated that they would not pay our XXXX XXXX and Option stating because it is an agreement between buyer and seller. However, they approved us to go down the path of buying, and they did not deny the loan within the contract period. I feel they should be responsible for the XXXX money and Option fee as well since they failed to complete the process within the contract period. 

We have been working with an attorney, but I dont know how to put a dollar amount to the mental and emotional stress they have caused by approving us and then denying us once we have already moved. I could have handled being denied upfront, but what they did is wrong in more than XXXX way. My kids have had to spend XXXX in a hotel.