Consumer complaint received 2021-08-19
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: Angel Oak Home Loans LLC (MS)

We started the process to purchase our home XX/XX/2021. We explained to the lender that we only wanted to use the money from the home we were selling. We were asked how much were we selling our current home for and we said maybe {$200000.00} but he never followed up on what the home sold for. We didnt speak with him until XX/XX/XXXX. I reached and asked if there were any updates and how much would we need to close and we didnt receive a response in til XX/XX/XXXX and our current home was set to close XX/XX/XXXX and our new home was also set for the same date. On the XXXX he asked for w2s and about our current debt. He wanted to know if we had paid anything off. We were not aware that we needed to pay anything off so I asked was there a problem with our finances. I repeatedly called and texted. He didnt reply until XX/XX/XXXX and said he was in a meeting and wanted to text but I was as work. I received a doc sign on XX/XX/XXXX and a phone call saying we have to pay my husband truck off in order to get the house. I texted him when we received the doc sign and told him I was nervous about the numbers and he tried to insure me that it was only a high projection. He said thats not what it would be and that it was only a projection. I called on XX/XX/XXXX because we hadnt heard anything else after the projection and he texted and said he would call me back. I texted again later that day and no answer. I finally received a text the next day stating that he was still working on the estimate and cash to close on XX/XX/XXXX. We were set to close on the XXXX and we still didnt have any idea of what we were looking at, as far as, numbers. He sent over the numbers and I asked could I call him and when I spoke with him he had realized that he had been doing our projections on our house for {$10000.00} more than what we actually received. We were so far in with our current home set to close the next Friday. We had no choice but to move forward because we werent about to be homeless. I texted him to relate that Im disappointment and that someone had dropped the ball. There was a lack of communication and this should have never happened a week before our closing. So on XX/XX/XXXX, we had to find money to pay a additional {$10000.00} and and pay {$13000.00} at closing for my husband truck. Weve already paid {$4000.00} for earnest money. I called on XX/XX/XXXX letting him know that we both were available to talk and he could call us back. He texted instead of calling saying that he was waiting on a loan estimate and would call me ASAP. We didnt hear from him till XX/XX/XXXX. He said that we had a problem with my business not being in operation a full 2 years. Were told that we may have to start the process over with only my husband being on the loan. So we agreed to go ahead and do it with only my husband. Were now being told that we wouldnt be closing on the XXXX. So I texted him multiple times trying to see what we needed to do and if they would contact the sellers of the house to ask for a extension. I didnt get any response until XX/XX/XXXX saying that he had to verify my husband job and hours that he works. I asked him if he could contact my husband and no response until the XXXX. We received a doc sign of a closing cost details. So we texted back and forward about estimate projections. We didnt hear anything else until XX/XX/XXXX and that were set to close now on the XXXX. I had to get a letter from my CPA saying that we could pull {$10000.00} from my business in order to get the house. This was not suppose happen! We only wanted to use the money from our home that we had sold. I texted him to make sure of what I needed and he told me he was at a baseball game and it would be a while before he could let me know. At this point, we were already homeless and had no assurance of what we needed to even get the house that we were told we could get. He finally texted and we spoke about the estimate still being high and that it said we needed an additional {$4000.00}. XX/XX/XXXX we needed the additional {$10000.00} for his error on the house, {$14000.00} for my husband truck to be paid off at closing and an additional {$4000.00} because he said that he thought we would net {$48000.00} but we only netted {$44000.00}. He states hes not really sure what happened. I asked him to call me and he said give him 30 minutes. He ended up contacting me on the XXXX to say that I would have to get a gift of a additional {$5000.00} in order to close on the XX/XX/XXXX. After that someone else has contacted me to try to resolve the issue. We didnt know the total until the morning of closing and it was a totally different person. So at closing we had to pay a additional {$17000.00} all together to close which brought our closing to almost {$61000.00} altogether. We were backed into a corner and taken advantage of with the whole situation. We were lied to, mislead, frauded in a very unprofessional and distasteful manner.