Consumer complaint received 2017-08-25
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: The J. G. Wentworth Company (TX)

I put a contract on a rental home in XXXX TX XXXX XXXX XXXX XXXX XXXX the contract price was XXXX. The house appraised for XXXX. I had recently refinanced my home at XXXX XXXX XXXX XXXX Tx. XXXX. I used J G Wentworthworth for this refi. I piad for the appraisal XXXX the inspection XXXX earnest money XXXX title company XXXX.  My wife has a XXXX XXXX that had about XXXX in it. Being close to retirement we felt that we needed to move some of this money out of the stock market and into rental property. I withdrew XXXX  from this account which cost us XXXX in taxes. The lender said that I needed to pay down debt to qualify because my income to debt ratio was too high at 48 %. So I paid down XXXX in debt to qualify. JGW said that the maximum was 45 %. As I find out now it is 50 %. All og this adds up to over XXXX. Numerous things happened during the review process that were very problematic that I will not go into right now. A closing was set for last Friday and I had a tenant ready to move in. She put the utilities in her name and made a special trip to XXXX to move in during the weekend with a load of her things. Well we did not close. I had to produce more documentation for JGW that I did. Closing was supposed to take place yesterday. Yesterday morning I got a message deom JGW that the loan was declined because I had been late on a mortgage payment in the last year. This was with JGW on my home. I have never been late on a mortgage payment in my life so here is the story. Back in XXXX my wife became seriously ill and required XXXX XXXX for an XXXX XXXX. They took out XXXX XXXX XXXX XXXX XXXX XXXX. The day she was taken to the emergency room I found and mail a pre labeled envelope on my desk to JGW. I mailed it thinking it was our mortgage payment. I then got a statement from JGW that I was due for one payment in XXXX. I sent in an automatic debt form to JGW to have the funds withdrawn from my account every month. Well little did I know that the envolope did not contain a mortgage payment but some insurance information or something she does not remember what. I went about my business taking care of my wife that almost XXXX thinking thaat everything was OK. Then I started getting mail from JGW and the government stating that I was past due. I called JGW and the man I spoke to said that the auto debit was not in force because the loan was past due when the auto debit was submitted. NO ONE AT JGW INFORMED ME THAT THE AUTO DEBIT WAS NOT IN FORCE BECAUSE OF THEIR POLICY. i MADE THE PAYMENTS THAT MINUTE OVER THE PHONE WITH THE FEES BEING WAIVED BECAUSE OF THE CONFUSION. i TOLD THE YOUNG MAN THAT I DID NOT WANT THIS TO GO AGAINST MY CREDIT REPORT. well WHEN jgw pulled the credit report they found a past due mortgage payment. I had told my loan officer at JGW from the start about this situation and also sent to him an explanation in writing. The loan officer said that he would look into it and get back with us. he did not. The seller refused to extent the contract because so many promises had been broken by JGW. Needless to say the contract has expired and now I am out over XXXX  dollars because of JGW. I need help. I would like to file a complaint against JGW for their actions on this mortgage loan. No one should have gone through what my wife has gone through to get a mortgage loan with 25 % down payment. The loan officer is XXXX XXXX XXXX XXXX hi supervisor is XXXX XXXX XXXX my real estate agent is XXXX XXXX XXXX and the title company is XXXX XXXX XXXX officer XXXX XXXX XXXX. The cashiers check for closing has been at the title company since last Thursday. I thought that it is the policy of the FHA to use a common sense approach rule in situations like this. This is not common sense. I need help and I need it fast. I can not let this injustice be tolerated.