Consumer complaint received 2017-11-02
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: AMERISAVE MORTGAGE CORPORATION (NJ)

We recently went through the process of refinancing our home loan from an FHA to a conventional home loan with Amerisave Mortgage Corporation. I vetted several companies and ultimately chose Amerisave because they were offering the best rate for what we were looking to do. Everything seemed pretty standard and the whole process went relative smoothly. We were going through this process to get cash out and pay off some loans we had acquired to make some updates to the home. One thing I was specifically concerned about was based on our closing date when our first mortgage payment would be due. I spoke to our XXXX XXXX XXXX XXXX on the phone and he advised me that if we closed at the beginning of XXXX our first payment would not be due until XXXX first. I addition he stated that as long as our loan funded within the 15 day grace period we could withhold our XXXX payment from our current lender. This of course was news to my ears as it was our goal to pay off all of our outstanding debt which of course XXXX was aware of because we had discussed in length previously the best way to get the most funds from the transaction including increasing the loan amount late in the process. Later in the process I reached out to XXXX again because I received a letter from my lender at the time that indicated the buy out figure included in the Amerisave documents was only good until XXXX XXXX indicating the loan would have to fund even 5 days sooner than we had planned. He assured me that we should be find as it only takes approximately 4 days to fund. So assuming we close XXXX XXXX, it would fund well before the XXXX XXXX date. Great! Eventually everything was approved and we were given a closing date of XXXX XXXX. This didnt phase me because I did not understand nor was it ever explained to me that the XXXX closing was a qualifier and that closing in XXXX would change the due date of our first mortgage payment. As I do not do this everyday I expected that given our prior discussions and XXXX 's knowledge of our goals, including his advice about retaining not just 1, but two mortgage payments for the furtherance of that goal, and knowing that we were well within a good range of closing and funding by the XXXX that he would have given me a heads up of the impact that accepting this closing date would have. They did none of that. So I unknowingly agreed to the XXXX XXXX closing date. Of course at closing we did not inspect the many closing documents before we signed them, including a document that indicated that our first Mortgage payment would be due XXXX XXXX, rather than XXXX XXXX as previously discussed. Everything went through as expected until I received an email indicating that my loan had been transferred and the XXXX XXXX payment would be payable to the new loan servicer but that my XXXX XXXX payment was still due to Amerisave. I immediately responded and explained that there must be mistake as I was advised repeatedly that our first payment would not be due until XXXX XXXX. I quickly realized that their very careful wording of " IF '' we closing at the beginning of XXXX your first payment would be XXXX XXXX. Of course I never questioned the " if '' portion because we did n't even begin the loan process until the end of XXXX and in my mind it was a given that we would close in XXXX. If anything my concern was that we would n't be able to schedule closing early enough in XXXX. It is my feeling the XXXX was very well aware of our goal, and what he had advised me, and it was very clear that it was our goal to carry through with his advised course of action. And!!!! he should have at least mentioned that the closing date suggested by them would affect OUR BOTTOM LINE! as we gladly would have waited the XXXX days. My husband and I have corresponded with them at length and their stance is the the liability for these errors is completely ours and that this payment is due and owing. They did however allow us until XXXX XXXX to make the payment as I advised them we had already paid all those loans off and did not have the funds available. We are not saying that we are not at least partially responsible we absolutely should have reviewed te documents we were signing, but I know for a fact that I confirmed closing date information with him on more than XXXX occasion. I am not sure if anything can be done, but this just does n't seem right. Whenever dealing with mortgage reps I feel like I am always on high alert because I know they can be shady. As such I feel like I always ask all the questions and try to do my due diligence. As such I cant help but feel taken advantage of. If he had never given us that option and had I not asked about the closing date etc on several occasions that would be one thing, ignorance is not an excuse. But I did, and so I can help but feel bamboozled, lied to, mislead. The average person only does this a handful of times in their life, but these people do it everyday, and I cant help but feel like they knew exactly what they were doing.