Consumer complaint received 2016-06-30
Product: Mortgage — FHA mortgage
Issue: Settlement process and costs — 
Company: Rocket Mortgage, LLC (NY)

In XXXX I was contacted by XXXX XXXX at Quicken Loans saying I qualified for a FHA mortgage refinancing program ( Quicken financed our home purchase at XXXX XXXX XXXX, XXXX, NY XXXX in XXXX XXXX ). We were told that our interest would drop .5 % and our mortgage payments would be lowered, plus we would receive the our escrow balance ( {$2600.00} approx. ), would not have to make our XXXX mortgage payment as it would be rolled into the original loan payoff, while skipping a payment in XXXX as well, since the new payment schedule would start XXXX XXXX, XXXX and I ( we ) would incur a minimal payment to close the refinance. Through a series of events around property tax adjustments our escrow payments were to increase approximately $ XXXX/mo. In good faith my wife and I decided this deal would still work out for us, based on the original premise of having our escrow funds returned to us and essentially skipping two months of mortgage payments. We signed the closing papers on XXXX XXXX, XXXX. During the mortgage adjustment and pay-off process in early XXXX, I asked about making our XXXX mortgage payment as we were prepared to make it and were concerned about having a late payment show up on my credit report. Again, we were told not to worry about making the payment and that we would incur a {$49.00} late fee, to be paid at closing, if the refinance closed after XXXX XXXX. On Tuesday XXXX XXXX, I spoke with a Quicken representative about setting up the closing for Monday, XXXX XXXX, XXXX. At that time, I again asked about receiving the escrow to be credited to us and was told that yes the escrow money would be received about 3 weeks after closing. On Friday, XXXX XXXX a message was left on our home telling us we had to make the XXXX mortgage payment in order to prevent any negative credit reporting due to the 3 day waiting period required by FHA financing regulations and the funds will not be disbursed until XXXX XXXX. This is the first complaint about this process, which we had Quicken Loans investigate through XXXX XXXX ( XXXX ). On Wednesday XXXX XXXX I was contacted by XXXX telling me that their investigation did prove we were told not to pay the XXXX mortgage and Quicken recognized the error, so we did not have to make the XXXX payment after all. However, she also informed me that we would not be receiving the balance of the escrow account as it had been rolled back into the mortgage to cover closing costs, we submitted a check {$1000.00} for related closing costs on Monday XXXX XXXX and were not told about the escrow being rolled into the new loan at this point. We have until Thursday ( today ) XXXX XXXX to rescind the contract signed on Monday, XXXX XXXX. After careful consideration based on what we were originally told at the beginning of this process by XXXX XXXX and other Quicken " specialists '' we will be cancelling the contract given my legal rights established by federal law. Knowingly or not, this deal is deceptive at best and will appreciate an investigation into this complaint. We have been put under unnecessary duress during the last 30 days, given erroneous information by Quicken since our first conversation with XXXX XXXX, and would be financially harmed if this refinance goes forward.