Consumer complaint received 2016-08-10
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker — 
Company: WMC MORTGAGE, LLC (NJ)

My name is XXXX XXXX, I along with my husband owned a home at XXXX XXXX XXXX in XXXX NJ XXXX. In XXXX of XXXX, we decided to refinance our home because the interest was high. We saw an ad on TV for XXXX. I called XXXX and Spoke to XXXX XXXX. he took our application over the phone, checked credit and asked for several documents to qualify us for the refinance. The refinance took about 3 months to be approved. We were offered a lower interest rate, a payment and we wanted cash out to pay off some high interest credit card bills and the balance was for my husband to purchase equipment for his new construction business.. We finally closed the loan on XXXX/XXXX/XXXX. The closing took about XXXX minutes. The closer just gave us document after document not allowing us to take time to read through anything. I asked her questions and she told me to call the Broker. Shortly after the closing she took all the documents with her, and left us with the HUD 1. She told us that we would get a complete package in the mail. I looked over the HUD - 1. To my surprise it was not what I expected, not the program we were offered. So I called XXXX the next day XXXX/XXXX/XXXX and asked why the closing fees were {$30000.00} and why the interest rate was different than what we were offered. He did n't have an answer for me. XXXX and I decided we did not want to move forward with the loan and asked XXXX if we can rescind. XXXX told us to write a letter, fax it to him and mail it to WMC mortgage. I faxed XXXX on XXXX/XXXX/XXXX and mailed the letter to WMC mortgage on XXXX/XXXX/XXXX. XXXX confirmed receiving the letter and also confirmed he will notify WMC mortgage. To my surprise XXXX calls me XXXX weeks later and tells me that the loan was not rescinded, apparently WMC had already funded the loan. Stymied by this news and concerned now that we had to pay this high mortgage of {$4600.00} per month, we had no options, so we started making our payments. WMC closing costs were over {$30000.00}, which was ridiculous. We did n't realize until a few years ago that this loan was a predatory loan. WMC was shutdown XXXX was shut down and soon my loan entered the hands of a XXXX Investor, who eventually committed mortgage fraud lied to the courts and evicted me and my family from my home in XXXX of XXXX. WMC is the first to blame for their deceptive sales practices. IF they had rescinded the loan as they should have I would still be in my home. The Broker disclosure form that we signed at the closer clearly states the broker will not be paid more than 2 %, yet I was charged 3 % {$17000.00} this absurd per the HUD. This is loan fraud. This was deceptive sales practices. This was abusive lending to the consumer. WMC defrauded my family and they should be held full liable for it. I have attached some of the closing documents to this complaint. I would like to be compensated for all my closing costs and in addition for the 4 years of pain and suffering. This was a predatory loan. It was a bait and switch scam as some may call it.