Consumer complaint received 2024-11-28 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: AMERICAN NEIGHBORHOOD MORTGAGE
State: NJ

Complaint narrative:
The following was sent to XXXX XXXX XXXX : XXXX XXXX XXXX Sent : XXXX, XX/XX/XXXX XXXX XXXX  To : Complaint Management XXXX Subject XXXX Re : XXXX Loan No. XXXX ; XXXX XXXX XXXX. XXXX ( XXXX XXXX XXXX, XXXX XXXX, NJ ) XXXX XXXX XXXX, Regarding : Loan Account Number : XXXX Loan type : Construction Loan. ( XXXX Loan ) Requesting Compensation of {$130000.00}. 

XXXX XXXX : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : " ... No one wants to be at the end of the project and have him say he cant pay the balance of invoice. If he does not have the funds by now ( he had since May to work on it ) then he isnt going to and thats an even bigger problem. ... '' Stating that I will not be paying the contractor when the job completes is not true and is wrong. 

Stating that I have not and will not be acquired addition funding to pay the contractor is not true and is wrong. The fact that I paid off XXXX is fact that her statement is wrong. 

Correspendence directly to my contractor directly without my consent and without my knowledge is wrong. 

XXXX XXXX : XXXX. 

XXXX XXXX ( XXXX XXXX ) : " This would need a change order form signed by both you and XXXX, along with a copy of the PAID invoice AND copy of cancelled check. You have XXXX left in contingency to use for this or any other issues that arise. '' XXXX XXXX ( XXXX XXXX ) indicated that only paid invoices are acceptable as proof of payment. Only with this proof will XXXX disbuse funds. 

No invoices was verified by the XXXX nor the bank associate ( Consultant ) of the architectural work. Yet the disbursment was made to the Contractor for the Architectural work. This is wrong. 

The foundation ( concrete work ) work was not complete. Yet XXXX and its associates ( Consultant ) approved the work and checks were issued to the Contractor. This is wrong. 

The foundation did not pass XXXX inspection. XXXX and its associates should not have have approved and issued any check for this incomplete work. Funds should not have been disbursed. Disbursing this fund is wrong. 

Only after these inspections approved can a draw be issued for me to sign. This should not have been approved. This is wrong. 

I signed all the respective documents under the premise that the bank and the bank associates ( Consultant ) have done their due dilegents. This was not performed and the disbursements were made. These losses were caused by the neglegence of XXXX and its associates ( Consultant. ) The losses include the {$56000.00} paid to the Contractor which now resulted in the addition damages of {$77000.00}. 

Due to these facts, I am requesting compensation of {$130000.00}. 

With this compensation, I will consider this matter closed and no further action will be taken on my part. 

With this compensation, I agree that I will not post all the events on all my social media accounts. 

I look forward to the issuance of this check. If I do not hear back from you by XX/XX/XXXX, I will proceed with further actions. 

If you need to reach me for any details, please feel free to either email me or contact me by phone at XXXX. 

Regards, XXXX XXXX XXXX. 

====Their response to resolve this case was as follows : In the interest of goodwill and to avoid litigation, AnnieMac hereby agrees to pay you the sum of {$7400.00} in exchange for a release of all claims which you might assert now or in the future against AnnieMac or XXXX XXXX connection with your loan. The release would include a confidentiality clause and a mutual non-disparagement clause. 

{$7400.00} represents 20 % of the {$37000.00} figure set forth above. 

You would be free to pursue legal action against XXXX XXXX and XXXX XXXX. 

This is not an invitation to negotiate. Its a one-time offer which we will keep open until the close of business on XXXX, XX/XX/XXXX. 


=== I understand that Banks are mandated by law to retain all records for up to 10 years. 
I don't know if there is any statue of limitation.

Company response to consumer: Closed with explanation