Consumer complaint received 2024-01-09 00:00:00
Product: Mortgage — VA mortgage
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: Village Capital & Investment LLC
State: NC

Complaint narrative:
I have been a victim of an illegal predatory loan and fraud by XXXX XXXX and Village Capital and Investment LLC. The basis for fraud are on the grounds of altering documentation to mislead the VA and myself to the benefit of the loan, steal equity, predatory lending in order to gain possession of my home for resale, and because they violated numerous regulations under REG E, RESPA, TILA, FHA, and Americans with Disabilities laws. 

On XX/XX/2023 I was contacted by phone from XXXX XXXX, XXXX XXXX XXXX about refinancing my home. She claimed that I had already been approved for a cash out refinance of my home and guaranteed a lower interest rate, pay off my debts saving me a substantial amount of money each month. She told me to cancel the contract I had already signed with another lender and claimed they would tell me what I wanted to hear and then at closing they would increase my interest rates, I would have a higher payment, and end up paying dramatically more over the life time of the loan. She said by this loan not only would I save money each month, I would have a higher credit score by my debts being paid off and can refinance again in XXXX  months at an even lower rate. She told me I needed to act now to lock in my interest rates before they were raised again by the federal reserve. She told me I needed to have a new appraisal done on my home and I would be reimbursed at closing for it.

The initial terms she stated I would be getting is over XXXX at closing, a refund of my escrow, a 4.75 % interest rate, paying off my current mortgage at XXXX, and eliminating around XXXX in debt and my monthly payment would only increase by a couple XXXX dollars. I explained to her that the payoffs on my credit report were not correct because of Identity Theft and fraud charges on my accounts and they were in the process of getting the new account numbers and balances transferred over and correct balances after unauthorized charges have been removed. She also said closing would take place by XXXX XXXX  as I was scheduled to go out of town to take care of my daughter  after a very XXXX XXXX. XXXX XXXX also at the time told me I would not have a mortgage payment for XXXX months and I didnt have to make an payments on my cards or vehicle for the month of XXXX because they were getting paid off. 
My home was appraised at XXXX. Initially I was only going to be financing XXXX. Well XXXX raised the amount to XXXX saying I requested it. Well raising the amount raised the interest rate, I was getting less money at closing, they were paying less of my debts because they didnt even bother getting the payoffs and went by my credit report which they knew was not correct, and closing costs went from XXXX to XXXX so this so called request for more money resulted in me financing more and getting back even less. At the time, I was unaware of any of this because XXXX XXXX continued misleading me and making it look like this loan was going to benefit me. The closing didnt happen by XXXX  XXXX  and I was getting phone calls from creditors wanting payments and reports made to the credit bureaus for payments being late. I was told they would submit credit supplements and the creditors knew they were getting paid off because she contacted them. That was a lie because she didnt even know who serviced my accounts and that my vehicle loan went from XXXX XXXX to XXXX despite the fact I kept telling her the information she refused to listen. 
On closing day, a notary was sent to my home. I am a victim of XXXX XXXX  and rated XXXX  with XXXX for XXXX. She sent a male notary to my home where I was alone despite me requesting that a female notary from the sales office for my neighborhood do the closing. The closing attorney was not present and was not even aware of the closing and the broker or lender were not present in person or by phone at closing. I was having XXXX  and in a panicked state due to my XXXX and fear of being XXXX because of this male in my home and me alone. I was only given the signature pages of documents and told everything was as discussed with my lender and rushed through signing. After the last document was signed I was given copies. I immediately looked through them and absolutely nothing was as discussed or like the closing disclosures I had previously been given. The amounts for the debts were still incorrect and the same as they were the whole time and me telling her they were incorrect. I called XXXX and immediately told her that I didnt agree with the loan and that she lied and misled me. She said she was there to help me and she would get the amounts changed to wait until the checks arrived from disbursement. She again intentionally lied and misled me because she knew the checks would not arrive in time for me to rescend the loan and there was nothing I could do then. I got the checks and they were still wrong and third party payments in which my creditors would not accept and she refused to listen. She also admitted that they included my escrow refund in the documents as part of what I was getting cash in hand in order to get VA approval by making it look like I was benefitting from the refinance. Instead I was placed in financial detriment. None of my debts were paid off, my accounts closed because the disbursement company cancelled payments and said payments were unauthorized, fees were added, my credit was ruined, I had a XXXX mortgage payment, only received XXXX dollars at closing which all went to paying on debts they said they would pay and didnt even include, and a loan that did not benefit me at all and they knew I could not pay. This loan was fraud, predatory lending, and not extended in good faith and was designed to steal my equity and take my home. I have documentation in the form of emails and texts messages proving how I was lied to and mislead the whole time by XXXX XXXX and then her manager XXXX XXXX from XXXX XXXX XXXX. Then the loan was sold to Village Capital and Investments who are already trying to foreclose and force me into a loss mitigation agreement that is not helping me at all because it increases my payments even more. I can not even refinance because of the debt they didnt pay off and with my now ruined credit. I can not afford the retainer for a corporate attorney to take them to court to stop foreclosure and sue for fraud and damages. This loan was nothing but a scheme to steal my equity and my home and receive even more money from VA  backing and stop XXXX XXXX XXXX and Village Capital and Investment LLC from doing this to anymore veterans and taking their homes and leaving them in financial ruin for profit. Now neither company will respond to me at all, they will not respond to my inquiry on why nothing is being done considering I have it in writing from XXXX  saying my debts would be paid off no matter what. I also have it on writing from XXXX XXXX that she intentionally lied on documentions and disclosures by including my escrow refund in cash in hand at closing to make it look like I was receiving more cash in hand than I actually was and the escrow refund was not included in the breakdown. On top of that, XXXX XXXX XXXX XXXX along with XXXX XXXX  has stopped payment on third party checks they sent to my creditors knowing that third party payments are not authorized by my creditors resulting in my accounts being closed for unauthorized third party payments further damaging my credit and severely hurting my financial situation as I now have no access to credit cards thanks to my accounts being closed. Village Capital refuses to do anything but continue demanding a payment I can not make and threatening foreclosure. They refuse to do any kind of modification to the loan to pay off the debts in full that I was told and VA was told would be paid off which was the basis used to get my loan approved. A duty was had to verify my payoffs and debts since they were made aware that my credit report was not accurate and that was not done. The lender also took on a fiduciary relationship when it advised me on financial matters and sent in payments to my creditors and then failed to have my best interest at hand and instead financially ruined me and destroyed my credit. They refused to work with me to find a resolution that benefits me and only continues to try and force me into a payment plan that increases my payment even more than the one I already can't afford. I have asked for proof that the fees charged were valid, I have received no response and this has been going on since XX/XX/XXXX.

Company response to consumer: Closed with explanation