Consumer complaint received 2016-09-09 00:00:00
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: STONEGATE MORTGAGE CORPORATION
State: FL

Complaint narrative:
My husband and I bought a home in XXXX of XXXX and was financed with Stonegate Mortgage Corp out of California. I was contacted by a representative XXXX XXXX from Stonegate Mortgage Corporation in XXXX of XXXX stating President Obama lowered PMI on FHA loans and we were eligible for a refinance with no closing cost and our monthly payment could be lower if we qualified. He stated we had nothing to lose just the possibility of having lower payments on our mortgage and they were doing a lot of these refinances. I spoke with my husband and we agreed this would be a good fit based on what we were told. We started the process of the refinance. I was told we qualified and we were going to be able to save almost {$400.00} a month. Our payment was going to go from {$1700.00} to {$1300.00} however when we received our XXXX bill the payment due was {$1400.00} but the interest rate stayed the same at 3.75 %. The escrow account we currently had would transfer to the new loan number. We closed in XXXX of XXXX however, we were told we had to pay {$1600.00} at closing. I explained we were told there were to be no closing costs and I was told by the Title Agent XXXX XXXX that the money was the next payment due for the new loan which was not true. Then in XXXX XXXX when the tax bill came out it stated we owed {$2200.00}. Stonegate Mortgage Corp never transferred the original escrow account but instead paid it to the principal of the new loan. After looking at the new loan papers again they increased the principle loan balance of the original loan and then paid it back down with our escrow account without our permission. I then brought my HUD statement to a loan officer to review what happen. I was then told we were indeed charge closing cost, thousands of dollars in closing cost in fact, we where charged new loan origination fees and multiple other fees that were not necessary. More importantly our property taxes were not calculated correctly on purpose. It shows on the HUD we were paying {$250.00} a month for escrow in our original loan, but they only allotted for {$41.00} for escrow so therefore our property taxes had not been paid for all of XXXX By Stonegate Mortgage Corp and the Title Company, XXXX XXXX XXXX making our taxes {$41.00} that was how they were able to give us the " savings '' on our monthly mortgage payment on our refinance. XXXX of XXXX my mortgage payment when up to {$1900.00} to compensate for the negative property taxes. I reached out to Stonegate Mortgage Corp and was given the run around no on would talk to me and was unable to provide me with any information. They then sold our loan off so they did not have to deal with our issue any longer. I reached out the XXXX XXXX XXXX and spoke to XXXX XXXX explained our dilemma, he stated he would check into the issues and call me back. I have not receive a call back and he will not accept my calls. We have struggled this whole year to pay the {$1900.00} to pay back last years taxes as well trying to pay this years taxes. This situation has put us in financial ruins and no one will help us, I have literally been fighting this since last XXXX. Both these companies are sneaky thieves and have not morals. They knew what they were doing to us figuring they were going to get away with literally XXXX myself and my family for years and never having to answer for it. Please help us.

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with monetary relief