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Custom mortgage solutions Complaint - We closed on a loan, but never got the funds! - Refinance
Refinance - Complaint
VOORHEES, NEW JERSEY -- My husband and I signed closing documents Jan. 20 for a $488,000 loan that would consolidate our mortgage and two credit accounts, and give us $10,000 cash out. But the checks never arrived!
As of today, Custom Mortgage Solutions has not funded the loan, and has instead sent us two Fed-Exed documents at this tail end of January. The first document said we should change things to get a $3,000 cash out after debts not mentioned in the closing documents get consolidated. The second document said, no, on second thought, we should get even more debts consolidated, but no cash out at all!
We realized we'd be foolish to sign any of these, since a closing is supposed to be final, and since Custom Mortgage Solutions has a history of making written offers that later change into something else.
We thought we were finally on a roll when we accepted the offer we closed on - the $488,000 offer with the $10,000 cash out. But Custom Mortgage Solutions is changing things yet again, and is still not showing us the money!
Consumers, Beware! You may THINK you'll finally get that loan once you finally sign those closing loan documents with a "professional" title agency in your living room. But you may instead get no money, subsequent documents from your "lender," and bills and mortgages that do not get paid.
As of today, Custom Mortgage Solutions has not funded the loan, and has instead sent us two Fed-Exed documents at this tail end of January. The first document said we should change things to get a $3,000 cash out after debts not mentioned in the closing documents get consolidated. The second document said, no, on second thought, we should get even more debts consolidated, but no cash out at all!
We realized we'd be foolish to sign any of these, since a closing is supposed to be final, and since Custom Mortgage Solutions has a history of making written offers that later change into something else.
We thought we were finally on a roll when we accepted the offer we closed on - the $488,000 offer with the $10,000 cash out. But Custom Mortgage Solutions is changing things yet again, and is still not showing us the money!
Consumers, Beware! You may THINK you'll finally get that loan once you finally sign those closing loan documents with a "professional" title agency in your living room. But you may instead get no money, subsequent documents from your "lender," and bills and mortgages that do not get paid.
Comments:
Posted by spiderman2 on 2006-02-01:
A title agency and a mortgage lender are not the same thing. Also, be leery of a mortgage/refinance company that comes to your home, this is not how professional companies are run. You need to get yourself a lawyer. You cannot afford to be screwed out of $488,000
Posted by ashburn10 on 2006-02-01:
Just because a refinacier comes to your home doesn't mean they aren't reputable. We refinanced through Sallie Mae Homes Loans and they sent someone to our home and everything went smoothly.
Posted by crewboy on 2006-02-01:
I hope you got your original offer in writing. If you did, get a lawyer immediately. You cannot afford to wait on this.
Posted by KateM on 2006-02-01:
In mortgages nothing is ever final, I work in the business and I see it everyday. All sorts of problems can arrive even after "closing" has taken place. This especially happens when you use a company that is less then reputable. You were right on to not sign anymore docs. I would contact a lawyer as well as a reputable mortgage co (I reccomend Superior Mortgage, we are one of the top lenders on Lending Tree because we DONT pull the changing your loan @ the table game).
Oh and Spidey-get your facts straight MOST good mortgage companies hold closings in the borrowers house to make it convienant for them.
Oh and Spidey-get your facts straight MOST good mortgage companies hold closings in the borrowers house to make it convienant for them.
Posted by ejack053824 on 2006-02-01:
Raise fking hell till you get satisfaction. Thats my 3 cents to this.
Posted by towanda on 2006-02-01:
Thanks, Everyone, for your feedback on my complaint against Custom Mortgage Solutions! You gave me some very helpful tips.
My husband and I are specifically taking the advice to raise hell, since we've put a lot of time and effort into this refinance ordeal. I have contacted a lawyer, who is supposed to send a letter to Custom Mortgage Solutions, reminding them that they should legally honor loan documents signed at a closing. I've also contacted my New Jersey Division of Insurance and Banking, but they will probably spend ages researching this thing before finally arranging a resolution. I've also contacted the Better Business Bureau, which doesn't seem very helpful. I faxed a complaint to them, so they're supposed to now contact Custom Mortgage Solutions and help us all reach an amicable agreement. The BBB has no legal power, so I presume it will be best to work with the lawyer and the state insurance and banking division, since the state at least has authority to investigate and act on such matters.
If I still get no results, I'll contact another lender and yuck, go through this entire grueling refinance process again.
I'll let you guys know how this mess with Custom Mortgage Solutions turns out!
My husband and I are specifically taking the advice to raise hell, since we've put a lot of time and effort into this refinance ordeal. I have contacted a lawyer, who is supposed to send a letter to Custom Mortgage Solutions, reminding them that they should legally honor loan documents signed at a closing. I've also contacted my New Jersey Division of Insurance and Banking, but they will probably spend ages researching this thing before finally arranging a resolution. I've also contacted the Better Business Bureau, which doesn't seem very helpful. I faxed a complaint to them, so they're supposed to now contact Custom Mortgage Solutions and help us all reach an amicable agreement. The BBB has no legal power, so I presume it will be best to work with the lawyer and the state insurance and banking division, since the state at least has authority to investigate and act on such matters.
If I still get no results, I'll contact another lender and yuck, go through this entire grueling refinance process again.
I'll let you guys know how this mess with Custom Mortgage Solutions turns out!
Posted by crewboy on 2006-02-01:
I'm glad to hear that you've started to fight this, you are doing the right thing. You probably won't have to go to court. Once they realize that you have a lawyer and that you've started an investigation into their business practices, they will probably stop playing games and give you what you were originally promised. If you have everything in writing, they are not going to be able to worm their way out of this.
Posted by ejack053824 on 2006-02-02:
Glad to see your taking action and not just sitting on your ass and feeling sorry for yourself. Stay on the mortgage company like flies on a ribroast!
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