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.