Closing on a mortgage

Posted on Posted in Complaints, Mortgage

review

I initially started the home buying process for the property located at XXXX XXXX XXXX XXXX , XXXX , GA XXXX with a real estate agent of XXXX XXXX named XXXX XXXX on XX/XX/XXXX . I asked her how long has she been a real estate agent and she stated ” long enough ”. Honestly, I did n’t like that answer. On XX/XX/XXXX , I deposited earnest money of {$1800.00} ( XXXX XXXX XXXX XXXX dollars ) to XXXX XXXX XXXX account at XXXX XXXX XXXX as instructed. XXXX XXXX allowed the due diligence period to lapse and did not inform me that the seller ‘s agent and seller did not agree. Let me explain.
I asked her every day verbally and through texts when would she send the negotiations to the seller ‘s agent at XXXX XXXX because we looked at the home and found that the FMLS listing stated hardwood floors and the home included a refrigerator ; it was not as listed. Even the square footage states on FMLS listing of XXXX XXXX . ft. which is incorrect. The actual appraisal is XXXX XXXX which will make a substantial difference in price. I signed a Due Diligence extension and the XXXX agent did not inform me that the seller did not agree ( as I just informed on XX/XX/XXXX ). I thought all documentation was in place, I continued with the process as the XXXX agent went along with it. Texts conversations I ‘ve printed will support this. When the inspection report was sent, she and I received a copy ; XXXX XXXX stated she would address the issues with the seller ‘s agent AFTER the inspection ( I thought that was odd ) – she did n’t. She said she would wait until the appraisal came in so she would in turn ask the seller ‘s agent to lower the price of the home ; she did n’t address the issues at that time either. When the appraisal was completed and she received a copy, I asked was she going to send the negotiations to the seller ; she still did n’t. After I reached out to numerous agents at XXXX , then and only then did her manager, XXXX XXXX contacted me to inform me stating, ” unfortunately, the due diligence period has expired. ” I was livid! As-a-matter-of-fact, I looked online this morning and found the Seller ‘s Agent has changed the description of the home, removing the description hardwood floors, but left the appliance REFRIGERATOR, yet I guess she informed my agent prior she will not be placing a refrigerator in the property. This FMLS listing was clearly fraudulent and a clear misrepresentation of the property in the very beginning and now XXXX XXXX is attempting to clean it up.
Here ‘s the other issue. I have been pondering this loan and all the aspects involved with it. This issue has been keeping me up at night and I ‘m not able to sleep ; I ‘ve broken out in hives. As I think about it, I ” prequalified ” by XXXX XXXX XXXX supposedly in the amount of {$180000.00} not in the amount of {$180000.00}. Initially, on the proposed closing disclosure, the mortgage payment was estimated to be {$1000.00}. I would have been able to pay that amount. Then on Thursday nig ht XX/XX/XXXX , XXXX from XXXX called and stated I had to sign the documents before the next day XXXX for the closing to happen on Monday , XX/XX/XXXX . I t hought I had 3 business days to review the documents before a signature was required. I did not sign the document because I questioned the resolution of the price ( which I thought at that time was being negotiated ). The Closing Disclosure states the mortgage will be {$1300.00}, therefore increasing the payme nt by $ 300+. Then F riday, XX/XX/XXXX , XXXX called stating the taxes for XXXX County is 4 times more, so the mortgage payment is going to be more. QUITE SIMPLY, I CAN NOT AFFO RD A $ 1,500+ MORTGAGE PAYMENT. I called the tax assessor ‘s office myself and was told the taxes for the year XXXX have already been paid by the seller in the amount of {$34.00} and the predicted taxes for the year XXXX will be around {$660.00} – city and {$440.00} – county. In addition, keep in mind, I will be able to file homestead in the year XXXX which will lower the assessed value.
Another item is the square footage. The present appraisal states XXXX sq. ft., not XXXX sq. ft.as show on the FMLS which does not include the partial basement square footage of XXXX . Please refer to the appraisal. These numbers make a major difference in the prices, taxes – EVERYTHING! I have to make a true assessment of what I can or can not pay for a home. I am a single minority woman and a service-connected veteran of the United States XXXX and I feel like I ‘m being taken advantage.
The point is, I do n’t think I initially qualified for the purchase price of this house. In my opinion, this loan has the makings of predatory lending. These deceptive practices are the makings of what happened to the crash of the home loan scandal just a few years ago. The United States is slowly on its way to recovery, but it seems as though companies are trying to start it again. Who is looking out for my best interest? Who ‘s looking out for the consumer ‘s interest?
Is there any way someone can review this loan to see if it ‘s legitimate? Can someone review the initial Closing Disclosure and the Final Closing Disclosure along with my W-2 and service-connected XXXX compensation documents to help me understand and give me peace of mind that this loan is legitimate? I think my debt to income ratio with this house being included is not correct and will be well above my potential of making my mortgage payment. I am forwarding the assets & debt document. As a matter of fact, XXXX XXXX approved me for a loan, but in the amount of {$80000.00}. I can send that documentation. As you will see, the ST representative stated if I sell my present home, I will then qualify for {$180.00}, still not {$180000.00}.
In conclusion, I feel like I am being set up to fail. I am working tirelessly in resolving all the issues regarding this loan AND home. Your help is actually needed.
I was told if this closing does not occur, I risk being sued. I did absolutely nothing wrong. How am I liable for this transaction when it is clear incompetence and falsifying representation is visible with this entire transaction? Again, I pray for your assistance to this matter.

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