Here is my situation, I was in the market to buy
another primary residence through my real estate agent I was given Mr.
Turoff's number as a reference. I contacted Mr. Turoff back in
August/September and explained my situation that I currently own a home
that is currently for sale that I have rented out, the tenant hasnt
moved in yet due to the fact that I still live in the home.
I submitted all information at Nations request and the reply I received
from Mr. Turoff was "it looks like a good loan" and we should be able
to proceed the same reply was given to my broker, 30 days later we
still havent closed on the home. Mr. Turoff asked if I was able to
obtain a co-borrower due to the fact that I on my own was unable to
obtain the loan, then I can re-finance the new home in my personal name
without the co-borrower.
Turoff neglected to mention the fact that I would not be able to
purchase the new home because of the new FHA guidelines stating given
my current income that I cannot obtain a new home as long as I
currently own one, without have at least 2 years landlord experience.
So Mr Turoff suggested I find a co-borrower to help purchase the
home until I sold my current home, which then I can re-finance the new
home into my name removing the co-borrower.
I attained a family member with perfect credit as well as very good
income to help in the purchase of the home, Mr. Turoff knew I was
desperate to move out because my current home does not serve my needs
any longer. I received the same reply from Mr. Turoff, my relatives
name was good enough to purchase the home so we started that process.
In the middle of that process with my relative Mr. Turoff called me and
told me that if I refinanced my current home I would be able to obtain
the new primary residence on my own without a co-borrower. I proceeded
to ask Mr. Turoff what changed as to the underwriter would allow me to
purchase the new home on my own? Mr. Turoff replied that if I showed a
lower income to debt ratio I would be able to purchase the new home. I
was reprehensive to proceed due to the fact that I had more than 10%
equity in my current home and re-financing would start me all over as
well as increase my loan value. Mr. Turoff proceeded to say that I
would be better off with a lower payment and re-iterated his statement
the loan "looked good" and we would be able to proceed, against my
brokers advice to not re-finance and Mr. Turoff's willingness and his
re-confirmation that I can buy this home I reluctantly re-financed.
Not soon after did Mr. Turoff call me and tell me that the underwriter
did not approve of the loan and I still needed a co-borrower. Now three
months into this process with repeat run-around statements and all
information given to Nations Lending did Mr. Turoff call and say we can
finally proceed we just needed to show how my family member is coming
up with the down payment to purchase the new home. We submit to Mr.
Turoff adequate proof in the form of profit sharing of my relatives
company that is documented on his yearly taxes to have received in the
past and due to the fact that it is now the end of the year, my
relative deposited those earnings into his account. Mr. Turoff then
proceeded to say the validation of the down payment was not acceptable.
Now due to Mr. Turoff's negligence my co-borrower backed away from the
purchase and I am now stuck with a re-finance I believe I was coerced
into signing. I also believe Mr. Turoff's greed was the main reasoning to
this long and harmful process, I believe that because Mr. Turoff knew
that If I believed I was able to obtain the new on my own I would do
anything which included re-financing my home, also signing the loan on
the new home with my co-borrower would be a second loan for him, then
re-financing the new home in my name alone would of been a 3rd loan for
Mr. Turoff to sign.
I believe that Mr. Turoff was negligent due to the fact that I am not
under any hardship needing to re-finance my home, my loan was not
behind nor has ever been behind since the day I purchased the home, I
did not gain any monetary compensation except for $800 Nations Lending
paid to a lien holder I did not know existed (spouses debt she
neglected to tell me about), saved me only about $80 on my monthly
payment and that difference was supposed to be the determining factor
to allow me to purchase the new home. My loan has increased by almost
$8,000 due to the fact the I was coerced to re-finance and it will take
me more than 8 years to bring my loan back to where it was before I
It has been 5(five) months now and Mr. Turoff no longer answers his
calls and when he does its to say he is busy and I am just given a
run-around response. I hold Mr. Turoff and Nations Lending liable and
will be contacting an attorney as well making a complaint with FHA
including any other government branch that holds companies like this to
account on their lending practices.