• Report: #354934

Complaint Review: Texas Lending.com

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  • Submitted: Wed, July 23, 2008
  • Updated: Tue, July 29, 2008

  • Reported By:Spring Texas
Texas Lending.com
TexasLending.com Dallas, Texas U.S.A.

Texas Lending.comTexas Lending.com Given the Run Around by Texas Lending for 6 months to be yanked day before closing Dallas Texas

*Consumer Comment: Your response

*REBUTTAL Owner of company: We Apologize that the Credit Crunch is impacting hard working consumers in this way.

*REBUTTAL Owner of company: We Apologize that the Credit Crunch is impacting hard working consumers in this way.

*REBUTTAL Owner of company: We Apologize that the Credit Crunch is impacting hard working consumers in this way.

*REBUTTAL Owner of company: We Apologize that the Credit Crunch is impacting hard working consumers in this way.

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My husband and I got a "preapproval - no contingencies" from Texas Lending.com in late January of this year.

We proceded to build the house of our dreams and put our current home on the market in hopes of selling it. Knowing with no contingencies that we could accept a lease contract and still close on our home in mid-June when it was completed.

After multiple calls and emails to our "Lender" at Texas Lending we would get the occassional return call or email that he needed to update our file and re-run the figures.

We put down $4500 with our builder. When we were getting ready to sign the lease contract on the home we owned and close on our new dream home, the day before closing we were told that "the laws" had changed and that if our house was not sold we could not close unless we had our 10% down payment (which we had in the bank) in addition to 12 months worth of house payments in reserves for the house we were leasing out (which had never been disclosed to us before) and that we now all of the sudden had a contingency on our pre-approval we received back in January and that our approval could not be grandfathered in because of the "new laws".

Needless to say we lost $3000.00 of the downpayment that we paid to the Builder let alone the emotional distress of watching our dream home be built and at the last minute not be able to close.

This occurred over 30 days ago and we still have yet to receive a denial letter from Texas Lending.com stating the true reason we had the rug pulled out from under us at the last minute.

Everytime I see a Texas Lending.com commercial I want to tell everyone I know the dis-service we received from this so called Company.

Cami
Spring, Texas
U.S.A.

This report was posted on Ripoff Report on 07/23/2008 08:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/Texas-Lendingcom/Dallas-Texas-7738/Texas-LendingcomTexas-Lendingcom-Given-the-Run-Around-by-Texas-Lending-for-6-months-to-b-354934. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 1Consumer 4Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Your response

AUTHOR: Andromeda - (U.S.A.)

Kevin,

That is an unusually eloquent response.
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#2 REBUTTAL Owner of company

We Apologize that the Credit Crunch is impacting hard working consumers in this way.

AUTHOR: Kevin - (U.S.A.)

Texaslending.com is the Consumers Choice Award Winner for Mortgage Lenders in DFW for 2007 and 2008.

Our aim is to help everyone with a safe and stable home loan so we have safe and stable communities.

This client was originally approved in December of 2007 prior to the collapse of the A paper mortgage market. The loan was approved for a Countrywide home loan called a fast and easy with 5% down. (She was familiar with the loan; it is what they had on their existing home) We could not use Husbands income due to his credit score, so we put him on a credit program to help get an even better loan since the home would not be finished until second quarter 2008.

Shortly thereafter it was announced Countrywide was failing and many of their loan programs changed overnight. The fast and easy changed to 10% down. The clients had only 5% and knew they would have to come up with additional 5% through savings or the sale of their existing house.

About a month later as the credit crunch in the mortgage industry exelerated the PMI companies discontinued isuing mortgage insurance for stated income loans. In May we pulled husbands credit and the score did come so we were able to use him on the loan. We were able to get a Fannie Mae approval with 5% down.

Another month went by and then the PMI companies announced they would no longer insure any loan below a 620 credit score. The coborrower had a credit score below 620 so we spoke with the builder and they were willing to give us extra time to advise the client on how to get the credit score up an additional 13 points. Then about a week after that, Fannie discontinued the use of a lease to offset an existing MTG payment unless the client could document 12 months PITI in reserves.

The loan could not close as FHA due to a foreclosure by the clients in the past 3 years so there were no other options left for the client but to put 20% down. Also, since June Fannie Mae has further tightened guidelines that now require at least 5 years from a past foreclosure.

Each month since December 2007 A Paper loan programs have disappeared, lenders have shut their doors and credit has become more difficult to obtain. The clients in this case were a victim of the market fluctuations and any consumer with less than 620 that was building a home and anticipating a conventional home loan was caught in a never ending spin cycle by the market.

We apologize that the market has had this kind of impact on clients like this and ohers like them. If the loan programs were still intact then the client would have a great fixed rate and would be living in the home today. Texaslending.com is working to help the client recover their earnest money from the builder at this time.

I am of the belief that a ripoff is when someone makes money at another's expense. In this case and in all cases mortgage lenders make no money unless a client closes on a mortgage. In fact, we have all been harmed due to the recent contractoin of the A-paper mortgage market.

Thank you for your consideration.

Sincerely,
Kevin C. Miller
President/CEO
Texaslending.com
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#3 REBUTTAL Owner of company

We Apologize that the Credit Crunch is impacting hard working consumers in this way.

AUTHOR: Kevin - (U.S.A.)

Texaslending.com is the Consumers Choice Award Winner for Mortgage Lenders in DFW for 2007 and 2008.

Our aim is to help everyone with a safe and stable home loan so we have safe and stable communities.

This client was originally approved in December of 2007 prior to the collapse of the A paper mortgage market. The loan was approved for a Countrywide home loan called a fast and easy with 5% down. (She was familiar with the loan; it is what they had on their existing home) We could not use Husbands income due to his credit score, so we put him on a credit program to help get an even better loan since the home would not be finished until second quarter 2008.

Shortly thereafter it was announced Countrywide was failing and many of their loan programs changed overnight. The fast and easy changed to 10% down. The clients had only 5% and knew they would have to come up with additional 5% through savings or the sale of their existing house.

About a month later as the credit crunch in the mortgage industry exelerated the PMI companies discontinued isuing mortgage insurance for stated income loans. In May we pulled husbands credit and the score did come so we were able to use him on the loan. We were able to get a Fannie Mae approval with 5% down.

Another month went by and then the PMI companies announced they would no longer insure any loan below a 620 credit score. The coborrower had a credit score below 620 so we spoke with the builder and they were willing to give us extra time to advise the client on how to get the credit score up an additional 13 points. Then about a week after that, Fannie discontinued the use of a lease to offset an existing MTG payment unless the client could document 12 months PITI in reserves.

The loan could not close as FHA due to a foreclosure by the clients in the past 3 years so there were no other options left for the client but to put 20% down. Also, since June Fannie Mae has further tightened guidelines that now require at least 5 years from a past foreclosure.

Each month since December 2007 A Paper loan programs have disappeared, lenders have shut their doors and credit has become more difficult to obtain. The clients in this case were a victim of the market fluctuations and any consumer with less than 620 that was building a home and anticipating a conventional home loan was caught in a never ending spin cycle by the market.

We apologize that the market has had this kind of impact on clients like this and ohers like them. If the loan programs were still intact then the client would have a great fixed rate and would be living in the home today. Texaslending.com is working to help the client recover their earnest money from the builder at this time.

I am of the belief that a ripoff is when someone makes money at another's expense. In this case and in all cases mortgage lenders make no money unless a client closes on a mortgage. In fact, we have all been harmed due to the recent contractoin of the A-paper mortgage market.

Thank you for your consideration.

Sincerely,
Kevin C. Miller
President/CEO
Texaslending.com
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#4 REBUTTAL Owner of company

We Apologize that the Credit Crunch is impacting hard working consumers in this way.

AUTHOR: Kevin - (U.S.A.)

Texaslending.com is the Consumers Choice Award Winner for Mortgage Lenders in DFW for 2007 and 2008.

Our aim is to help everyone with a safe and stable home loan so we have safe and stable communities.

This client was originally approved in December of 2007 prior to the collapse of the A paper mortgage market. The loan was approved for a Countrywide home loan called a fast and easy with 5% down. (She was familiar with the loan; it is what they had on their existing home) We could not use Husbands income due to his credit score, so we put him on a credit program to help get an even better loan since the home would not be finished until second quarter 2008.

Shortly thereafter it was announced Countrywide was failing and many of their loan programs changed overnight. The fast and easy changed to 10% down. The clients had only 5% and knew they would have to come up with additional 5% through savings or the sale of their existing house.

About a month later as the credit crunch in the mortgage industry exelerated the PMI companies discontinued isuing mortgage insurance for stated income loans. In May we pulled husbands credit and the score did come so we were able to use him on the loan. We were able to get a Fannie Mae approval with 5% down.

Another month went by and then the PMI companies announced they would no longer insure any loan below a 620 credit score. The coborrower had a credit score below 620 so we spoke with the builder and they were willing to give us extra time to advise the client on how to get the credit score up an additional 13 points. Then about a week after that, Fannie discontinued the use of a lease to offset an existing MTG payment unless the client could document 12 months PITI in reserves.

The loan could not close as FHA due to a foreclosure by the clients in the past 3 years so there were no other options left for the client but to put 20% down. Also, since June Fannie Mae has further tightened guidelines that now require at least 5 years from a past foreclosure.

Each month since December 2007 A Paper loan programs have disappeared, lenders have shut their doors and credit has become more difficult to obtain. The clients in this case were a victim of the market fluctuations and any consumer with less than 620 that was building a home and anticipating a conventional home loan was caught in a never ending spin cycle by the market.

We apologize that the market has had this kind of impact on clients like this and ohers like them. If the loan programs were still intact then the client would have a great fixed rate and would be living in the home today. Texaslending.com is working to help the client recover their earnest money from the builder at this time.

I am of the belief that a ripoff is when someone makes money at another's expense. In this case and in all cases mortgage lenders make no money unless a client closes on a mortgage. In fact, we have all been harmed due to the recent contractoin of the A-paper mortgage market.

Thank you for your consideration.

Sincerely,
Kevin C. Miller
President/CEO
Texaslending.com
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What's this?

#5 REBUTTAL Owner of company

We Apologize that the Credit Crunch is impacting hard working consumers in this way.

AUTHOR: Kevin - (U.S.A.)

Texaslending.com is the Consumers Choice Award Winner for Mortgage Lenders in DFW for 2007 and 2008.

Our aim is to help everyone with a safe and stable home loan so we have safe and stable communities.

This client was originally approved in December of 2007 prior to the collapse of the A paper mortgage market. The loan was approved for a Countrywide home loan called a fast and easy with 5% down. (She was familiar with the loan; it is what they had on their existing home) We could not use Husbands income due to his credit score, so we put him on a credit program to help get an even better loan since the home would not be finished until second quarter 2008.

Shortly thereafter it was announced Countrywide was failing and many of their loan programs changed overnight. The fast and easy changed to 10% down. The clients had only 5% and knew they would have to come up with additional 5% through savings or the sale of their existing house.

About a month later as the credit crunch in the mortgage industry exelerated the PMI companies discontinued isuing mortgage insurance for stated income loans. In May we pulled husbands credit and the score did come so we were able to use him on the loan. We were able to get a Fannie Mae approval with 5% down.

Another month went by and then the PMI companies announced they would no longer insure any loan below a 620 credit score. The coborrower had a credit score below 620 so we spoke with the builder and they were willing to give us extra time to advise the client on how to get the credit score up an additional 13 points. Then about a week after that, Fannie discontinued the use of a lease to offset an existing MTG payment unless the client could document 12 months PITI in reserves.

The loan could not close as FHA due to a foreclosure by the clients in the past 3 years so there were no other options left for the client but to put 20% down. Also, since June Fannie Mae has further tightened guidelines that now require at least 5 years from a past foreclosure.

Each month since December 2007 A Paper loan programs have disappeared, lenders have shut their doors and credit has become more difficult to obtain. The clients in this case were a victim of the market fluctuations and any consumer with less than 620 that was building a home and anticipating a conventional home loan was caught in a never ending spin cycle by the market.

We apologize that the market has had this kind of impact on clients like this and ohers like them. If the loan programs were still intact then the client would have a great fixed rate and would be living in the home today. Texaslending.com is working to help the client recover their earnest money from the builder at this time.

I am of the belief that a ripoff is when someone makes money at another's expense. In this case and in all cases mortgage lenders make no money unless a client closes on a mortgage. In fact, we have all been harmed due to the recent contractoin of the A-paper mortgage market.

Thank you for your consideration.

Sincerely,
Kevin C. Miller
President/CEO
Texaslending.com
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