- Report: #565524
Report - Rebuttal - Arbitrate
Complaint Review: Nations Lending Corporation
Nations Lending Corporation7029 Pearl Rd suite 300 CLeveland, Ohio United States of America
Nations Lending Corporation Mortgage Lender, deceptive practices CLeveland, Ohio
*REBUTTAL Owner of company: Borrower Understood Completely That He Did Not Qualify For Home Loan
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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.
Mr. 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 re-financed.
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.
This report was posted on Ripoff Report on 02/06/2010 01:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/Nations-Lending-Corporation/CLeveland-Ohio-44130/Nations-Lending-Corporation-Mortgage-Lender-deceptive-practices-CLeveland-Ohio-565524. 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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