Report: #1495643

Complaint Review: Nations Lending - Independence Ohio

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  • Nations Lending 4 Summit Park Drive, Suite 200, Independence, Independence, Ohio United States

Nations Lending Predatory Lender, Fee's, Didn't deliver what was discussed. Independence Ohio

*Consumer Comment: Why do you have to wait six months to refinance?

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 I went through your company in March 2020 for a mortgage Refi.  It is the worst experience I've had dealing with a mortgage.  Here are the facts:
John E K was person I dealt with.  I told him exactly what I was looking for. By phone and by email. the Call was recorded so I was told, and I have all copies of emails.
I said I was not sure of the timing as I am working on getting my credit score above 680 to 700 for better options.  I was completely transparent to what I was wanting and needing $XXXXXX and 10,000 cash out and that I didn't want to get a line of credit, I wanted 1 payment.  John assured me that if everything was what I said that he could help and get my home refi for me.
I disclosed everything sent all documentation that was needed.  I didn't hear back from him so I sent a couple emails asking about how it was going.  He apologized said he'd been sick and that he would check and make sure all was good. I even sent a offer letter from another company offering me low interest and cash out.  He explained that your company would be better cause lower fees etc. So I trusted his word.  My first mistake.  I didn't hear anything for about a week, so I emailed and John said it was in underwriting.
I then recieve doc's to sign etc. I am looking at bottom Line $XXXXXX  that what we talked about.
Title company comes out to have me sign.  Its rushed due to To Covid-19 and I see pay off old mortgage and the 2 bills we discussed Total was XXXXXX and loan amount equal that amount. She Mentioned the $10.27 I asked if that is amount coming back from Escrow of old mortgage. She said yes. She should have said No its your cash out. I would never have signed then. I was mislead and lied to.  My second mistake is I signed without turning the page over and seeing that the $10,000 cash out had been used for all the fee's and his commission. John E K  never called me to tell me that this was the case.  I qualified for XXXXXX so I could not have the cash out. By the way I have 120,000 in equity in my home.
Never once did I get an email or call explaining this to me. I would never had agreed. I need the money to replace my flooring.  I could have went with other lender and gotten 7000.00 which is better than $10.27 I ended up with.
I Called John immediately ( twice) because he didn't answer, so I emailed after receiving this check $10.27 and he finally emailed me back saying he didn't know what was happening at that he was in a meeting, I waited and he didn't call or email me back like he said he would, until I kept reaching out.   How dare John and the underwriter make the decision to go forward without a call or email.  All because I didn't qualify for more?????? Why cause they did not do apprasil on my home.   I qualified for what I asked for.  But It paid John commision and Nations Lending loan fees.  None of this was discussed with me.  If it had I would not have done it and went with the other company. and you can see it wasn't discussed cause John admitted he didn't know what was going on. 
This is very bad business! Nations Lending has Financially crippled me! I can't go refi my house  with someone else now it would cost me to much. I feel financially violated as a single woman taking care of a  adult child with Health Issues.  Yes i take responsibility for trusting that john and the underwriter were working with me.
The VP Tony V contacted me and told me they would redo and fix this.  I waited 30 days and now I am told they CAN NOT help me. I have to wait 6 months and that I NOW dont Qualify.  I sure did so Nations Lending could get their FEE's.  
Most Horrible experience I have ever had.  They take advantage of single women, senior citizen (which I am classed) during a pandemic.  

This report was posted on Ripoff Report on 05/26/2020 05:49 AM and is a permanent record located here: https://www.ripoffreport.com/report/nations-lending/independence-ohio-predatory-1495643. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Why do you have to wait six months to refinance?

AUTHOR: FloridaNative - (United States)

POSTED: Tuesday, May 26, 2020

Usually the reason you have to wait is so that the loan officer can keep their commisson on the loan. I assume you don't care about the LO keeping their commission. Has your financial situation changed so that you no longer qualify?

BTW, there is a 3 day right of recision when you refinance. Once you saw the settlement statement, the very first thing you should have done is question the closing agent and not signed it. Part of the reason for the 3 day right of recision is to prevent surprises. The other changes put into effect beginning Oct 2015 regarding disclosure of your expenses and your proceeds are there to protect you.  Those disclosures are provided to you well before closing. They are called the Loan Estimate and Closing Disclosure. Do you remember seeing these disclosures? They are required by law. 

Contact a good morgage loan company and see what you can do to rectify this refy (if anything).

Stay away from the big box banks as they don't have knowlegeable loan officers for the most part any more. Use a mortgage banker - a lender the originates, underwrites and funds their own loans. 


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