I live in the state of Texas. Here are the facts. My wife and I purchased our first home on November 17th. The home appraised at $19,000 more than the original sales price. The broker advised us to finance the appraised amount rather than the sales amount. My wife and I had some things that we wanted to pay off. We agreed since it was not much more per month to do so and were told that we qualified.
We had no knowledge of the mortgage process especially on a conventional loan. We were told that this was perfectly legal and ethical. The builder charged my wife and I $500.00 to rewrite the sales contract to reflect the appraised amount instead of the original sales price. We were advised that at the closing table we would receive a refund of roughly $10,000.00. We were told by the broker that we had to close at a particular Title company.
At the time we did not know why. We did so and the money was funneled off as a consulting fee. We never hired a consultant. Because I suspected foul play my wife and I contacted the Mortgage Co. A week after closing. I asked them to fax us a copy of the HUD that they had on file. The rep said that our file had not yet reached them and that they were a little bothered by this. We called a week later and our file had finally gotten there. When the fax came through there were two HUD's. One was the HUD that we signed at closing. The other had four changes and was not signed by my wife or myself because we never saw that HUD at closing or any other time. All checks and funding were based on the unsigned HUD that we never saw or new of.
We recently got a call from our home insurance holder stating that we were delinquent on our home owner's insurance. All of this was paid for the year at the time of closing so we did not understand. We came to find that the Insurance rep made a deal with the broker and he gave her $400.00 of the dispersed money. This of course left the account short. Not to mention that after closing on the home the broker called us as we were loading the u-haul to tell us that we could not close unless we came up with $6100.00.
I advised the broker that I could not come up with that kind of money. I also asked the broker why I needed to come up with this money after the loan had supposedly already been closed. The broker then asked me how much I could come up with. I told her $3500 out of fear. This was our first home purchase. I took $3500 to the Title CO. The place that we closed had a different name than the docs on our title work.
A fee attorney was involved. The Title Co. That we closed at has since ironically split up. It has been a nightmare because on top of all of this I have a ridiculous mortgage payment. The PMI is over $700.00 per month in addition to the mortgage. We need help now. Thank you and God bless
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