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.
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