August 11
As of July 1st 2008 I inquired about the services of Southeast lending for a mortgage loan. I was promised and pre approved for a 6.2% mortgage with 10% down. We trusted them when they said I was approved. Many weeks went by with me acquiring about the status of the loan with no return calls. I got a phone call a few days before my closing by Terry Letterman informing me I needed to may another 10% for this loan which was totally against our initial contract. My closing date was scheduled on July 31 and no approval in sight.
A week before the closing I was informed that I had alot of other conditions to be met which was not discussed at the pre approval. They required me to pay 8,000 to reduce my credit debt toward credit cards, which I met the obligation, and again after that no closing in sight. After all this they informed me that my credit score went don 50 points and I wasn't able to receive private mortgage insurance and that I had to pay more toward my credit $3.000 (which was not part of the agreement) if I was pre approved at the beginning with my debt ratio this should not have happened. Further more the interest rate quoted at the beginning was almost raised by 1.5% which was not the national average so I was misrepresented there. The closing date was never met and an extension was refused by the seller which should have null and voided he contract with full deposit ($5000) returned to me. The management at south east sent a letter of approval made by them to the realtor dated July 27th which was a total fabrication because I got the letter of approval from wells Fargo stating the approval date was august 5. With at 7.6% interest which was never discussed. I have an income of 2600 a month and my mortgage alone would have been 2600 not counting car payments, elec. Food etc. Which there is no way I could afford.
I informed the management that I would not be able to afford this mortgage since it was 800 more a month than I informed them I could afford. They constantly changed their story not only to me but my real-estate agent when I informed them that I could not pay these inflated figures they proceeded to speed up the process so I would be at their mercy. This is total and blatant misrepresentation of a lending company and this has to stop. Every time they said I was approved but with more and more condition which I was no able to abide by which means my mortgage was not approved. I met every condition required by this company but every time I did they needed more which inflated every aspect of this loan interest rate, mortgage payment etc.
I went to the office 3 weeks before the so called closing date to get out of the agreement and they assured me the numbers would not change and 2 weeks later they did and drastically and asked me to pay more money to pay off my credit cards which obviously I could not have been approved at that time if I needed to meet more condition and they would not give me a denial letter constantly saying I was approved when when I wasn't.
Also Southeast equity also gave out my personal and confidential information to the owner of the property such as telephone number, work number, family status, and financial information and credit history. This is unethical.
I went to Southeast equity 3 days before my lease ran out on my present residence and they still had no approval or closing date and that's when I told them again (like I told them 3 and 4 weeks earlier that the deal was off) then within 1 hour they miraculously got a closing date and approval.
The contract with the realtor specifically stated that the closing date was to be by July 31 if it is not closed by then the deal is null and void and all deposits returned to the prospective buyer. I asked the owners for a signature of extention and they refused
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