I am a first time homebuyer and as such I elected to use a mortgage broker to assist me in finding the best mortgage loan for me. I contacted a friend of mine who worked for Victory Mortgage named Sonya Feagans. After approx. 1 week, Sonya told me she had me "approved" through the Fannie Mae program with 100% financing at 5.5 percent, and giving me written proof of approval. I put a contract on the home that day. The next day I went into Sonya's office on Thursday, May 1 to sign the loan paperwork and noticed that Sonya had intentionally withheld documents from both myself and my real estate agent that listed certain conditions. Sonya assured me she could work the loan out.
The next day Sonya Feagans was arrested on four (4) counts felony charges for theft and forgery.in her absence, my file was given to the assistant manager of the Douglasville branch, Sam Douglas. Sam called me on Friday, May 9 and told me that he had my loan approved and yet again receiving written proof of the "approval". I went into the office to again sign the loan papers only to be told they had approved me for an 80/20 loan (the 80% being at 6.775 percent and the 20% being 10.5 percent). After looking over the paperwork, I told Sam the fees were too high. He then told me he would ask for the appraised amount and change the contract to say the Sellers paid up to 6% of the closing cost and then they would give me approximately $3,100.00 at the closing (under the table of course, which is illegal). Sam Douglas made it appear that my dream would finally come true and I could own my dream home. I signed the paperwork that Friday night.
From this point on my dream quickly turned into my worst nightmare. For three (3) weeks I didnt hear one word from Sam. The day before closing, Sam called me and told me the loan had changed again (3rd time) to a 30-year fixed at 8.675 interest and I told Sam this would not work. I reminded Sam of the closing the next day and of the fact that I would have to be out of my current home by June 7. Sam stated he could fix it.
On the morning of my closing, I called Sam to find out if he had worked the loan out. Sam told me he was waiting on word from the lender. Again I asked about the closing and he assured me that the closing would take place. I arrived at the attorneys office at 12:30. The sellers, the attorney, my real estate agent, my two daughters and I sat at the attorneys office for 6 hours that day, only to be told now that I had NEVER been "approved on any loan". To say the least, my closing never occurred.
On Wednesday June 4, my real estate agent and the sellers went to the office of Sam Douglas. Via a telephone conversation, Sam Douglas presented us with yet another (4th time) loan approval from Countywide for a 30-year fixed. Sam also advised the seller, my real estate agent and myself that all fees associated with this loan that was to be paid to Victory Mortgage had been waived and the only fees to be paid at closing would be to Countrywide. At this point, I had contacted Ben Smith (the Regional Manager of Victory Mortgage) and Henry Devore (the owner of Victory Mortgage) and everyone seemed completely unconcerned as to my situation. The time frame currently gave me three (3) days to vacate my current residence and Victory Mortgage was completely aware of this fact; I had no choice but to agree with these terms.
When we arrived at the closing the next day, the loan had yet changed again (5th time) to a 3-year ARM at 8.02 percent.
From a starting point of written approval for a 30-year fixed at 5.5%, through 5 different loans, I end up with a 3-year ARM at 8.02%. All fees that had been waived the day before was now reflected on my Settlement Statement indicating that Victory Mortgage was to be paid $595.00. Nothing was as it was to have been.
At approximately 7:00 pm on Thursday, June 5, I signed a loan agreement that no person should have been forced into signing. I have been lied to and deceived by every person I have dealt with from Victory Mortgage. I, along with my two children, was placed in a position that was completely terrifying if not tormenting. Victory Mortgage took advantage of this situation. Numerous events have occurred during this experience that were unethical, illegal and outright wrong.
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