We contacted them about doing our mortgage 6/20/02. We were pre-approved and our builder was given the go ahead 7/1/02 to build. We NEVER received any kind of paperwork although we asked numerous times for some. Excuse was it was either lost, someone was taking care of that, etc. We were to close on a construction loan 3 days after building started. That turned into a month, then longer. Before we went on our vacation 9/27/02 we were told we'd sign, then it was we'll sign when we return... Promise. Then that turned to the following week and on and on. They changed business names from CiteFinancial to Infinity and then to BroadStreet... All without telling us.
I accidently got their new phone number when I called the home of our Loan Counselor Dana Fenex.By now it's October, first and second payouts to the builder have passed. Fortunately our builder was nice and a family friend. He said he could take the construction to completion (selling his personal stock to do so). We were then informed by Patrick Colligan (owner) that we were now going with bank # 3 for the loan and they decided to change their minds, the title search took longer than 2 wks, it took 4. We were told 12/31/02 by our builder he was ready to close 1/15/03 and gave that info to both Patrick and Dana to which they said no problem. We found out that 2 days prior to signing, Patrick went on vacation dropping everything.
We called their bosses... Finding out they were owned by Fieldstone Mortgage. We finally thought we had people that cared and would help us, but they only dragged their feet. Because we didn't get the construction loan, we lost on getting 100% financing because they had to write it as a refinance. We were also told that we were no longer approved for the original amount and had to back tread and agree to certain requirements before we could close. According to "their bank". We lost perhaps $30k due to their negligence and mishandling and a sour taste in our mouths for our very first new home.
Kim
Delmar, Delaware
U.S.A.
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