Here is my situation, I was in the market to buyanother primary residence through my real estate agent I was given Mr. Turoff's number as a reference. I contacted Mr. Turoff back inAugust/September and explained my situation that I currently own a homethat is currently for sale that I have rented out, the tenant hasntmoved in yet due to the fact that I still live in the home.
I submitted all information at Nations request and the reply I receivedfrom Mr. Turoff was "it looks like a good loan" and we should be ableto proceed the same reply was given to my broker, 30 days later westill havent closed on the home. Mr. Turoff asked if I was able toobtain a co-borrower due to the fact that I on my own was unable toobtain the loan, then I can re-finance the new home in my personal namewithout the co-borrower.
Mr. Turoff neglected to mention the fact that I would not be able topurchase the new home because of the new FHA guidelines stating givenmy current income that I cannot obtain a new home as long as Icurrently own one, without have at least 2 years landlord experience.
So Mr Turoff suggested I find a co-borrower to help purchase thehome until I sold my current home, which then I can re-finance the newhome into my name removing the co-borrower.
I attained a family member with perfect credit as well as very goodincome to help in the purchase of the home, Mr. Turoff knew I wasdesperate to move out because my current home does not serve my needsany longer. I received the same reply from Mr. Turoff, my relativesname was good enough to purchase the home so we started that process.
In the middle of that process with my relative Mr. Turoff called me andtold me that if I refinanced my current home I would be able to obtainthe new primary residence on my own without a co-borrower. I proceededto ask Mr. Turoff what changed as to the underwriter would allow me topurchase the new home on my own? Mr. Turoff replied that if I showed alower income to debt ratio I would be able to purchase the new home. Iwas reprehensive to proceed due to the fact that I had more than 10%equity in my current home and re-financing would start me all over aswell as increase my loan value. Mr. Turoff proceeded to say that Iwould be better off with a lower payment and re-iterated his statementthe loan "looked good" and we would be able to proceed, against mybrokers advice to not re-finance and Mr. Turoff's willingness and hisre-confirmation that I can buy this home I reluctantly re-financed.
Not soon after did Mr. Turoff call me and tell me that the underwriterdid not approve of the loan and I still needed a co-borrower. Now threemonths into this process with repeat run-around statements and allinformation given to Nations Lending did Mr. Turoff call and say we canfinally proceed we just needed to show how my family member is comingup with the down payment to purchase the new home. We submit to Mr. Turoff adequate proof in the form of profit sharing of my relativescompany that is documented on his yearly taxes to have received in thepast and due to the fact that it is now the end of the year, myrelative deposited those earnings into his account. Mr. Turoff thenproceeded to say the validation of the down payment was not acceptable.
Now due to Mr. Turoff's negligence my co-borrower backed away from thepurchase and I am now stuck with a re-finance I believe I was coercedinto signing. I also believe Mr. Turoff's greed was the main reasoning tothis long and harmful process, I believe that because Mr. Turoff knewthat If I believed I was able to obtain the new on my own I would doanything which included re-financing my home, also signing the loan onthe new home with my co-borrower would be a second loan for him, thenre-financing the new home in my name alone would of been a 3rd loan forMr. Turoff to sign.
I believe that Mr. Turoff was negligent due to the fact that I am notunder any hardship needing to re-finance my home, my loan was notbehind nor has ever been behind since the day I purchased the home, Idid not gain any monetary compensation except for $800 Nations Lendingpaid to a lien holder I did not know existed (spouses debt sheneglected to tell me about), saved me only about $80 on my monthlypayment and that difference was supposed to be the determining factorto allow me to purchase the new home. My loan has increased by almost$8,000 due to the fact the I was coerced to re-finance and it will takeme more than 8 years to bring my loan back to where it was before Ire-financed.
It has been 5 (five) months now and Mr. Turoff no longer answers hiscalls and when he does its to say he is busy and I am just given arun-around response. I hold Mr. Turoff and Nations Lending liable andwill be contacting an attorney as well making a complaint with FHAincluding any other government branch that holds companies like this toaccount on their lending practices.
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