| Issue |
Closing on a mortgage
|
| Timely |
Yes
|
| Company |
River City Mortgage LLC
|
| Product |
Mortgage
|
| Sub Product |
FHA mortgage
|
| Date Received |
2023-01-19
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2023-01-19
|
| Complaint What Happened |
On XX/XX/XXXX we sought out a mortgage on a double wide home on a permanent foundation. We got pre approval from this company but later was told they dont fund mobile homes.
So our realtor suggested a new company, River City Mortgage. Based on his suggestion we applied for the mortgage through them. We got the pre approval letter on XXXX along with the i rial disclosures. We submitted every document they requested within one business day.
We then had the appraisal submitted on XX/XX/XXXX and it appraised at {$190000.00} which was {$2200.00} under our offer. My realtor called and asked what I wanted to do and I said I would not cover the difference. He told me the seller might walk away and I said thats fine and that if she walks away she walks away because we arent covering the difference.
My realtor called me back very quickly and told me that the appraiser is going to fix the report to get it to our offer. I was led to believe that this was a small typo error.
After that I was told we are closing before the new year. Then day after day we were delayed all the way up until XX/XX/XXXX when I asked my loan officer what has been taking so long. Thought this process I was told it was because the underwriter needed to review documents we submitted, but on Saturday the XXXX, the loan officer responded with the appraisal. I responded with oh how there was a typo error?
He then answered with a long message that stated Well kind of the appraisal came in low because the appraiser incorrectly used the assumed sale price of XXXX when it was XXXX Then the sellers realtor called the appraiser and had her change the value ( illegal move between us ) and then told me about it AFTER Then the realtor increased it and noted it was based off of the sale price increasing ( not a valid reason to increase value ) So, its just been a XXXX show of trying to make sure the appraisal remains usable and complaint without having the underwriter report the act that happened because she can likely tell.
So after talking with those close to me I decided to step away from the deal based on the above text. The illegal and unethical acts taken by the seller agent and the appraisal company and anyone involved in the cover up there in.
Everyone wanted to steal the {$2200.00}, that the house didnt appraise, for from my fianc and I. Everyone benefited from this collusion except for us. This collusion made us feel cheated, disgusted, and distrusting in everyone involved.
|
| Consumer Consent Provided |
Consent provided
|
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