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This company strung me along for 6 weeks in getting a mortgage commitment for the buyer of my house. I received several emails from the loan officer and processor stating they had all the information needed to "commit" the loan. They put me and my agent through hell. After providing 2 extensions I finally nullified the contract. I filed a complaint with CFPB, but 1st Financial refused to cooperate because I was not the borrower. DO NOT DEAL WITH THIS COMPANY. If they have screwed you please, please, please File a complaint with the Consumer Financial Protection Bureau, http://www.consumerfinance.gov/. If they receive enough complaints, they will take action.
This is the complaint I filed: I have a ratified contract for the sale of my house dated 6/30/2016. I accepted the offer from the buyer based on the financial information provided by his real estate agent which included a pre-approval letter issued by 1st Financial. We agreed to a settlement date of 8/17/2016 which allowed 6 weeks to have any inspections performed, bank appraisals and approvals for the loan.
One week prior to settlement my real estate agent inquired as to the status of the loan approval and learned that the bank had not approved it. Two days prior to settlement, 8/15/2016, the bank underwriters were questioning the buyers employment status for 1 of his jobs putting all parties involved in a stressful situation to obtain the necessary information. The settlement did not proceed on 8/17/2016 but the buyers agent indicated the bank received the necessary document and settlement would be delayed a day or two. Since 8/17/2016, I have provided 2 extensions, 8/25/17 & 9/12/2016, to allow the bank time to acquire additional information being requested from the buyer.
After seeking legal advice, I personally got involved with the bank in order to obtain any status of this situation. I sent an email to the loan officer on 8/25/2016 indicating that I was filing a complaint with your organization and the Maryland Banking Commission. Much to my displeasure in having to do this, I felt I had no recourse. However, this action did light a fire if you will, and my agent and I did receive some updates. I have the emails corroborating all this however, the updates from the bank have been vague, confusing and contradicting. We have been reassured that they had all the required documents, the loan was approved by management, closing would be no later than 9/12/2016, and to be patient.
As of 9/12/2016, we received no notification of whether or not the loan was approved. My agent and I tried calling the loan officer to get an update and left a voice message. The call was not returned. Later in the afternoon on that date I sent an email to the loan officer and received a response that another 8 employment verifications were needed from the buyer. In response I requested an accounting/timeline from when the application was submitted, showing dates, to include requests made, when documents were submitted and all correspondence. The loan officer involved a VP who would provide a status and options the next day, 9/13/2016. My agent and I had a conference call with this VP on 9/13/2016 and he squarely put the blame on the buyer not providing all the documents being requested.
I can provide all emails that may be needed. Per my real estate agents recommendation, I re-listed my house on 8/26/2016 in the hopes of obtaining backup offers. I feel that this bank has been unprofessional, unethical, untimely and uncaring as to my welfare, as well as everyone involved in this transaction. This ordeal has had an effect on my well-being as it has caused me to be under an abnormal amount of stress and anxiety and causing me a lack of sleep.
This ordeal has placed a financial burden on me as well. My plan was to retire from my job when I sold my house, had a ratified contract and all inspections were performed. I proceeded with my plans as I had all the signed documents and formally gave notice of my retirement from my place of employment. I moved out of the house as per the agreed contract settlement date and now am paying rent plus my mortgage and other expenses to maintain the property in saleable condition. I would not have retired had I known the bank would cause a delay of this magnitude. I consider this a loss of income. Since I moved out of state, it is a hardship for me to commute back and forth to the property so my agent has been looking after it and engaging anyone to do maintenance. Additionally, I cannot pursue looking for a permanent residence due to the delay in settlement because I need the proceeds from this sale.
Resolution: I would like to be compensated for all costs incurred from 8/17/2016 to the day of settlement on my house. This will include costs for both properties to include rent, mortgage, utilities, home owner & renter insurance. Also moving expenses, lost income, medical, dental & long term care insurance. Interest of 10% daily on the selling price of a ratified contract. Interest of 10% daily for my real estate agent on loss of commission.
Payment of any & all attorney fees that I or my real estate agent should incur for this complaint. Punitive damages for me and my real estate agent for the stress & anxiety we are enduring due to the gross negligence, incompetence, mismanagement, unethical practice and lack of concern for our welfare in bringing this settlement to a reasonable closing date. The license for the bank, loan officer, & processor should be revoked. The underwriter should be investigated as to why requests were not made in a timely manner.
This company set up a debt settlement package for me to pay Global Client Servicing in order to pay off my creditors. After multiple communications with Mike **, the Financial Management Consultant (as stated in the provided package)I agreed to the terms of the contract. The money was taken directly out of my account (records have been kept and confirmed with Global Client Services) and was paid in full as I agreed.
After no contact, I contacted Mike ** again and he stated that it was in process and then contact stopped. As of last week, I find out from my creditor (after 1 year) that my dept has not been paid and that the contact information that they have for 1st Financial is not valid.
I gave them the information that I had and then attempted to call myself. All of the numbers have been disconnected, there are multiple addresses for the same company, and all emails get returned as well. So I called Global Client Services and they too have terminated their agreement with this company due to failure to maintain their accounts properly (as of Sept 2010). They suggested that I file complaints with the BBB, the Attorney Generals Office, and the FTC. I have done all 3.
I am out $1088, my creditors have not been paid (that is what I want to happen), and I find out that there are many more people scammed by this company. Something needs to be done. No one can afford to have money stolen from them especially during these tough times.
Consumer's Desired Resolution: I would like a refund for the $1088 so my creditors can be paid as originally intended.
I was contacted by phone. I was told I could get my mortgage payment lowered by at least $225.00 a month if I meet the qualifications. So I sent in all my information. They said that if they could not get my payments lowered, it would not cost me a dime. So they took $819.00 out of my bank account, about 1 month later, they called me and said my mortgage lender would not even talk to them. So I asked for my money to be refunded and they said they would. All this began on 3/27/10. I called continually. Finally, on 7/23/10, I received a partial refund of $400.00. So I kept calling and they told me I would receive the rest of my refund on 9/10/10. I did not receive it, I kept calling and they said they did not know what happened. I kept calling and said they have moved.
I started a modification process in Oct. 2009. I paid them $1,025 in Oct.2009 and then another $1,025 in Nov. 2009, total $2.050. Therefore, in those two months, I got behind in my mortgage payments. I was assured I qualified. Months passed and they kept telling me it was in the process. Finally, I spoke with the president of company, Mr. Chris ** and he told me his company had messed up with paperwork. I refaxed all my paperwork again. I stayed in touch with the advocate from Fl, Ms Lisa *. She would from time to time tell me what paperwork the bank needed. I happily obliged.
On several occasions, I tried calling the bank myself to see what was going on. I then would call Mr. **. He told me I paid them to take care of it, not to call the bank. I know Wachovia Bank was merging with Wells Fargo and I thought this was why it was taking so long. Mr. ** kept telling me that it takes time. I kept making monthly mortgage payments and in Jan. 2010, I realized that Wells Fargo was putting my money in a suspense account. That they offered me a moratorium for three months, which I declined. Every week, I would call First Financial and they would tell me it's still in the process. I finally got them to apply the monies in the suspense account. I was promised from Wells Fargo that it would take two days for them to decide. Needless to say, that never came to fruition. They would tell me I needed more paperwork, which they already had. I would then fax paperwork again.
It is now seven months later. I received in the mail a letter of intention of foreclosure. I was livid. The last I heard from Ms. ** was that they were putting a rush to the negotiator. I called Mr. ** once again and also emailed Ms. **. I got no response from both of them. The next day, I got a letter from the bank stating I gave them permission to close my account. I finally called the bank and they told me that they were going to do a liquidation and a short sale. I have been paying my mortgage every month. The bank had put it in a suspense account once again. Mr. ** and Ms. ** should have been the ones to call me and keep me abreast of what was going on with my modification. That's what I paid them for.
So to no avail, I took First Financial's phone numbers and names off my account. I have been speaking with the bank daily trying to straighten out this mess. My credit is bad now. When I started with this modification in Oct. 2009, my credit was 732. I do not know what it is now. I know it cannot be good. I called Mr. ** again and stated it was my fault for calling the bank. I then told him I wanted my $2,050 that I paid them to help me with this modification. I also faxed a letter to Mr. ** letting him know what I was doing and for him to return my money. I was promised in the beginning that if they could not do the modification, I would get my money back. So now I have to start from scratch with Wells Fargo Bank, fax all my paperwork again. This added stress that First Financial put on me is unbearable, not to mention my credit going bad from their lack of communication.
1st Financial Group Company Information
- Company Name:
- First Financial