Borrower Beware! NIGHTMARE!
My story is probably far too long for this site, so I'll try to keep it brief.
After being in contact with Prime Lending mortgage broker for more than a year and having explained to Him very plainly from day one what we needed, Prime Lending dropped our loan and lefy us high and dry just two days prior to our scheduled closing. Our closing was scheduled and we had already signed the final Closing Disclosure document. We had a place and time all set up to close. We are relocating to AL from TX. so the legistics of our move are outrageous. We needed to be able to buy a house in AL before we'd be able to s4ell our house in TX as we needed to empty our TX house and replace carpets before I could put it on the market. We rented a bunch of PODS and had all our house packed up into PODS and moved to storage. When we were told all systems were go for the Friday closing (2/24/23), I made the 650 mile by treck, towing a trailer of my own behind a U-Haul, all the way to Alabama. Before I even arrived I was being told that our closing would not happen. Why you ask? Because two days before the closing the loan officer called me claiming he needed me to produce a lease on our TX house saying I was leasing it out. I told him, as he knew, and as we had told him nimerous times, that we had no intention of leasing our house. He said, "Yeah, yeah, that's fine. I just need you to produce a lease and have a friend sign it saying that you are leasing it." Knowing this is credit fraud, I declined. He NEVER said in the more than one year we had been in contct with him prior to this deal that such a measure might or would be necessary. He NEVER said during this call that a signed lease was required for us to close on our current loan. In the end, he suddenly claimed that we needed to shift away from the loan product we were supposed to close on that Friday and convert to an FHA loan instead. He claimed it would save us money and require less down, etc, etc. So why did he not just do this from day one as this would have been far closer to what I asked for from day one. Well, as it happens, FHA will not approve us as I am disabled and my partner had been out of work for more than a year and had only just started his new position in Huntsville AL. He (my partner) has worked in the same industry for more than 25 years and had a job offer letter outlining his salary, etc., but FHA has a hard rule that anyone out of work for more than 6 months must then work at least 6 months at a new job before they would consider the applicant stably employed. So now the loan officer, a Terry Fann, claimed he needed to switch us over to an USDA loan. Long story short, the USDA has even STRICTER requirements for anyone out of work 6 months or more, requiring they be newly employed ar least one year before they would consider them stably employed. So now we are left with no loan. No cloasing. All our stuff, and I do mean ALL OUR STUFF, is in PODS and we have noweger to have those PODS delivered. We now will have to pay $2000 a month just for the POD storage!!!!!!!!! We're lcing in a camper at a campground while we try to do all we can to fix this situation. PRIME LENDING left us high and dry. Had the loan broker asked me about or made clear any og the issues which he brought up two days before closing, we would have told him then that we could not do that. We might have been able to arrange to do our relocation differently and I could have remained in Dallas at our house until such time as we were able to make some kind of arrangement in Alabama for housing. Mind you, we're moving a 4 bedroom, 2 bath house! Whatever you do, AVOID THIS COMPANY!!!!!!!!!!!!! Prime Lending has caused us so much stress and expense it will probably take us a year or two to financially recover!!!!!!!!!!!!!!!! They also made a loan conyingent upon our agreeing to commit an illegal act or mortgage fraud!
