Tampa, Florida
Not resolved
5 comments

Time line:

March 2010- pre-approved for $210,000 mortgage, no contingency

April 2010 - pre-approval recalled due to contingency

April 2010 - pre-approved for $210,000 mortgage with contingency to sell or rent my home

Rented my house

April 2010 - loan denied due to not having 1 year rental history (notified sellers)

May 24, 2010 - pre-approved for 195,000 mortgage, no contingency (same house lower price)got fixed interest rate locked in

June 3, 2010 - received paper work to include loan application, good faith agreement, and va application, bank set up appointment for appraisal

Packet states that "at the time time of your mortgage loan application USAA collected a good faith deposit in the amount of $0.00."

June 7, 2010 place signed packet in mail, appraisal completed

USAA withdrew $350 from my checking (they have not received my application!)

The good faith deposit was to be applied to the cost of processing the loan. supposedly not taken at time of application

June 8, 2010 packet received and would be reviewed next day (per phone call)

June 9, 2010 packet reviewed

June 11, 2010 packet reassigned

June 11 close of business phone call for additional paperwork; paper work emailed to bank

June 14 paper work received. I called at 11 to ensure successful delivery. was told they would look at it right then and would call right back.

June 14 close of business no phone call yet so I called. I was told "oh I would have called you back but I hold all of my phone calls for the end of the day" what? She just wasted a whole business day when I could have been working on things. I filed complaint for untimely responses.

June 15, 2010 told I need to show taxes for past two year. I don't pay taxes. I am tax exempt we have been over this a hundred times. Was told i don't qualify without tax forms. So now they are telling me because I am disabled and don't pay taxes I am declined? HMMM? A veterans and military personnel bank? HMMM?

June 15, 2010 254 pm I quote (from USAA Letter) "The reporting agency is unable to supply specific reasons why we have denied credit to you."

June 18, 2010 Now they are denying the return of my good faith deposit which they claim they would and did not take at time of application but they actually took before they received the signed application. They said it was to be applied to the closing costs. According to my contract between myself and the seller, the seller was paying 100% of the closing costs. USAA's response was well it was to pay for the appraisal. I pointed out that the appraisal is paid for at time of closing by the seller and that I was to pay no closing costs. I also pointed out the fact that in a phone call I was told that the bank acted prematurely and that I should never have been prequalified for the loan, which to me means the bank should never have sent out an appraiser. THEN I was told as stated in the contract the $350 good faith deposit was "to be applied toward the cost of processing the loan." My response to that was #1 they took that money before receiving my application #2 they should never have processed my loan when they claim they lacked paper work #3 I was told I should never have pre-qualified which tells me that a loan should never have been processed. #4. They couldn't even give me a reason for denial. THEN I was told that the $350 good faith deposit was to cover the cost of the time they spent processing my loan. WHAT!!! They wasted my time they should be paying me. The loan processor never called me back until the end of the business day and she had the gull to talk to my title company and tell them that I was holding up the process because I was not responding to them or returning the requested documents. Documents that through out the process they had requested so many times that they had by then received via email, mail and fax... Needless to say I am seeking legal councel...

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Anonymous
#166238

really

blueeyedbelle1
#163340

oh and i never said I had bad credit. I have a 749 score. Also you quoted "usaa decided to not give me money, because of issues?" You won't find that sentence anywhere in my original post.

blueeyedbelle1
#163338

also, My only goal in seeking counsel was to determine my next course of action. I am not trying to get them to loan to me, I simply wanted my money back and it should be made clear they did not follow protocol.

blueeyedbelle1
#163337

I actually did seek legal counsel because there were several issues involved here. Number one was the fact that they took money before any paper work was signed.

They also failed to follow the guidelines of the Truth In Lending. There was a new act passed in 2009 stipulating new guidelines for the Truth in Lending. Also they failed to provide me a reason as to why they could not provide me a loan. They said that they could not lend to me for unspecified reasons.

They are required by law to provide me a specific reason. As far as the "issues" They were all resolved. Trust me I had my ducks in a row. As a matter of fact I am closing with someone else this week.

I understand they are not required to lend me money, but they do have an obligation to follow regulations set forth by the government and to provide specific reasons for not lending. If they had followed the truth in lending act they would not have my money right now. I am sure I am not the first person this happened to. I am sure they never had any intention of lending to me.

They collected $350 from a bank account I have with them and then shut the door on me. This could be a very lucrative business. If they did that to 100 people a week, by the end of the year they would have netted $1,820,000.00.

PS: I did go to a manager.

He gave me a reason they could not refund me and when I rebutted with a very well thought out argument I was given an additional reason and so it went for over an hour, until he came back to his original reason. That is when I went to a real estate lawyer.

Anonymous
#163239

Blueyed....what good is seeking legal advise going to do? Is usaa obligated to lend you thier money?

Is usaa mandated to lend you money if your credit is bad? What is legal going to say?

"usaa decided to not give me money, because of issues?" Did USAA steal your money besides your $350?, that i do believe you should have gotten back, ask for a manager and you should get it i'm sure. But to qoute you "seeking legal advise will do what??????