Linda
Muskegon,#2UPDATE Employee
Wed, October 24, 2007
I am an employee of The Mortgage House and know exactly what the REAL circumstances were in Debra's case. The construction loan referred to here was funded by The Mortgage House and was to be paid off within a specified period of time with an end loan (refinance). This was explained fully to the client and disclosures were explained and signed as well. Everything was done legally. In a 2 time close situation, an end loan preapproval is obtained prior to the construction closing. During the construction period TMH keeps in contact with the clients and when the home is 30 days from completion the conditions to the preapproved end loan are processed. Unfortuneately if the client changes their circumstances while the home is being built then the end loan approval may very likely become null and void. In a case where a client makes continued late payments on their debts and /or obtains new debt, such as an auto loan, which increases their debt to income ratios, it may become impossible to obtain an end approval. The clients are also informed from the very beginning that they are not allowed to move into the home until the end loan is closed and the construction loan is paid in full. Papers are signed by the clients acknowleging this. In this particular case, the clients not only moved in without consent, but moved in several animals that were already causing damage to the home. I was the loan officer who originated this file and I felt truly bad for these people even though they caused the problem themselves due to circumstances such as those I listed above. I've worked for the company for 8 years and it is a very good company with an exceptional President who truly and deeply cares about the mortgage industry. He has been involved with the Michigan Mortgage Broker Association for as long as I've known him and was the MMBA President in 2005. He doesn't lie, cheat or get nasty.