ComplaintsforUnison

• Initial Complaint

  07/03/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Can I be forced under a contract with Unison if ******** does not allow business with this investor. My contract started 2019. I come to know Unison does not service residents in ********

  

  Business response

  07/11/2023

  Please see the attached Unison response.

• Initial Complaint

  06/08/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We signed a contract with Unison back in 2018. We weren't able to qualify for the whole program if we did not have at least 20% of the value of the home already paid for, the sales person assured me that a way to cut expenses would be by putting some of the money that Unison would give us to pay up to 20% of the value of our home and then get the *** removed from my loan which would reduce the mortgage payment, He mentioned that I could refinance with whomever I chose to, since the value of our home was greater in comparison to our original purchase price, and that could also provide us with more cash in the future. Once the contract was signed, I soon realized that I was misinformed, I was not able to remove the *** without refinancing the home as a whole, which would involve more closing costs/inspection cost/appraisal expenses. I was offered a refinance later on through the same mortgage we had, without closing costs which was a blessing for us. We decided to move forward, to soon find out that we could not refinance if we had Unison as a lien on the home. I contacted Unison and at this time, they said they only knew 2 companies that might be willing to refinance with them on the deed. We ended up not being able to refinance at all. We decided to sell our home in Nov 2022 and notified Unison of it, gave Unison the sales price. We finally got a decent offer, lower than the asking price in May. Notified Unison of it, 2 weeks later I was told that Unison thought the sales price was too low, and would send an appraiser. The appraisal came back 75k higher than the sales price and they came up with an internal amount that we needed to pay them back on top of the loan, not in the contract. We ended up paying them our equity. I was not notified on anything until it was too late and the contract was already done, and closing date was a week out. DO NOT DO BUSINESS WITH THIS COMPANY

  

  Business response

  06/17/2023

  Please see the attached response.

• Initial Complaint

  05/24/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I was very excited to use Unison. When starting my application I was told funding usually happens within 48 hours. After signing my closing documents, I had not received any funds so I contacted my specialist. He said something like "sorry for the delay, the funding will happen within 10 business days at the latest." That deadline passed and I contacted him again. There were no replies for weeks at a time. When I did hear from the company they would tell me there is no concrete funding time frame. It's been a month now. I've contacted customer service almost everyday for weeks. No one ever gets back to me. I, like many others wanting equity from their home, am dependent on the funding. I am left hoping that I will eventually be funded. It seems unfair to me that we can be left in limbo with very little communication once we have signed the documents.

  

  Business response

  06/02/2023

  Please see the attached Unison response.

  Customer response

  06/02/2023

   
  Complaint: 20101416
  
  I am rejecting this response because:

  Although I have finally received communication from someone, I still have not received funding and was told funding may not arrive for another month. That would be 2 months of waiting after I was told it would be 10 days maximum.

  I would like to be funded as soon as possible, and will remove my complaint once I have.

  Sincerely,
  
  ***********************

  

  Business response

  06/06/2023

  Please see attached Unison response

  Customer response

  06/08/2023

   
  Complaint: 20101416
  
  I am rejecting this response because:

  While I appreciate the increased communication and responses, funding has yet to be received. Upon receipt of funding, I will accept the responses and remove my complaint. 
  
  Sincerely,
  
  ***********************

• Initial Complaint

  05/22/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  On January 7, 2019, we entered into a Unison Homeowner Agreement with Unison after receiving a mailer that said they would give me funds to build an addition on the home and they would be intitled to 40% of the increase in value on my home if we ever sold it. It was a stressful time for our family financially, so we called the number and spoke to a representative. This sounded like a reasonable deal. They seemed like they were on the up and up and we saw they had a good rating on the BBB website. When it came time to sign the paperwork, we got a 79-page document with all kinds of complicated legal ease and fine print. As it turned out, they were going to take 70% of the homes increase in value, not 40% like their flyer said. They also wrote very complicated language almost impossible for anyone who is not a lawyer to understand that they claim says they are not only intitled to 70% of the increase in value, but they are also intitled to get the entire original amount of the money they gave me to add the addition to the home! They use all kinds of different definitions for terms in the contract that do not match the terms they use in their advertising. We sold the home 4 years later and that is when we found out we had been misled. I am in the process of talking to different attorneys to see what our options are, but this devastated our family financially. They took $259,350.00 of my homes equity for lending $106,000 to us! In calculating the Annual Percentage Rate (APR) we ended up paying over the time we had the $106,000, they effectively charged us a *****% APR or 244% on their money! I am disgusted with this predatory practice of praying on people in need with deceptive advertising and then slipping insane terms into their contract by burring importing information in the language.

  

  Business response

  05/31/2023

  Please see Unison's attached response

  Customer response

  06/04/2023

   
  Complaint: 20092752
  
  I am rejecting this response because:
  
  The response does not address the fact they did not clearly disclose the information. They provided a horribly complicated contract that only someone with a law degree could fully understand and they did this intentionally.  The fact that they are willing to charge someone almost 35% interest on a loan should tell you all you need to know about this company. Unfortunately, this also calls into question why the Better Business Bureau would list them as an A+ accredited company when one sees the numerous complaints they have received. the integrity of the Better Business Bureau is now called into question as they use you in their misleading advertising. 

  if they were to agree to only charge me *****% I would at least feel as if though it was the equivalent of putting that money on a credit card, and I could respect them to the point where I would accept their response and drop the complaint.  Dont get me wrong, Id still be getting a horrible deal, but at least I wouldnt be getting completely taken advantage of and I would feel that the company had some sense of honor and integrity.  
  
  Sincerely,
  
  ***********************

  

  Business response

  06/06/2023

  See attached Unison response.

  Customer response

  06/08/2023

   
  Complaint: 20092752
  
  I am rejecting this response because the business is being disingenuous when it claims they clearly informed me of the terms of the agreement.  They failed to address the fact the only document they have is an 80 page complex legal document with intentionally misleading, confusing, and convoluted language.  This is done by design to confuse and mislead people into making the mistake of doing business with them.  They do not deny they charged me an outrageous 35% APR.  the BBB needs to stop considering this an accredited business as they have dozens of complaints they refuse to resolve as evidenced by your own records.  I will proceed with this case against Unison without the assistance of the BBB.  
  
  Sincerely,
  
  ***********************

• Initial Complaint

  03/28/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I attempted to apply for a home co-investment with Unison. Before I could complete all of the information their website wouldn't allow me to complete sending the information requested. Then it wouldn't let me log in to the account that I had created despite repeated attempts. I sent them a request that my application be withdrawn. They kept sending me email saying I needed to complete the application. Well I couldn't and they didn't respond to my request to withdraw. Today I get an email that I was "declined" because I didn't complete the application and then the email went on to say it was because of my credit report. To add insult to injury they report their "decline" to the credit bureau so that will negatively affect my credit report. I would recommend that no one make application with these people!

  

  Business response

  04/04/2023

  Please see attached Unison Response

• Initial Complaint

  02/10/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We took out a home equity sharing loan with a company called Unison in 2019. We have since learned that they were predatory and dishonest in their marketing and promotions and understated or hid the downside risk (and even deceptively presented false financial scenarios). This came to a head in 2022 when we tried to refinance our property and learned that no lenders would work with us (not even the ones Unison provided in their supposed approved lender list). We had refinancing secured with ***** Fargo, but they dropped us at the last moment when they learned Unison was on title. We are subsequently having to pay hundreds of thousands of dollars in additional interest (literally) and may be forced to sell our house as a direct result of working with Unison. All the while, Unison has reaped a financial windfall.There have been other downsides to working with Unison that were not adequately disclosed in the agreement, such as they control insurance claims distributions.I have attempted to address these issues directly with Unison on many occasions, but they take no accountability. When I asked Unison what governmental and regulatory agencies oversee their business, they told me they are not regulated by anyone.Unison has caused catastrophic financial loss and a great deal of emotional suffering. Since I've tried for many months to work through these issues with Unison with no cooperation on their behalf, I am reaching out to the BBB in hopes that you can help us.Thank you.

  

  Business response

  02/17/2023

  Please see the attached Unison response.

  Customer response

  02/24/2023

   
  Complaint: 19384098
  
  I am rejecting this response because: I cannot view their response. It seems to be hidden. There was no accompanying attachment.
  
  Sincerely,
  
  ***************************************

  

  Business response

  02/28/2023

  Please see the attached Unison Response.

  Customer response

  03/02/2023

  Complaint: 19384098

   

  I am rejecting this response because

   

  1. The company has failed to address my compliant that they provided false and misleading financial information prior to the signing of the agreement. Unison is in receipt of these documents and has confirmed they were indeed inaccurate. There is no mention of this in their response.

  2. The company states in their response: "We are sorry you are having a difficult time refinancing your mortgage loan," The reality is that we are having an IMPOSSIBLE time refinancing our mortgage and Unison is very aware of this fact. Unison knows that not a single lender will refinance a property with Unison on titled. I have worked directly with Unison representative to find a lender that would refinance our property and it provided to be impossible. So for Unison to state: "We are sorry you are having a difficult time refinancing your mortgage loan," conceals the fact that we're not having a difficult time but an impossible one, which Unison is very much aware of.

  3. Unison goes on to state: its possible some mortgage lenders may decline to provide new loans to you (or, they may provide a smaller loan than requested). This isnt the norm, but its something to keep in mind. Again, this is a flagrant misrepresentation of truth. Unison is very aware that it IS THE **** for lenders to decline mortgages to homeowners with Unison on title, including the biggest lending institutions in the US, as well as any lender affiliated with ****** *** and ******************. Unison representatives pointed this out to me, in fact.

  4. Unison goes on to state: "We are unable to rescind your Unison agreement. However, you are eligible for a Special Termination of your Unison agreement (effectively a buy-out) as outlined in the Covenant Agreement section 6 and Option Agreement section 7." The problem with this is that we've already suffered irreversible damages due to our relationship with Unison. We had a ****% loan locked with ***** Fargo and they declined the loan at the last minute because of our relationship with Unison. Our mortgage adjusts shortly and the higher interest rates we will be paying are a direct irreversible damage as a result of Unison.

  5. Unison concludes by stating: "Alternatively, as we have indicated multiple times in the last few months, Unison remains willing to subordinate to most refinance lenders." Unison is very aware that this is an irrelevant point since most lenders have strict policies against lending to homeowners with Unison on title, period. The fact that Unison remains willing to subordinate is inconsequential. The lenders don't care. If Unison is on title they will not lend. End of story.

   

  I am again requesting that Unison either refunds our money or deducts the amount of excess interest we will be paying (directly as a result of our relationship with Unison) from the amount owed.

   

  Sincerely,

   

  ***************************************

• Initial Complaint

  01/26/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Had a call set up to verify my application today, Call did not happen. Received a call back, after I called again, saying I did not qualify. However their website states, no income or other verification and a soft pull for credit. I am "Selling" part of my home it is secured. I am over their stated FICO requirements, which is new. It appears they are backing out of *******. I uploaded 5 supporting documents, all of which are personal. They seemed very callus in the way they do business. Reps do not know what the website shows, talked with 2, when I mentioned that ! I definitely qualify. They just do not want to write in ** anymore. See below from their site....What do I need in order to qualify for a Unison equity sharing agreement?Generally speaking, applicants need a mid-FICO score of at least 620. Depending on credit score, loan-to-value (LTV) and debt-to-income (DTI) guidelines vary. Applicants with excellent credit can have a maximum LTV of 75%. The allowable LTV and *** goes down as credit score goes down.

  

  Business response

  02/03/2023

  Please see the attached Unison response.

• Initial Complaint

  12/26/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  RECEIVED A CALL FROM UNISEN (I THINK THAT'S THE COMPANY NAME... I COULDN'T REALLY UNDERSTAND THE WOMAN WHO CALLED), TODAY 12/26/22. SHE SAID SHE WAS CALLING ON A RECORDED LINE AND WANTED TO SPEAK WITH ME ABOUT A "PERSONAL MATTER". SHE PROCEEDED TO TRY TO VERIFY MY IDENTITY WITH THE LAST 4 OF MY SOCIAL SECURITY NUMBER, WHICH I WAS UNWILLING TO DO SINCE I DON'T KNOW WHO THIS COMPANY IS OR WHAT THEY DO. WHEN I ASKED WHAT IT WAS THAT HER COMPANY DID, SHE TOLD ME THAT SHE "CANNOT DISCLOSE THAT INFORMATION UNLESS" I "VERIFIED THAT SHE WAS SPEAKING WITH" ME. THE WHOLE INTERACTION WAS JUST VERY UNCOMFORTABLE. WHY DO YOU NEED TO VERIFY WHO YOU'RE SPEAKING WITH TO TELL SOMEONE (SPEAKING CLEARLY) WHO YOUR BUSINESS IS AND WHAT IT IS YOUR COMPANY DOES... ESPECIALLY WHEN THEY'VE ALREADY MADE IT VERY CLEAR THAT THEY AREN'T COMFORTABLE WITH THE SITUATION.NOT SURE IF THIS IS HOW THAT COMPANY REGULARLY CONDUCTS BUSINESS OR IF IT WAS POOR TRAINING ON THIS PERSONS PART, BUT THIS ISN'T OKAY.

  

  Business response

  01/05/2023

  Please see attached Unison response.

• Initial Complaint

  12/20/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  we applied for home equity sharing loan on May 27,2002. We saw their add on u tube and since we wanted to use equity without taking out H.E.L.O.C we started the process. Three months in our loan advisor quit the company without notifying her clients. I had to call to find out what was happening. Was assigned another loan advisor and after jerking us around for another 4 months asking for papers already submitted and having had our property appraised by their representative we finally receive a call on December 19 2022 from our loan advisor that we would have to re-submit all papers or just drop out. Six months of waiting and this is what they come up with? A totally un-proffesionall and devious company please warn anyone trying to to business with these people to BEWARE.

  

  Business response

  12/21/2022

  Please see attached Unison response.

• Initial Complaint

  11/30/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Unison is a home equity sharing business. You sell your part of your equity for future sharing of equity. I guess I made a huge mistake in agreeing to a predatory lending contract. Essentially, the company will give you 17% of your equity in cash for a future stake in the appreciation. The salesperson sold it as Unison always holding 17% with the appreciation and the monthly statements reflect this but they move to an online statements which reflect a 2/3 or 67% equity ownership. This means I borrowed 66K in 2017 and they get 186K back as of today. This is predatory at 200% rate in 5 years. Mortgage costs can double in ********************************************************* 5 years. I essentially lost all of my equity to Unison. So there is no incentive to pay your mortgage. This racket may drive foreclosures or bankruptcies if the equity never belongs to you. So why bother if its not my home. This is outright predatory lending and they win. I am filing a complaint with the ** banking and insurance commission. I would except that I owe maybe 85K but 3X what they gave me. The print is not clear and sales agent did not disclose this fully. So if I owe 250K on my mortgage and 186K to Unison it does not make sense to continue paying your mortgage or just give Unison the keys. The is worth less than 500K. My only saving ***** would be to get out of this contract through legal means or if the market crashes.

  

  Business response

  12/07/2022

  Hello,

   

  Please review the attached response. 

  Customer response

  12/12/2022

   Thank you for the update. I still feel I was bamboozled into this scheme. I should have just stuck with a standard home equity loan not this scam of a proposition.  I needed help and Unison use it to their advantage. The company is making a 200% plus return in five years. This is predatory lending at its best. A regular loan would have made sense. Once it is paid off then I still have equity. I am not giving it up and my family has nothing in the end. I am still pursuing legal means to see if we can change these terms. I will pay my share but not just give Unison a home that I am paying for.

  Buyer beware!

  
  

  Thank you.
  Complaint: 18486852its
  
  I am rejecting this response because:
  
  Sincerely,
  
  *****************************

  

  Business response

  12/20/2022

  Please see attached Unison response.

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