ComplaintsforHartford Funding Ltd.

• Initial Complaint

  12/27/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  This companys mortgage broker claimed we had a mortgage loan ready for us to purchase a house. Attached is the pre approval letter. We paid $500 for an inspection which he told us to do because the mortgage was ready for us to purchase the house. At the last minute, when we had to have the mortgage commitment for the seller, the mortgage broker changed all terms of the loan, increased the interest and down payment to an exorbitant amount and asked for documents he told us we didnt need. We lost the house we were trying to purchase, along with a $500 for an inspection and we are now without a place to live as my house is sold. Im currently looking for a rental with extremely little time. I believe this company offers false promises and is a possibly scam. I would like them to reimburse me $500 for the inspection they told me I should do because I had the mortgage they never completed or told me I would have. They wasted 2 years of my life promising I would get this financing. They have done this to many others and they should be investigated . I believe it is a scam.

  

  Business response

  01/10/2024

  We appreciate you taking the time to leave feedback and we apologize for the negative experience you had. We reviewed your file, and in this scenario, the initial information we received was no longer accurate once it went through our underwriting department. As your eligibility and loan approval status are determined by income, employment, credit, assets and other factors, any changes to this information during the mortgage process can affect the status of your loan approval. Again, we appreciate the time you took to share your experience so we can better educate and communicate with our customers in the future. We understand the importance of clear communication, and we regret any confusion that *** have arisen due to the changes in the information originally provided. Please reach out to *************************************************** with your contact information and the best time to reach you to discuss your experience in further detail.

• Initial Complaint

  03/13/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  It all started in the summer of 2021. I was referred to ************************* at Hartford Funding. He sent a pre approval letter for in September of 2021.We found **** *********** ****** ** in October 2021 and planned to sell our home. It didn't, and we decided to go through *** for a mortgage and rent our home instead in November of 2021. The sellers gave us an extension to December 2, 2021. We put down $5000 for a deposit to buy the home. The entire month of November *** had all of our documents, and never submitted them to the underwriting. My realtor ******* ended up getting in touch with ***'s boss, ***********************, in order to get things expedited. Now everything ends up being submitted to the underwriters. *** was upset. Yet another extension from the sellers. The sellers agreed with another $5000, and we had to agree to forfeit the deposit if the loan didn't go through. I agreed due to the fact that both *** and the supervisor insisted that we would get the loan. *** emailed us a closing disclosure within days of the final closing date of February 4, 2022.Then at the last minute *** and ***** told us we couldn't close due to the investors guidlelines. In order to get our $10000 deposit and $95 for inspection/appraisal that we lost ***** told me that I should put a lien against the property. I sent the sellers several letters to ask for the money back. They would not return the money. My lawyer said I can't put a lien on the house. Coincidentally on February 10, 2022 *** sent another pre approval letter for more money than before, after it was too late. He had found a new investor that would approve us, and he asked that I not involve his supervisor. Once again, no loan. Then again in May of 2022 *** again sent us a new pre approval letter. Once again, no loans were provided. I want my $10000 deposit and $965 appraisal/inspection back . They are not competent, and I would like for the licensing department to be aware of this.

  

  Business response

  03/22/2023

  It was brought to our attention that the borrowers *********** records included a history of foreclosure, although this was not reflected in the credit report, nor disclosed by the borrower on the signed application. The *********** report exposed a foreclosure history for two different properties, while one property met the lender's seasoning requirements based on the time elapsed for a foreclosure history, the other property located at **************** did not. The consumer's explanation letter denied responsibility for the foreclosure liability, and claimed that the debt was to be paid by the ***********************, her former husband. However, as per page 17 of the divorce decree, it clearly states the borrower was responsible for repayment and that the foreclosure auction was against *****************************. Therefore, the loan no longer met the lenders credit criteria.

  Customer response

  04/05/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********* and have determined that my complaint has NOT been resolved because:

  I do not accept their response. They absolutely did know about the foreclosure as they clearly state in their response. And, they did give me a clear to close a few days before the closing. Then right before the closing date they said they could not process the loan. They clearly reassured me that I would get the loan several times to me, Or why would I give $10000 to just lose it. That clearly wouldn't make sense to me. Also, after they denied the loan, they then gave me another preapproval for another home the next year. Why would they do that when I wouldn't get approved. ? They allowed me to lose all of that money given a false approval!!!!! That's is bad business..
  

  
   
  

  

  Business response

  04/13/2023

  Upon receipt of the requested documents and executed disclosures, Hartford Funding submitted the loan to Underwriting and received a Conditional Approval Certificate from the Lender dated December 11, 2021.
  
  It was brought to our attention that the borrowers "Data Verify" records included a history of Foreclosure, although this was not reflected in the credit report, nor disclosed by the borrower on the signed application. The data verify report exposed a Foreclosure history for two different properties, while one property met the Lenders seasoning requirements based on the time elapsed for a foreclosure history, the other property located at *** ******* ***d did not. The consumers explanation letter denied responsibility for the foreclosure liability, and claimed that the debt was to be paid by ***** ******, her former husband. However, as per page 17 of the Divorce Decree, it clearly states the borrower was responsible for repayment and that the foreclosure action was against *** *************. Therefore, the loan no longer met the Lenders credit criteria.
  
  It is very unfortunate that *** ************* had to forfeit the $10,000 escrow deposit, however the loan no longer met the Lenders credit criteria due to the fact that the Consumer withheld the disclosure of her prior Foreclosure history.  The Consumer was aware of the possible outcome of the escrow deposit which is also referred to as the executed addendum #7 to the Contract which states the following:
  
  “This addendum is to supersede any and all previous addendums.
  
  This addendum is only in effect if the buyer makes the additional escrow deposit of $5000 by Tuesday 1:00pm 12/21/2021.
  Buyer and Seller agree, closing will take place on or before January 20th, 2022.
  
  Should the contract not close for any reason with no exceptions by January 20th 2022, buyer forfeits entire escrow deposit to the seller and buyer agrees Not to dispute distribution to the seller.”
  
  
  *** ************* also made reference to a $965.00 appraisal refund however there was an appraisal inspection of the property which was performed on January 8, 2022 therefore the Borrower was responsible for the cost as disclosed in the initial loan documents. *** ************* was sent a copy of the appraisal report on January 17, 2022.
  
  
  We trust that this response has addressed all of *** ************* concerns. Should additional assistance be required regarding this request, please contact us via the BBB portal. Alternatively, we may be reached by telephone at *************
  

• Initial Complaint

  01/24/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I started working *************************, who is a Mortgage Loan Originator. Before we started the process of getting a mortgage loan, I laid everything out on the table for him about my situation. I battled ****** for almost 9 years and beat it. I told him I am getting back on my feet with income, but I have a lot of medical collection and a repo from almost 5 years ago. He told me as long as I can prove everything with medical records, that their FHA program would look past all my medical records and my repo. My wife and I both filled out the credit application and moved forward with it. We provided all my medical records. He told us we were approved and even gave us an amount, He then asked for paystubs, bank statements, W-2"s and our last 2 years of tax returns. After receiving all our documents, he told us after seeing my income that our loan amount went up. He reach out to my agent and told her we were approved and we could move forward. We started making offers on houses and he provided us with a pre-approval letter for every offer we made. We ended up finding a house that we loved. The seller excepted our offer. So I asked again are you positive we are approved, not only did he tell us that we were good to go, but he told our agent as well as the sellers agent that we were good to go. I ended up doing everything on my end. I paid for the inspection and giving my ******* money. He dragged his feet for so long that the seller filed for a breach of contract and kept all my money. once that happened, me, my agent and the sellers agent reached out and he said he was still trying to get the deal approved, Come to find out they wouldn't look past my repo. I feel if that was the case we should have been told that, one of the several times we asked. After losing all my money. He sent me the same exact loan paperwork again to sign. He said that we had to sign again, because he had to open a loan in order to close the loan to give me a denial letter, We lost out on $3,395.

  

  Business response

  02/11/2022

  Prior to this complaint and post, we have been in contact with this potential borrower for a mortgage to purchase a home. This person now has a much more positive mindset after we explained further how we can help him. He is using some of the funds set aside to purchase a home to improve his credit as this was the main reason he could not qualify. Once the credit improvement process is complete, he will be in a better position to purchase a home and not only receive a better rate, but also be more stable moving forward financially. We do not receive complaints often, but when/if we do we take these very seriously. No matter the instance if the person is right or wrong in their complaint, we realize that regardless of that, there is an unsatisfied person on the other side and we do whatever possible to rectify the situation. This case is no different and we are very confident this individual will be able to purchase their next home with the help of Hartford very soon.  

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