I was approved for a loan, then the week prior to closing on the house Aspire Lending rejected my loan, due to a BIG mistake they admit they made!
I was approved for a loan for $100,000 by Aspire Lending Months ago, before I decided to put my home in Colorado up for sale in order to move back near family and friends to Austin Texas. Putting my Colorado home on the market for sale was NOT an option until being 100% sure I could be approved for another loan in order to purchase a new home in the Austin area! I supplied Aspire Lending with all the proof of income standard procedure documents required for a lender to review in order to approve or disapprove of a loan (tax returns, bank statements, child support decree ext.....ext....), and I was approved for a loan up to $100,000. After feeling secure with the approved loan that I was approved, and had nothing to worry about, I then decided to list my Colorado home on the market for sale in order to move to back to Austin. I got a buyer for my home, closed, and moved down to Austin the second week of April into an extended stay hotel, meanwhile looking for a new home to buy. I had found a foreclosure home I & my daughter really liked, so I bid on the home ($92,101),won the bid, and started going through all the processes & document signing, even had the Inspection done, and paid $1000 in Earnest Money. We even had the closing date given to us of 6/23/13, which I have all the proof & documents to show. The week prior to closing I get a phone call from my lender stating they have rejected my loan, due to they could not use my daughter's child support as a source of income, that there was a 3 year limit on using child support as a source of income, and being my daughter was about to turn 16 they could not use the child support income as a source. I told them her child support would actually be extended 4 more years for college, they said they couldn't count that unless she was already in college and receiving the college child support extension. I then supplied them with the family law child support link, which states a custodial parent is not to apply for the extension until the child is applying for colleges. That still made no difference to them, that the lending world rules were the rules and they could not change them. The Major issue here is that when I applied for the approved loan, and supplied them with all the income proof documentation & "child support decree", it clearly had my daughter's age date and year of her birth, and these unprofessional misleading lenders approved my loan without catching that MAJOR Detail! Rejecting my loan now, due to their admitted "Big Mistake" (which I have audio tapped phone call recordings with the VP of Aspire Lending admitting they made a "Big Mistake", and he verbally apologized to me too), has now rendered my daughter and I (along with all our pets) homeless! Aspire Lending's "Big Mistake" has also pulled my "Home Business" right out from under me too, due to I have no home now to run my business out of! All my belongings are in storage, and I'm bouncing around from hotel to family & friend's places to live. I was relying on this closing of this new home to move into to transfer my business license to that address. Now I have nowhere to set up my home business office at. If Aspire Lending would have done their job right, and paid attention to details, and caught that MAJOR Detail of the age of my daughter, and would have given me any sort of a heads up that her child support income could become an issue, I NEVER would have sold my Colorado home (which has increased in value by 15% this past month alone!), and I would still have a home, a home office to practice out of, and be building more equity on my house! Aspire Lending has destroyed my daughter's & my life, our well being, and peace of mind, and source of income (home office + building equity of sold home!)! The VP of Aspire Lending was supposed to make me a resolution offer "to make everyone happy" by this past Monday 6/17/13 in order to avoid a Lawsuit, and once again Aspire Lending failed me yet again!
I was mislead to believe I would have and be "in" my new home after closing this past Sunday 6/23/13! I want a house! How do you put a price on what they have done to my daughter, myself, and my career (source of income!)??? I want a house in the amount I was approved by them for $100,000! I have recorded both conversations with the VP of Aspire Lending, the 1st of which he admitted they made a "Big Mistake" also apologizing for it & he promised me a resolution offer by 6/17/13 (which I never received), and the 2nd conversation where he denied me any sort of a resolution offer & directed me to their corporate attorney for any further correspondence on this matter. I have not contacted the corporate attorney at this time. I am set to file a lawsuit next if need be. I have all the proof via recordings, documents, and witnesses to easily win a case against Aspire Lending, and they know this fact, therefore I am amazed they are not trying to do something.....anything to "make everyone happy" like the VP promised. I need resolution, something, anything asap........I am homeless thanks to Aspire Lending's Admitted (audio recorded) "Big Mistake"!
The client came to us in January of this year and requested assistance with a purchase loan for a home in Texas. At that time, the client had not found a house to purchase yet but indicated she was selling her home in Colorado in anticipation of the move. The client was hoping to qualify for a loan based on child support payments and income earned as a self-employed massage therapist. Based on the preliminary income information provided by the client (tax return and child support payment history), the loan officer issued a letter pre-qualifying her for a loan of up to $100,000 on 2/1/13. The client sold her Colorado home on 4/9/13 and moved back to Texas where she indicated she was staying with her mother. On May 22, she found a home in Texas she wanted to purchase. On 5/29/13, the client provided our office with the child support order at which time we learned the child support payment obligation expired in less than three years. In order to qualify as income on a loan the borrower must provide proof that they will be receiving child support for a minimum additional three years. Prior to receiving a copy of the child support order, we did not know when the payment obligation expired as child support obligations can be lifted at a variety of ages. In addition, the client did not have an active Texas massage therapist license and indicated she was in the process of applying for it but had not yet received approval. Without proof of the ability to work in Texas and a child support obligation of less than three years, we were unable to approve her for a loan.
(The consumer indicated he/she DID NOT accept the response from the business.)
What this whole case boils down to is really quite simple, Aspire Lending was negligent and deceptive in "pre-qualifying" me for a $100,000 loan, by failing to exercise and perform their expertise with do diligence, in order to discover their grossly overlooked "terms and conditions" for loan applicants who are using child support as one of their sources of income. If Aspire Lending would have exercised care and skill in their profession, and were educated on the rules of Child Support as a source of income for loan approval, let's face it.........I never would have made it to "Pre-Qualified" Status, and never would have been deceived and Mislead for a full 4 1/2 Months! I relied on Aspire Lending's Expertise in their field to assist me, and instead I was negligently mislead, which now basically has rendered my daughter & I homeless.
I would like to correct and clarify a few of Aspire Lending's claims in their rebuttal:
-I did apply for the loan in January 2013.
-I was "pre-qualified" for the loan on 2/1/13 via the Preliminary Income Information Documents (tax returns, bank statements, child support paperwork) and proof that I ran my own business as a Massage Therapist and Reiki Master Teacher, which letters from clients were also supplied to prove income. The fact that my Massage License wasn't currently transferred back over to the State of Texas yet was never mentioned before at all until reading this Rebuttal from Aspire Lending today. I perform Reiki Healings & Teach Reiki Globally, which is Not a monitored or licensed profession by any State, so therefore I am Not hindered by the inability to work like Aspire Lending claims in the last sentence of their rebuttal.
-One Month After "Pre-Qualifying" with Aspire Lending I then listed my house in Colorado on the MLS on 3/2/13 with a Keller-Williams Realtor and had a buyer by 3/6/13.
-On 4/9/13 I closed on my Colorado Home, and arrived in Austin on 4/11/13.
-On 4/12/13 after unloading my U-Haul rentals of my belongings into a storage facility, I checked into Crossland Economy Studios Extended Stay Hotel in NW Austin for nearly One Month, and since then have been bouncing between friends and family to stay with. Presently I'm continuously looking for housing, rent/rent to own/purchase with a co-signer/owner finance, whatever I can find that will do for my daughter, pets, and myself.
-I am using my mother's address as a temporary address for receiving my mail and statements etc.
-On 5/13/13 I won the Bid on a house for $92,101.
-On 5/17/13 I had the Home Inspection done, and also had paid the $1000 Earnest Money by then.
Meanwhile 3 1/2 Months had gone by since being "Pre-Qualified" for a Loan I clearly never should have been pre-approved for, due to the Major Negligent Overlooking of the fact of my daughter's age, and the lending rules that apply for using child support as a source of income for loan approval. Due to the fact that (which Aspire Lending also Admits in their own words written in their above rebuttal),"child support obligations could be lifted at a variety of ages", proves that Aspire Lending was Negligent & Misleading to me with a "Pre-Qualification" by failing to research and inquire immediately on my daughter's age. Aspire Lending failed to do their do diligence with my loan.
-On 5/29/13 (according to Aspire Lending's Rebuttal) the lender discovered they grossly overlooked & failed to acquire the fact that my daughter's child support would expire in less than 3 years. I'd also like to know why Aspire Lending waited an extra 2 weeks until June 11th 2013 (Only 12 Days Prior To Closing on 6/23/13) to inform me of their discovery of this Major Issue with the loan approval? I should have been notified immediately upon their discovery!
-Aspire Lending Claim in their Rebuttal that in addition to the child support income issue, they were unable to approve my loan due to I not having my Massage License Transferred back over to Texas yet, and hence that disproves my ability to work in Texas. They overlooked the fact that I am also a Reiki Master Teacher, which is not a monitored and licensed profession, and that I continuously practice & teach Reiki Globally as a source of income. Irregardless, the fact is I was rejected the Loan first & foremost due to the child support income issue, and to only now mention the Massage License issue is an obvious attempt to do damage control over their Huge (admitted by Aspire Lending's Vice President "Big Mistake" & Apology, which I have audio recorded, along with his promise to have a written "Resolution Offer" by 6/17/13 to "make everyone happy", which of course that never happened, and then I was directed by the VP to their Corporate Attorney for any further correspondence to the matter) Negligence Mistake! Not only was I Deceived & Mislead I was in the clear for closing on my new house for 4 1/2 Months by Aspire Lending, I was also Deceived & Mislead by the VP of the company that he would have a resolution offer ("to make everyone happy") to me in writing by 6/17/13 to make amends for their admitted "big mistake" and negligence in performing their job thoroughly and accurately. Well now we all know that was a Misleading Lie, otherwise this BBB report/complaint would probably not exhist if the VP would have been a man of his word (audio recorded by me!) and had come up with some sort of acceptable "resolution" offer to me in a timely matter like he had said he would do. Instead he backed out of any further correspondence with me and directed me to their corporate attorney, which I have yet to have my lawyer contact until after attempting "resolution" first through the BBB. We'll see soon enough what further actions I may need to take in order to get justice in this matter, maybe even bring this story to the media next if need be?
It is unacceptable what this Lending Company has done to my daughter's & my lives!