Betrayed by evil loan officer

[recruit21]

I was working with a loan officer from a company called Frontline Financial <www.frontlinefinancial.net>. I am not even sure how they got my name. The loan officer got me an approved conv. loan. I mentioned to him I was working with a couple of other lenders and the first one who got me a "Approval" had my money and my business. Three days later he wrote me an email stating he gotten me approved. I asked him for a letter, which he provided. The letter stated, went on to say, I had been "approved" for a loan of $200k.. upon satisfactory conditions of the appraisal. With this, I put a bid on a house. When my realtor tried to get a good faith escrow est. from him. He said he would fax it. He never did, the next day, I was talking to him, he started to call it a "pre-pre-approval" for which the next they, they declined to give me the loan. After all of this, I had my current residents sold to my parents, I had my realtor working to get me into a house I just put a bid on and not to mention the pain and embarrassment my family had suffered. I quickly put a complaint into the FTC, the UTAH Dept of Financial Inst. the BBB and posted to a couple of message. boards. I want to seek a lawsuit against this company and the lending inst. But I am unsure how to approach it. Please advise me how I can do this. I can show that harm has been down to all parties involved. Thanks

 

[Michael Wechsler]

What harm are you alleging? If you can show that there was financial harm, that is easiest. If you are talking about emotional distress, that isn't as easy and there is a question of recovery in a breach of contract case. Did you contact someone of authority at Frontline Financial such as an officer or VP?

 

[recruit21]

I can start with the financial harm. The time off of work that I had to take to provide them with needed documentation. The time that my realtor had invested (30 days plus) to find a house, set up appts.. The fact that I was not able to buy the house I wanted to because the sellers knew that my loan was declined. Of couse I can't speak for my realtor.. Just myself. I agree with the breach of contract. I contacted the owner of Frontline Financial, I asked him to help me try to resolve the issue. Never did I get a sorry this happen to you, nor a new system policy was being addressed, nothing about better training etc. All I got from his was the run around. I expressed to him that there was never any mention about "Pre" anything.. and his reply to me, "I see that you are hung up on this PRE thing" but get over it.. Or couse I filed all kinds of complaints. The BBB came back and said the company name had changed like 10 times, they declared BK changed owners countless number of times, and never reponded to the BBB complaints. I filed a complaint with the:

FTC <-- Mortages etc, are requlated by the state, so they couldn't do much other than offer advice and places I should contact.

Michigan BBB
Utah BBB
Michigan Dept. of Final. Inst.
Utah Dept. of Final. Inst.
Michgan. Att. Gen.
Utah Att. Gen.

An I am still on a mission, who every else I can find that will listen to my complaints.

Originally posted by michael:
What harm are you alleging? If you can show that there was financial harm, that is easiest. If you are talking about emotional distress, that isn't as easy and there is a question of recovery in a breach of contract case. Did you contact someone of authority at Frontline Financial such as an officer or VP?

 

[Michael Wechsler]

The time your realtor invested is not recoverable by you unless you had to pay the realtor. The time off work might be recoverable. In terms of actual damages, financially, are you talking about more than small claims? If you want to get even without going through the pain of hiring a lawyer, you may want to take them to small claims and hit them with the max - $3,000. I hate to say it but this is expensive and proof isn't absolute here. Additionally, if there is a licensing issue from the state I'd go after their license too.

Changing names 10 times sounds like a scam. I had several cases like that, twice with plumbing companies. We'll be setting up a consumer "BBB" type board soon which will hopefully provide some additional incentive for these types of companies to settle.