Mortgage -- Struggling to pay mortgage -- Complaint #6212973

Complaint Overview

Complaint ID: 6212973

Company: Triad Financial Services, INC.

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Struggling to pay mortgage

State: Texas

ZIP Code: 762XX

Date Received: 2022-11-16T12:00:00-05:00

Date Sent to Company: 2022-11-16T12:00:00-05:00

Company Response: Closed with monetary relief

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Me and co-buyer closed on XX/XX/XXXX. Upon closing we were not informed about a " construction loan '' by the closer. We were informed that construction would begin XX/XX/XXXX and upon completion the lender ( Triad ) would have to sign off prior to us receiving our keys to the home. Construction was signed off by lender ( Triad ) on or around XX/XX/XXXX. The issue we are having is me and co-buyer were sent on XX/XX/XXXX our updated payment letter via email, and received notice that we were behind on payments in the amount of {$3200.00} for months XXXX thru XXXX concerning this construction loan. We were informed then that we couldn't start paying towards our mortgage that was due to start XXXX XXXX until that is paid in full. We were surprised at this as we never received any bills, phone calls, or notice of this from lender ( Triad ). The day after on XXXX XXXX we were then informed that our mortgage loan would be going to XXXX XXXX XXXX XXXX XXXX but then again they wouldn't release the loan to them until said " construction loan '' is paid in full. We have since asked for the bills or notices to be sent, and we have yet to receive that information regarding " construction loan. '' I also have email correspondence where Triad has stated it was a mistake on their end that we didn't receive those bills as they had all up to date addresses and phone numbers, but weren't really sure what happened. Another email correspondence I sent to Triad asking why we are being charged for months XXXX through XXXX when actual construction was XXXX through XXXX. Trying to get the matter resolved quickly we paid {$1500.00} against said " construction loan '', but when we went to pay off remaining balance we were told interest had been accrued as the loan is in collections and the pay off was again back up to $ XXXX. How are we in collections without any notice, and how did Triad come up with this amount. I did calculations based construction starting in XXXX to XXXX and that came out to around {$1600.00}, but if they applied XXXX as well it would have come to {$2400.00}. With us paying {$1500.00} to Triad already at the most we would owe {$940.00} or least {$130.00}, but we are again awaiting the bill notices. I was informed this morning that I'd be receiving a call from management, and at this time still awaiting. We can't see to get a straight answer from anyone and each department has a different conclusion. This matter we are trying to clear up as soon as possible, but instead it feels as though Triad is extending this matter and we are being charged interest every month until paid in full and that is due to this being in collections ( debt ) when in all actuality we shouldn't be as NO BILLS, NO CALLS, NO CORRESPONDENCE was ever made prior to now. That is unlawful and wrong and Triad needs to work with us not against just to get extra monies out of us.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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