Mortgage closing can be complicated: Navid’s story
Imagine you’re about to close on a home. You’ve spent months calculating costs, comparing home prices, researching neighborhoods, and you’ve finally found a house you love and can afford. But after making a deposit, you find out that your loan is not approved and the lender is keeping your money.
That’s what happened to Navid and his wife.
“All of these things were new to us,” Navid said. In a very short period of time, we lost $12,000.”
Navid tried to contact the lender but was getting nowhere. With no help in sight, he assumed his money was lost forever until he found out about the CFPB.
“One night we were watching the Daily Show with Jon Stewart and the director of the Consumer Financial Protection Bureau was the guest,” Navid remembered. “He talked about this organization and what they do.”
After the show, he decided to submit a complaint and soon after, the couple received a full refund and a formal apology from the mortgage company.
“I came to [the] United States because I thought this is a country [where] there are rules and regulations, and the government is for the people. This is why I chose this country,” Navid said. He added that it’s a wonderful feeling to know that there are parts of the government that are trying to reach out and help people.
We know that buying a home can be complicated, and that’s why we’ve created tools to help home buyers understand and shop for mortgages. We’re glad that Navid and his wife got the help they needed, and we’re here for you, too! To share your experience or learn more from others, visit us at consumerfinance.gov/yourstory.