Freedom Mortgage Mortgage Complaint

Freedom Mortgage Mortgage department,

VA mortgage Settlement process and costs Florida

I was contacted by phone by my current Mortgage Lender indicating that they wanted to offer me a lower interest rate, which they said would reduce my current payment with no out of pocket additional cost to me. I was making my mortgage payment and paying an additional ( approx ) escrow payment of $410.00 on a monthly basis. This additional payment led to about approx $4500.00 being in the escrow account at the time that the Mortgage Lender called me. My home is a new construction, and - will be the first year that the land and home have been appraised. At my original closing - - - -, it was suggested that I put in extra money in my escrow account to make up for the short-fall that would occur when my - taxes would be due. During our conversations ( which are all recorded by the mortgage lender ) we discussed what would happen to the accumulated escrowed additional monies that we had - the $4500.00 - - and we were told that we would either receive a check for those funds, or that the escrow would be rolled over to the new escrow account. At NO


calling them ( prior to the three days " cooling off '' period ) - we inquired about what happened to our $4500.00 escrowed monies, we were told that we had to call back to discuss this AFTER the new loan was processed and the cooling off period was expired. Once we were able to talk to an agent, - - - -, we were told that our escrowed funds of $4500.00 was used to pay the closing costs on the loan and the remainder applied to the principal reduction, and we would receive a check for $44.00. We have made numerous attempts to contact the company to resolve this to no avail and they have not returned our calls. Had we been informed that our escrowed money ( that was earmarked for the - property taxes ) would actually be used for closing costs and principal reduction - we would NEVER have agreed to refinance our mortgage loan. Our monthly payments ( to make up for this now shortfall of funds for our taxes ) will now increase our monthly payments by about $600.00 a month. We were deceived by their dishonest practices.