Valparaiso, Indiana

I was suppose to close this week on a construction loan, and was denied. Over labor day weekend, Flagstar said they changed their guidlines.

Three days from closing. I am thinking about taking legal action. Any thoughts They cost me about 8000.00 in various fees. The senior loan officers email is, any one have any dealings with this person.

He doesn't even have the balls to call me, I found out through someone else at flagstar that they changed their guidlines. This is just ***.

Does anyone know if I have a lawsuit here. I'm out 8000 in fees

Monetary Loss: $8000.

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Try the Office of the Comptroller of the Currency. They deal with fraudulent and bad faith business practices. Worked for us, in just 10 days.

Umuarama, Parana, Brazil #38260

Update, Flagstar Bank still refused to close on this loan. They said if I wrote a retraction, they would make an exception for my loan.

What a bunchof liars. The government needs to seriously investigate this company for predatory lending practices.

Phil Z

Umuarama, Parana, Brazil #33595

Flagstar Bank has now conditionally approved my construction loan. They have gone to great lengths to correct the problem. Thanks.


Umuarama, Parana, Brazil #33347

Flagstar said says they will now try and approve the construction loan.



when you receive a loan approval, it is conditional. it doesn't matter if your guides changed or not.

for flagstar to literally change guides over a holiday weekend, however, with no prior notice, is obviously poor form. the companies i've worked for always gave at least a week notice on guide updates. how frustrating the pt of contact there won't call you back though, i truly sympathize. anger and threats will not get you anywhere though if you really want him to call you back.

try his manager, or the Ops Manager. if you locked in a rate, your closing should be honored. talk to your own boss and see what can be done.

however, if you fudged qualifying, etc., and got busted last second in a QA, then i have no sympathy whatsoever and you need to get over it. there will be no room for that BS in the future (guaranteed!) so play fair or don't play.

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