Complaint Review: Golden Oak Lending - St Louis Missouri

To whom it may concern: 

On October 3, 2012 we contacted Golden Oak Lending (GOL) to re-finance our first and second mortgage into one combined lower monthly payment, (we have e-mailed communication as verification of the start date of our contact with GOL).  Upon initial contact with Eric Vavere of GOL, he stated he was "a seasoned professional and that we contacted GOL at a great time," further he stated, "our needs would be met in a timely and efficient manor." In addition we were informed we would skip November and December payments whereby starting our new lower monthly payment in January 2013 and our escrow money would be returned to us. In the weeks to follow, through phone conversations with GOL we had our home appraised for a current loan value.  Eric advised us to pay off a furniture bill and adjust our homeowners insurance; so under GOL direction we did. Near the end of November, Eric was still entertaining the possibility we could close prior to my departing out of town for work. On December 7 (after I left town for work) we were advised to make Novembers payment and that the loan would be adjusted to now skip December and January's payments.  Eric said, "after the payment is registered and the pay off shows it will be "a simple Clear to Close," the lender is moving pretty quickly now," we had no idea this had already negatively affected our credit.  Obviously, we were unaware of the logistics of the loan or credit reporting system to this point.  We were very confused on what was taking so long to close our loan.  However, Eric assured us that as soon as payment was proven; our loan would be rushed to closing.  He never stated there was problems, or that we had breached any agreement that could disrupt our loan from closing.  So as advised we paid Novembers payment, not November and December's payment. Upon returning from Alabama in mid-December, yet another issue came up over our truck loan and proof of insurance but was quickly resolved.  We were still under the impression we would be closing quickly, we even tried to make contact around the holidays to ensure this was being taken care of with little to no response from GOL. Finally on January 7, we inquired again as to a closing date.  We finally received a response from Eric on January 8, informing us that the Under writer needed an appraisal review (for the appraisal that was completed on our home back in October).  However, our letter from December 7, stated we were on our way to a "clear to close," yet one month later we are informed that we needed an appraisal review.  We thought there must be a misunderstanding because our loan should have been ready to close by now. We became very concerned with the possibility of this loan ever being able to close.  On January 8, we inquired as to weather our loan would ever be finalized and we were told that GOL would follow up with the under writer and get back with us for a final decision later that day.  However, we had to e-mail them the following day because we never heard back from anyone.  Finally, on January 10, after still not hearing from GOL, I called to verify what was going on, at which point I learned that GOL would no longer be able to refinance my home due to appraisal value, (nothing to do with a credit issue or any other reason) that GOL had ordered to be performed months prior.  Fortunately, through our own due diligence, we paid our first and 2nd mortgage immediately upon receiving this information or we would have incurred another month of +30 days late on our second mortgage.  GOL's negligence and misleading representation was what lead us to believe we were in no need of making our payment as we would be "rushed" to closing.   Perhaps prior to our involvement with GOL we were naive in the mortgage loan industry as it is not our field of expertise, however we were I'll-advised  by GOL over the months we dealt with their company. Obviously on December 7th when advised to pay November's payment we did so right away and were never lead to believe that we had committed a huge pitfall in our credit reporting.  In looking at our credit report history, all payments up to, during and after dealing with GOL were always paid in full and where current.  Due to misleading information given to us by GOL we now have 3 negative reporting of +30 days late (2 of which are our first mortgage through Bank of America, and 1 from our second mortgage through First Community Credit Union).  This is a devastating blow to my life and my family. GOL needs to right this wrong.  It is having a crippling effect on our future.  GOL needs to write a letter accepting fault for creating confusion and misleading us for 3 months through a loan process that began so positively and ended so poorly.  We were under the direction/advise of GOL throughout the loan process, we thought we could trust them; they were going to be the granter of our new home loan. After contacting the Better Business Bureau (BBB) James Hawkins of GOL stated it was not their practice to tell there consumers not to pay their payments; he was sure his employee had not told us that and stated Eric had thoroughly reviewed a document explaining future payments and purchases.  James Hawkins immediately became defensive about his employee, even making statements as if he were apart of Eric and my conversations, ultimately insinuating that I am a liar, and being a jerk over this situation. Unfortunately for me, these statements were made, they are true and accurate, and I was mislead into believing I would be skipping November and December's payments.  At this point we can only wish any and all contact would have been via e-mail to coo-berate our story, as James Hawkins wanted written proof of fault of Eric.  The document James Hawkins stated we supposedly signed regarding future payments and purchases stated we would remain current on our bills and not make any new purchases, however if in fact we did sign something obviously it was not well communicated as stated because, we purchased a new vehicle during this time as well as skipping the house payments.  We do however, have a letter from Eric Vavere on December 7, 2012 stating we would skip December and January's payments; but upon discussion with James Hawkins he stated they are only able to allow you to skip 45 days of payments.  This by any calculation is not two months of payments as stated to us in our letter from Eric Vavere on December 7, 2012.  Now there are two senior executives from the same company giving us two different stories and the information from James Hawkins was only received after our initial complaint to the BBB.  In the process of dealing with the BBB we have since learned we are not the first to be mislead in this manner from this company.   In conclusion, as is obvious by our evidence we were mislead by GOL.  This needs to be corrected immediately as GOL knows they lead us to believe that our home loan would be quickly closed.  Further as is evident by the communications back and forth with Eriv Vavere, he told us we needn't worry about paying our house payment that would would push the loan through.  We are not the mortgage experts and depend on those who are to lead us down the right financial path.  They did not do this, nor are they concerned about it.  GOL is taking advantage of a lay-person and should be held accountable for their misrepresentation. Regards,