ComplaintsforNuborrow

• Initial Complaint

  04/05/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  ****** ************ *** *** ***** contacted Nuborrow to apply for funds from the equity in our home that we own. We were approved for an equity loan and then Nuborrow sent our file onto ***** ****** to do the paperwork that is required to do for people who take funds from the equity of their home. Everything that was done with Nuborrow and ***** ****** took approximately one month. We received an e-mail from ***** ****** on Monday, May 1, 2023 informing us that later that day we would receive the funds in our bank account that we were approved for. When dealing with Nuborrow and ***** ****** no one had informed us or showed us the paperwork of what we were eligible for and showing the amount we would receive. The only number that was said by Nuborrow to us was $31,000.00 in which both *** and I thought would be the amount we would receive. So when we finally saw the amount in writing from ***** ****** it stated that we would only receive $21,000.00 instead of $31,000.00. *** and I were so surprised that there was $10,000.00 worth of cost to us for receiving only $21,000.00 when we thought we would receive $31,000.00. No one had informed us of the numbers at all. I sent e-mails to Nuborrow and ***** ****** with our concerns and we were informed that all is done and there was no changing of anything. So, basically we are saying that we were approved for $31,000.00 but only received $21,000.00 and $10,000.00 was more debt added to our already debt that we have. We feel that we have been scammed. We asked to have all of this stopped and we were told no. We knew there would be fees that we would have to pay but not to the amount of $10,000.00 worth. What can we do? We have the $21,000.00 still in our bank account and want ***** ****** to take it back but even they informed us that they would not.

  Business response

  16/05/2023

  We are actively discussing this with the client.  ** *** **** *** ** *** ******** documents all costs were not only explained, buy initialed.  They also completed a second interview with a lawyer and agreed to all of the same costs of borrowing and closed the mortgage.

  Customer response

  19/05/2023

  *** ***** and myself (****** ******- *****) have spoken to Nuborrow, which did not turn out very well. We have informed them that we will make the payments every month and definitely will try to pay this 2nd Mortgage off ASAP. We have put up our trailer up for sale in hope to receive what we have asked for to pay this 2nd Mortgage off. Both *** and would like to continue on with our claim with you,  but of course we really don't know what else we  can do or what you can do for us.
  
  Thank- you
  ****** ******-*****  and *** ***** 

  **Update**

  I forgot to mention in my previous e-mail that both *** and I have found that we were never shown or provided with all of the paperwork of all of the fees and also they had us sign previous to seeing all of this. We would never had signed anything if we had seen all of the paperwork to begin with. Obviously, anybody with a brain would never sign a loan of $31,000.00 and end up paying $10,000.00 of the $31,000.00 in fees. Nuborrow also informed *** that at the time of our signing they had no idea what the fees would be from ***** ******.
  
  ****** ******- ***** and *** *****

  Business response

  19/05/2023

  So we clearly understand the mortgage process:

  Clients met with our agent, reviewed documents and signed each section, one at a time, after explanation (***** ********* **** ******** ** *** *** **********).
  

  Clients are then required to meet with a lawyer and review documents a second time, including the cost of borrowing.

  Clients then give the consent to close the mortgage. 

  At no time did the clients express any of these concerns to the brokerage until after it closed.

  They are asking for a $10,000 dollar refund of the cost of borrowing?  These costs, for one, are not that solely of Nuborrow, and two, are not refunded able as they are costs associated with the financing.

  We have provided their consent, documents outlining the cost of borrowing, and after a few client care calls with these clients are prepared to defend the false claims.

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