Complaints

• Initial Complaint

  12/04/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I obtained a construction loan from Alltrust. The duration of the construction loan was 12 months. After 12 months it converts to a full mortgage payment. The project has taken longer than expected due to disruptions in the material supply chain and has now for a few months converted to a full mortgage. In correspondence with the bank I received an email informing me that my construction loan had changed to a mortgage. I responded with so I am to ascertain that because Im paying my full mortgage payment ($2088 or so which is almost exclusively interest I.e. profit for the first ten years) predicated on the $438,000 Im borrowing but havent recieved in full that I have full access to the remainder of the funds owed to me because Im already paying as if I took all the money? Crickets. They wont release the funds they owe me for the mortgage Im paying meaning I cant even complete my house. Now I have a mostly built home that I cant live in despite paying my $2088 mortgage on top of the rent I pay to live where I live now. This is a brand new home. The land I owned outright. The property itself with the house completed is worth roughly double what Im borrowing meaning theirs no risk to the bank so no reason to deny me. When I reached out to them many months prior to this coming to a head they showed no interest in meeting with me to find a resolution to this problem everything falling on deaf ears. Now I pay an astronomical amount of money in living expenses across the board and have no usable dwelling to show for it. On one hand they tell me that my construction loan changed into a mortgage that I pay but then they want to treat my mortgage like a construction loan adhering to a building schedule. I asked for an explanation of this expressed using common sense only and one couldnt be given. I have an entire chain of custody in email correspondence to back all this. They have put massive financial strain on me and my family and the lack of empathy is scary

  Customer response

  12/15/2023

  I have not heard from Southern Mass Credit Union in response to my complaint. Proof positive that they dont give a **** about their costumers. In good faith I pay my full mortgage for a building I cant even live in and as long as Im paying them they dont care. That said I would urge anyone considering Southern Mass Credit Union as a lender for their construction loan to consider using another bank and I mean ANY bank. The Manager and tellers of their ********** branch are excellent and I have a good relationship with them. ******************** on the other hand is a completely different story. They sincerely dont care about you. I feel so strongly in fact that anyone interested in reading the emails between myself and them I will gladly provide so that greater clarity on my claims/opinions can be had. My email is *********************** I will forward the correspondence to whoever is interested. 
  

  Business response

  12/28/2023

  Please see attached for my response.

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