SAN ANTONIO — Rochelle Henderson, like everyone else, wanted the American dream: a home of her own where she can raise her son. She hired a realtor, and after looking at several properties settled on one not far from the school where she's studying for her master's in divinity.
In November 2020, Henderson put down $2,000 in earnest money and began the process of securing an FHA loan. She says she was immediately qualified.
Somewhere along the line, the loan officer who was drawing up the paperwork ran into an issue and asked to move the closing date back a month.
But things happen; it wasn't a problem for Henderson or the seller.
Then, a month later, another delay. Henderson says the loan officer wanted to switch the loan to a conventional one instead of an FHA loan. That would require Henderson to put up more money, which she wasn't willing to do.
After more than three months of delayed closings, Henderson says the seller agreed to another delay, but only if she would put up an additional $2,000 and go with a conventional loan. When Henderson refused, the seller terminated the contract, sold the home to another buyer and sent a demand letter to Independent Title requesting he be allowed to keep Henderson's $2,000 earnest money.
Henderson also sent a demand letter, explaining the delays were the loan officer's fault and not her. She asked the title company to return her earnest money. It turns out neither person can get the earnest money, without the buyer and seller signing off on it.
The issue should have been taken to arbitration. Henderson says she agreed to that and repeatedly called Independence title, but they would never set up the arbitration and it got to the point where she says they wouldn't even respond. That's when she called KENS.
We contacted Independence Title, which said: "No comment." We also contacted Newrez, which bought Caliber Finance, Henderson's original finance company. They didn't respond to phone calls or emails.
So we contacted the Texas Department of Insurance, which regulates title companies and we contacted The Texas Real Estate Commission.
We were told the best thing would be for Henderson and the seller to both file complaints, and with both agencies. Once the agencies investigated the complaints, they would issue a ruling. So, despite three years and numerous attempts to regain her money, Henderson now has to wait on the state before she makes her next move.