Is there any recourse against the mortgage company for fraud and or misrepresentation after signing with the title company?
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Is there any recourse against the mortgage company for fraud and or misrepresentation after signing with the title company?
What did they misrepresent?Quote:
Originally Posted by hook123
Generally if you've signed the papers, it means that you have read over everything (I know so unfair) and understood all the terms and conditions. It also means that all the information they have put forward and the informaion that you have providedis correct and true.
Hello hook:
If you were lied to, there IS recourse. You'll need a lawyer in order to get it, though.
excon
What's at issue?Quote:
Originally Posted by hook123
The lender had to provide you with a Truth In Lending and Good Faith Estimate. Have the person you dealt with walk you through that again and see how different it is from the final documents.
If your transaction differed SIGNIFICANTLY (as determined by a court) then yes, maybe you can sue successfully. It usually takes about $50,000 in attorney's fees and 18 months in my jurisdiction. Check locally to see what fees and time prevail. Or, you can meet with an attorney for an hour (about $200) and get an idea of where you'd stand if you sued.
A better solution is to approach the Dept of Financial Institutions in your Secretary of State's Office and see if there are other complaints about this lender.
Also, do a Google search. You'll find several lenders have class action suits against them that you might want to join if this is one.
But, most likely, your best bet is to figure your "break even" point and refinance then. I wouldn't be shy about telling friends and family not to deal with that lender.
The Mortgage person came to house representing a large bank but instead of going with the bank he represented he tried to get the loan through another source in the mean time I lost my job and could not show proof of income however my wife works and I have a 401k ith 300-400 thousand dollars in. I am paying the loans now what shold I do ?
Hello s:
If you have no income, you're not going to get a loan NO MATTER which mortgage person you apply with. Besides, why do you care which bank you make your house payment to?
excon
Still unclear. Did he get the loan through the other source? If so, what's the problem- where's the fraud?Quote:
Originally Posted by sparky36
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