My mortgage broker give my loan away and we have to settle up closing costs twice!?
We received a single step construction loan from a mortgage broker. After construction, we were ready to close our loan, and suddenly the broker said they could not close the loan. Because of the decline within the marked we were not competent to sell our existing home, and they said this meant we could not close. However, they never disclosed to us that we have to sell our home. It was tabled for sale, but we would never have guaranteed our house would flog!! They approved our loan, funded our loan, and then said they couldn't close. Then they gave our loan to another broker short so much as a phone call. Suddenly I received paperwork from another broker. When I called the modern broker she said the previous broker had give her adjectives my information. We ended up closing with them, but instead of the single step construction loan, we completed up having to close with a second set of closing costs, increasing our loan, and salary, even more!!
I am thinking about suing the the mortgage broker for the costs of the second closing fees, does anyone think I hold a case? Any advice? Any lawyer out there want to do a consultation?
Please help!!
Answers:
If mortgage brokers are licensed surrounded by your state then I would contact the licensing body for your state. You may know how to bring some sort of action that will cause the broker to lose their license.
DId your loan documents for the construction loan ever state that you would merely have to close once? I am a loan officer and have be involved with construction loans. OUr loans name is call "one time close" You close once before construction then after construction the loan converts to fully amortized loan. One set or clost and two loans, the construction loan and the fixed loan.
If your loan docs don't articulate antyhing about one loan closing and your loan automatically converting to new loan later I don't think that the broker did anything illegal next to the loan as far as charging you extra costs.
If a broker can make money then they will. Basically, if the broker could not do the second closing later he was the one out of money as well. The broker be just as upset as you were that he could not carry the second closing done for you because he could not make an extra set of commisions. I don't think that you enjoy a case about the closing costs. I consider that it was a given that you would have have to do a refinance into a second loan. The reason that I know that is because not several lenders have our construction loan program.
This is just my judgment. You could talk to your atty just to see.
Check out your construction loan loan docs and see what they utter.
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Are we allowed to get more than one pre-approved mortgage loan at like time?
We are currently trying to get one pre-approved loan through a friend of the family. But she seem to be taking her good 'ol time when we have one week past we fly east to look for homes (which we'd...
I am thinking about suing the the mortgage broker for the costs of the second closing fees, does anyone think I hold a case? Any advice? Any lawyer out there want to do a consultation?
Please help!!
Answers:
If mortgage brokers are licensed surrounded by your state then I would contact the licensing body for your state. You may know how to bring some sort of action that will cause the broker to lose their license.
DId your loan documents for the construction loan ever state that you would merely have to close once? I am a loan officer and have be involved with construction loans. OUr loans name is call "one time close" You close once before construction then after construction the loan converts to fully amortized loan. One set or clost and two loans, the construction loan and the fixed loan.
If your loan docs don't articulate antyhing about one loan closing and your loan automatically converting to new loan later I don't think that the broker did anything illegal next to the loan as far as charging you extra costs.
If a broker can make money then they will. Basically, if the broker could not do the second closing later he was the one out of money as well. The broker be just as upset as you were that he could not carry the second closing done for you because he could not make an extra set of commisions. I don't think that you enjoy a case about the closing costs. I consider that it was a given that you would have have to do a refinance into a second loan. The reason that I know that is because not several lenders have our construction loan program.
This is just my judgment. You could talk to your atty just to see.
Check out your construction loan loan docs and see what they utter.
Related Questions:
Are we allowed to get more than one pre-approved mortgage loan at like time?
We are currently trying to get one pre-approved loan through a friend of the family. But she seem to be taking her good 'ol time when we have one week past we fly east to look for homes (which we'd...