In shopping for a mortgage I received a quote and good faith estimate from a lender. At the closing approximately 30 days later the costs (excluding loan origination fee and prepaid items) were $1000 higher. Original was $1600, actual were $2600. The loan officer did not include these items: Registration, Appraisal Desk Review, Tax Service Fee, Verification of Employment, Title Examination
Attorney Fee, Overnight Fee, Flood certification, Clerk Recording Fees, Service Transmittal Fee
I just closed today. I did not have an attorney present. Do I have any recourse. I spoke with the mortgage company, they said the fees were outside their control and would not have known when the the Good Faith Estimate was done. Shouldnt I have received a settlement paperwork to review several days before closing.
Lots of mistakes on my part, do I have recourse?
2007-07-20 09:56:54 · 9 answers · asked by beech2009 2 in Business & Finance ➔ Renting & Real Estate
If this was a refinance mortgage, you do have three days in which to cancel. It must be done in writing and you should have the form (three day right to rescind) in your loan papers.
If it was a purchase loan, you have little recourse other than to pursue them legally. They can refund this money to you and could be forced to by the courts, for failure to disclose. Some of the fees are standard, and others are bogus charges.
You can contact the lender and let them know that you are unhappy with their failure to disclose the fees. Also let them know that you will report them to the following:
1. Better Business Bureau
2. Banking Commission for your state
3. Attorney General for your state
4. Center for Responsible Lending
Only do this if you are going to follow through, and I recommend you do. There are too many people with integrity in the mortgage and real estate business, many of whom are now suffering from a down turn in the industry, partly fueled by unethical mortgage and real estate professionals.
2007-07-21 00:44:38 · answer #1 · answered by Anthony 3 · 1⤊ 0⤋
Those are fees the loan officer knew were going to be included in the closing costs. I'm calling BS on this "outside of their control" nonsense.
A GFE is just that, but on the house I closed this week, the GFE was $11 off, not $1,000.
Raunchy deal, but I doubt there is anything you can do at this point except complain to the lender. However, I'm sure this is an accepted tactic by the lender, and your complaints will fall on deaf ears.
You can always take action by taking every opportunity to tell people what happened to you in the hope that you saved someone else from the deplorable service you had.
Just curious, was this an internet lender?
2007-07-20 10:08:16 · answer #2 · answered by godged 7 · 0⤊ 1⤋
Those are junk fees. You didnt have to pay them . Brokers use those when they cant sell the origination fee. Thats how we make money. You have a 3 day right of recission . You can do one of two things. Rescind or call your broker and tell him that you want a broker credit. You wont be able to ask for all of it but find an amount your comfortable with. The weekend does not count on those 3 days , they are busines days. If they wont budge fax in your papers of recission to the lender and the broker. befor midnight on the 3 day.
If you have anyquestions you can email me. Hope this helps.
2007-07-20 10:14:58 · answer #3 · answered by Anonymous · 0⤊ 2⤋
How about when the day of the walk thru, my sister is given a closing statement, which tells her she has
to come up with an additional $6,000.00 on top of the original good faith estimate of $7,000.00. This all pertains to a purchase of a house costing $185,000.00. I told her to not go thru with it, as something is wrong. She's afraid this would hurt her credit rating and possible loose the $10,000.00 deposit she put down. Is there any truth to this?
2015-10-10 07:40:29 · answer #4 · answered by Anchor Fire 1 · 0⤊ 0⤋
i does not like it plenty.!! yet i may be valuable and study the contract till now I sign the element! And now, tell each physique you could, that this how the organisation operates. according to risk no person else gets sucked in. in case you had a 2d very own loan on the domicile, the place's your shrink, after the doors have been payed for? ought to have been some advantageous doors!
2016-09-30 09:35:21 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Good faith is just that.
A Good faith estimate of the closing costs.
Not "etched in stone" will not be a nickle more estimate.
Hope this helps.
Terry S.
2007-07-20 11:51:36 · answer #6 · answered by Terry S 5 · 0⤊ 2⤋
If you closed, now you have no recourse. When you closed, you accepted the charges presented. The time to balk was PRIOR to closing.
2007-07-20 11:51:42 · answer #7 · answered by acermill 7 · 0⤊ 1⤋
no recourse available.
when going thru the closing process everything is pretty much an estimate....i have always had to pay more...it is just something that happens....be prepared.
good luck
2007-07-20 10:01:20 · answer #8 · answered by Blue October 6 · 0⤊ 2⤋
my question to you is.....
Why in the hell did you sign, if you weren't agree with it.
The only way to fix that is to cancel.... you have until tuesday midnight,,,,,,
good luck, and hopefully you got a copy of those documents, just look for the recission form and fax it to the bank.
Have a great day again....
2007-07-20 10:46:50 · answer #9 · answered by Sergio S 2 · 0⤊ 2⤋