Our mortgage broker ripped us off. What can we do?

Question

This is the third time we get ripped off but this time it was the worst. We had already found a broker who was going to help us on the refainancing of our home. Everything was going to work out fine until we got a diffrent broker's call promising even better interest rates and less on closing costs. In a matter of a week he convinced us to change our mind and go with him instead. We have anoher home and the loan their is the option arm, so we knew that was not the type of loan that we wanted. We clearly told him, even wanted him to sign a paper of him knowing that was not the type of loan we wanted. Two days ago i received the contract in the mail with the check and noticed that i had gotten screwed yet again. Some of the words and dates on the papers i signed at his office do not match those on the contract, the problem is he did not give me copies of the papers i signed at his office. When i called escrow to cancel they told me that the 3 days to cancel had gone by. What do i do?

Answer 1

I am at a loss as to what you are trying to say. You allowed another mortgage company talk you out of going with a mortgage company you had been doing business with for a number of weeks and go wth them.

First of you are not normally given a contract to sign to secure your loan, you must sign loan docs that are prepared by your lender.

Since this debacle has been going on in the mortgage business I am sure that you were explained about the interest rate, type of rate, number of years the loan is to be for as well as other things that pertained to your loan.

You were suppose to read the loan docs prior to signing them, after you sign them you are immediatey given a copy of these same loan docs with a readily identifiable document that the signer told you that if you changed your mind prior to a certain dated to fax this form to

#1 the closing agent

#2 the lender

#3 the broker

Also you were told that if you were not able to fax this document you could mail it and if the date stamped on the envelope by the post offce was before your three day right of resission you did not have to take the mortgage.

This is called RESPA and is a federal law done throughout the United States by anyone doing a mortgage.

Normally loan docs are signed through a closing agent or a doc signer, after which they are notarized by whom ever assisted you with the doc signing. You will know if you are signing loan docs, because there are a lot of doc that need to be signed.

The most important of these are the Note, The Deed, a paper outling the interest, the frequency of the adjustable

If all you signed was a contract I don't believe that you have a mortgage loan, but a contract authorizing this mortgage broker to secure a mortgage for you.

Prior to a mortgage broker doing a mortgage loan you have to complete a loan applicaion along with all the RESPA documents that accompany the mortgage application being signed. This is not your loan, you simply have signed documens authorizing this person to work on your behalf to secure a mortgage loan for you.

You should tell this clown that you don't want to do business with him and not to ever call you again for any reason. To hell with the documents you signed.

No find a good friend that you trust or a family member that you trust, get them to go to another mortgage broker, tell them up front that you are not interested in a loan that is adjustable. You are looking for a 30-40 or 50 year fixed rate loan.

Now when you are signing the loan docs make sure they are what you discussed with the mortgage broker. If there are any changes in the interest rate, number of years the loan was scheduled for, the loan amount chnged then befor going forward with the signing stop and call your mortgage professisonal. Get answers to any questions before you continue to sign the loan docs.

I in fact you have signed the loan docs, there is not much you can really do. You can threatened legal action, but with a signed contract you will just be throwing money down a legal cess pool no matter what an attorney tell you.

If you lose the case you still have to pay the atorney. I would get as much free legal advice as possible and see what might or can be done, but by signing a legal contract (Loan docs) don't get your hopes up.

You have to be careful of what people say versus what are on legal dcuments, the two must match or you have got to stop signing legal documents, unless you run them by someone you trust so the critical questions can be asked.

I hope this has been of some use to you,good luck.

"FIGHT ON"

Answer 2

Ask to see copies of the papers you signed at closing. These should still have the correct terms you agreed to, unless you didn't read them carefully. Also, notify the commissioner of banks in your state about this problem as well as the better business bureau. You may be stuck with this loan since the recission period has passed since you don't have copies of the original contract, but you may at least be able to recoup some of the damages and make it so this shady broker can't do this again. Remember going with the cheapest company may not always be the best option because there's usually a hidden cost behind it.

Answer 3

I'm sorry but it makes no sense what you say. Stop blaming other people. How could you possibly not get copies of what you signed. You said you had been burned before yet you walk out of closing without copies? Sorry, I don't buy it. Also, it's not rocket science; an option arm presents 3 or 4 payment OPTIONS, not 1. The minimum payment is MUCH lower than a fully amortized loan and you don't have to be a math wiz to figure it out. It's basic math skills, are you saying you really did not notice? Again, I don't buy it.

Ever heard fool me once shame on you ... fool me twice ...

Answer 4

After having been previously 'ripped off', you STILL didn't have the common sense to get copies of what you signed right at the closing ? Oh please. Unless you have copies which show that you signed something other than what you DID sign, you're out of luck here. Black and white (paper trail) ALWAYS triumphs over verbal comments in a court of law. If you're going to try to claim that documentation was changed, you're going to need credible evidence that it WAS.

The rescission period has passed, the loan is funded, and that's history. Any attorney worth his salt isn't going to take your money unless you have some decent evidence that you were duped. Save your money.

Answer 5

Your statement doesn't make much sense. If you've been "ripped off" three times, the fault is your own.

Answer 6

the forged faith Estimate is a customary kind it is provided in a "Uniform Residential own loan application'. In 2010 the kind improve into revised so as that an applicant can now see precisely what expenditures they're paying and for what amenities in association to that particular transaction. the line on the forged faith Estimate "Origination expenditures" tells an applicant what they're paying to that particular financial company or broking provider to grant them the financing on that application. the indisputable fact that the line reads $6,seven-hundred is as a results of the fact is the quantity you would be paying that broking provider for the amenities they're offering to you for that transaction. era. they'll attempt to rapid communicate around it yet in fact that's what you would be paying them. it looks the broking provider you spoke with is speeding you by the workplace work to disguise the fact of what you're paying (this might properly be a uncomplicated prepare with brokers). you ought to be walked by each internet site so which you realize precisely what you're paying. With $6,seven-hundred in extra expenditures your breakeven element won't make experience. i'm not sure what your month-to-month low fee expenditures would be in this transaction yet shall we merely say that's $2 hundred in line with month. in case you divide $6,seven-hundred by ability of $2 hundred; it might take you 33.5 months to breakeven. meaning it is going to take you merely approximately 3 yrs in the past you will quite see the earnings to your $2 hundred low fee expenditures in line with month. i'm beneficial you're able to do extra powerful than that. My advice I continuously supply: Your objective must be to get the backside (and reasonable) fee on the backside fee. by ability of doing this you ought to breakeven in some months no longer in some years. in my opinion, the origination expenditures line interior the forged faith Estimate ought to by no ability be in hundreds. on the whole...there is not any rush and you ought to no longer sense forced to % by ability of this weekend. Take it sluggish to be sure. i wish the information helps. i'm a private loan Banker employed by ability of an instantaneous Lending financial company. in case your belongings is located in PA, NJ, DE or CT be at liberty to touch me by ability of e mail for extra advice.