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  #1  
Old 06-27-2008, 10:38 PM
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Unhappy

Loan gone bad, have 9 days to fix the same

What is the name of your state (only U.S.) New Jersey

I have been saving for the past 5 years to buy a house, today I was suppose to close on my town house. However, my mortgage broker never locked in my rate of 5.4% from a month ago. Now he is telling me I need to pay 6.15% for a 5 year ARM. And hope to refi to a better rate within the next 5 years. He told me the rate was locked in about a month ago.

Now the seller is making me close within 10 days or I have to pay all kinds of penalty.

Please help....I am about to loose everything !!!!!
  #2  
Old 06-27-2008, 11:17 PM
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Quote:
Originally Posted by btpd327 View Post
Please help....I am about to loose everything !!!!!
Then stop relying on a free advice forum. Where is your agent in all of this?? If you don't have one, go get a good LOCAL attorney.... NOW.
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Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
  #3  
Old 06-28-2008, 12:51 AM
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What can my agent do ??? My Lawyer said what the mortgage company did is illegal but what can I do, file a complaint with BBB...yeah right. With all do respect, I need legal advice and not a smart ass
  #4  
Old 06-28-2008, 09:34 AM
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Quote:
Originally Posted by btpd327 View Post
I need legal advice and not a smart ass
WOW! That was legal advice!!!
With your sorry attitude insulting one of our senior members who gave you sound advice, the rest of us won't have anything for you. Good luck!
  #5  
Old 06-28-2008, 09:40 AM
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Originally Posted by LindaP777 View Post
WOW! That was legal advice!!!
With your sorry attitude insulting one of our senior members who gave you sound advice, the rest of us won't have anything for you. Good luck!
No kidding.
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  #6  
Old 06-28-2008, 10:18 AM
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Did you pay for and/or do you have a piece of paper that says you had a specific locked in rate? If not, then the rate is whatever the rate is at the time of the loan.
  #7  
Old 06-28-2008, 03:26 PM
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Ignore the people who probably come on here to bash people in trouble...

Anyhow, contact your state banking commission and file a complaint. Call the offices first thing the next business day and find out the specific person you will need to speak with and send corresponsence to. Put your concern in writing, email to the appropriate person ( after you have called) and ask that they contact you asap. It is my understanding, the state has to send a written notification of a complaint asap to the mortgage company/bank and ask for a reasonable response on a time frame...( usually within three to five business days)... The company must respond by law within that timeframe.

Something very similar happened to us a few years ago. We saved our home because we got the banking commission involved. They are the state regulatory agency for anything mortgage or banking related. Start there. You pay their salaries in your taxes and mortgage fraud and illegal activity are what they are paid to investigate. They have the authority to discontinue lending licences in their representative state for noncompliance. Doesn't matter what state your broker/lender is in. Good luck.


PS...by the way, the paperwork post is pretty true. Unless you got the terms in writing, you may find you don't have a leg to stand on. Sorry. But you can still file a complaint that will be filed that can represent inadequate disclosure. Hope it helps.
Last edited by ShayShay1; 06-28-2008 at 03:32 PM. Reason: add info
  #8  
Old 06-28-2008, 03:28 PM
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Location: St. Odo of Cluny Parish
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Quote:
Originally Posted by ShayShay1 View Post
Ignore the people who probably come on here to bash people in trouble...

Anyhow, contact your state banking commission and file a complaint. Call the offices first thing the next business day and find out the specific person you will need to speak with and send corresponsence to. Put your concern in writing, email to the appropriate person ( after you have called) and ask that they contact you asap. It is my understanding, the state has to send a written notification of a complaint asap to the mortgage company/bank and ask for a reasonable response on a time frame...( usually within three to five business days)... The company must respond by law within that timeframe.

Something very similar happened to us a few years ago. We saved our home because we got the banking commission involved. They are the state regulatory agency for anything mortgage or banking related. Start there. You pay their salaries in your taxes and mortgage fraud and illegal activity are what they are paid to investigate. They have the authority to discontinue lending licences in their representative state for noncompliance. Doesn't matter what state your broker/lender is in. Good luck.
Pay no attention to this wrong info.

Instead, answer this question:

Quote:
Originally Posted by efflandt View Post
Did you pay for and/or do you have a piece of paper that says you had a specific locked in rate? If not, then the rate is whatever the rate is at the time of the loan.
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  #9  
Old 06-28-2008, 03:51 PM
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Why is this incorrect info? Just curious. Is the state of New Jersey different than mine? If nothing else, we found that it at least got the mortgage company to call back and work with us. Also, I did notice that my PS was omitted in your post which basically said if it's not in writing it's not real...

Thank you for your courteous reply.
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