Mortgage financing

[GMarie]

What is the name of your state? NY

I was dealing with a mortgage company a couple of weeks ago; the gentleman we were working with told us it was a "done deal" even went as far as to tell us we did NOT have to pay Nov or Dec mortgage payments as we would close in 12 days. We submitted all necessary paperwork, signed etc...the final step was he was sending his appraiser out to our home. I specifically asked "is this loan definite as I do not want to pay for an appraisal at this time if there was/is a chance that we could not get the loan" He said they were a lending instituation, not a broker etc, everything has been approved and we are good to go. I would get refunded the cost of the appraisal at closing. After the appraisal was done, i never heard back from him. I called for a lil over a week before the supervisor of the company finally called me back and stated my appraisal came in too low and they cannot do the loan now!!! I am also stuck in paying late fees now with my mortgage company as they told us we could skip our payments.

Is there anything I can do? I feel we were totally mislead! Let alone lost out on a 400.00 appraisal. Can I at least try to recover that?

PLEASE HELP

[FlyingRon]

Originally Posted by GMarie

I was dealing with a mortgage company a couple of weeks ago; the gentleman we were working with told us it was a "done deal" even went as far as to tell us we did NOT have to pay Nov or Dec mortgage payments as we would close in 12 days.

That was reprehensible behavior. I can not understand why mortgage brokers do crap like that. You'd have owed the late fees on the November payment (if it was past the grace period) even if you had closed. I guess it's no skin off his nose if you default on your previous loan while trying to obtain one through him.

Is there anything I can do? I feel we were totally mislead! Let alone lost out on a 400.00 appraisal. Can I at least try to recover that?

For $400, I'd be inclined to try small claims court. Still you got the service (the appraisal) for which you paid. I'd demand a copy and see if what is says (I'd be especially wary if it was close to the value of the house estimated earlier on in the process).

What other fees did you give this clown?

Crap like this is why I hate mortgage brokers.

[LindaP777]

We're seeing eye-to-eye today, Ron . . .