<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by StuckInSanDiego:
For 8 days, my mortgage broker promised that the loan docs would arrive in 24 hrs... They finally arrived over a week past close of escrow as the WRONG loan. I had been promised a 30-yr fixed 2nd, but received a 15-yr balloon 2nd at the same rate. Today I called the lender directly and was told they don't offer what I was promised by the broker. (I have the truth in lending statements that show exactly what I applied for.) Now the broker and my RE agent (his best friend) are telling me that the seller is going to give us 5 days to sign it or they will sue for 3% of the home value. They say the puchase agreement doesn't specify that I get the loan I expected. My credit is STELLAR and I can't believe this is happening to me. Do I have any options or recourse?<HR></BLOCKQUOTE>
Hire another mortgage broker to find you the rates and terms that are aceptable to you. Then hire a real estate attorney and sue the mortgage broker and real estate agent for deceptive trade practices, misrepresentation, negligence, collusion, breach of fiduciary duties and standard of care, coercion etc. File complaints with the BBB, your State regulatory agencies, boards and commissions.
I wish I was your attorney. I drool over cases like this. It is an opportunity to hang these people by their necks, have them fined by the State and revoke their respective licenses.
If your sales contract did not specify the terms and conditions of your loan and said terms and conditions were not a contingency of the sale, your real estate agent screwed up big time. Your agent is stating that the Seller is threatening to sue you for 3% of the homes value when in fact this same agent failed to properly represent you and failed to insure that the proper financing contingency was in the purchase contract. This agent should be paying the 3%. Tell the agent to get an attorney and make sure his/her errors and ommissions insurance is in force.
Need more? Go to
www.realtor.com search for NAR (National Association of Realtors) then go to Code of Ethics.
[This message has been edited by HomeGuru (edited October 10, 2000).]
