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  #1  
Old 12-30-2001, 11:58 PM
tsjeep98
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refinancing~lied to!


In Texas

I tried to refinace my home through my current lender. I distincly told the broker that I wanted a fixed 30 loan. He had me sign a paper so that if the rates dropped before closing he would lock me in. He said the whole process would take about 45 days, that they were backed up due to the current rates being low. As time passed I would check with him to see how we were doing. At one point he called me to say they were missing some paper work, I told him that I did give him copies, which he ended up finding in my folder and turned them in. 1st red flag. When the rates dropped to the lowest in Nov. I immediately called him and left repeated voice mails, no response. Second red flag. When he finally called back he said his whole office had to attend a conference out of state, and he lost alot of money being gone. I lost on the lock in. When the approved papers came in the mail, and said ARM loan I immediately called him again stating that I wanted a fixed rate, questioning the ARM. He said don't worry people change the paper work right up to the time of closing, he would take care of it then. I was due to close in about 29 days. When rates started to move, he called me at work and wanted me to make a decision to lock in under the ARM within 30 sec. when I began to ask questions on the ARM he became very frustrated, and said he needed to tend to other customers. When I decide what to do I should call him back. I then called his supervisor 3 times, which he finally had someone else call me. Come to find out I couldn't be approved on a fixed being recently divorced, and could not get approved on my own income alone. The original broker also left me a voice mail telling me he was very appauled with me that I had contacted his supervisor, that he had been repremanded. So after two months of going back and forth, being lied to. I am stuck.
My question is can I do anything about them string me along, thinking I was approved at a lower rate and house payment to surrive as a single mom in my home with children?
  #2  
Old 12-31-2001, 01:54 PM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Did you ever get a written loan committment from the direct lender?
If not, you do not have evidence that you were even approved for anything.
  #3  
Old 01-05-2002, 01:22 PM
tsjeep98
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The documentation I received was approved for an ARM loan, which I requested a fixed rate lone through the original Loan Officer, he never told me I couldn't be approved for a fixed. In fact when I called him to question why it said ARM, he said don't worry, we can change that right up to closing, people do it all the time.
  #4  
Old 01-05-2002, 01:40 PM
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Location: Catatonic State
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That was BS from the LO and you have no recourse.
  #5  
Old 01-05-2002, 01:50 PM
tsjeep98
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Thank you. I thought so. I did file a report to the BBB.
  #6  
Old 01-06-2002, 12:22 PM
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Location: Catatonic State
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If the State regulates mortgage brokers, file a regulatory complaint also.
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