Do I have a case?

[legalbattles]

What is the name of your state? PA

In September of this year I've contracted a mortgage broker to help me obtain a refines loan for my property. After 2 months of stringing me along and making empty promises, I found out that the broker did not come through with getting me the rate he initially locked me into because he overlooked my file and "put it on the back burner", which resulted in the expiration of the above interest rate. In addition he created many delays in the process by either not returning my calls in a reasonable amount of time or not responding to me at all. This individual had insulted me verbally and in writing and at the end terminated our relationship based on the fact that I accused him of all of the above. I would like to know if I have any basis for a lawsuit based on the fact that I am not able at this point to obtain the same interest rate again through another broker, as the interest rates went up (since I started this process) and ultimately what it comes down to is that this mortgage broker had wasted 2 months of my time and not delivered any services.

 

[legalbattles]

I meant refinance loan.

 

[PghREA]

It would be a waste of your time and money to sue someone for "wasting your time." Why did you not move on to another mortgage company the
minute you decided you were not getting the service you wanted?

 

[legalbattles]

Well, it's a little more complicated than that/ the broker in question kept telling me that I was days away from settling and this went on for a couple of weeks. Besides, he already ran my credit and I really didn't want to have it ran again because it would lower my score. The guy is very charismatic but unfortunately a liar and a fraud. It was an easy trap I fell into. It's like he pulled out the last minute because he got to busy with his other files and I was "just" a refi, as he said it towards the end of him telling me off. I mean, can I at least report this guy somewhere?

 

[jjr62]

reason maybe

Sorry that you had such a bad expierience the broker was most likely floating the rate he quoted you hoping the rates would drop so he could put more money in his pocket, this is common practice with a lot of loan officers. I dont know why it usually evens out over months winning some and losing some. but most of the time if you have all your papers sighned and handed in they will lock your rate, if they start to climb,so you recieve the rate you were quoted thats just good business. Lets say someone gives you a rate of 6% and they make 500.00 if the rate goes down to 5.75% and they still give you 6% they might make 600.00 but if it goes up they could only make 400. some still would not lose they would give you some bull and raise the rate at closing. This guy sounds like thats what happened or he locked the rate and the lock expired because they did not do it fast enough. when you lock a rate you only have so much time to get the loan closed. I have no idea what rate was quoted to you but the rates still are pretty good. maybe the rate was to low to begin with? sorry but I doubt there is anything you can do about your time being wasted.If there is anything I can help you with feel free to email me.I know lots of lenders. [email protected]