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What do you do when your mortgage broker lies to you about your refinance?

Written By: admin on September 18, 2009 One Comment

Working with a mortgage company to refinace my home and the agent keeps telling me not to worry, we will close guarnateed. Now after a month and we still havent closed, we havent made a house payment in 2 months because he told us not to, and now the loan may not close because we are late with the mortgage payment. What do we do?


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One Response to “What do you do when your mortgage broker lies to you about your refinance?”

  1. WPS_1998 on: 18 September 2009 at 12:11 am

    - Always, always, always, keep your existing loan payments current!
    - Your missed payments have probably hurt your credit score too much for the loan he had in mind. Most home loans are bundled together by banks and sold as a block on the secondary market, so they must follow specific Fannie Mae-Freddie Mac guidelines in reqards to credit scores and other qualification issues. Find a local lender that does not package and sell their loans and so does not have to follow these guidelines. A small community bank, for example. Clarify to them what happened and they may overlook any recent credit score problems resulting from this situation.
    - Report the Mortgage broker to the Better Business Bureau, and the State Real Estate Licensing Board as Mortgage Lenders in most states have to have a Real Estate License.

    Excellent luck!

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