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Can I sue a mortgage loan agency ?

Discussion in 'Mortgages & Financing' started by Honey lotus, Jun 22, 2019.

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  1. Honey lotus

    Honey lotus Law Topic Starter New Member

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    I went into contract to purchase a home in April and was told by the mortgage company that I had been pre-approved. My credit is excellent and my car is paid off, however, my brothers car is in my name and I told the agent that. She said it’s no problem they can work around that. I don’t have any real estate knowledge so I mainly followed what my real estate agent told me to do. I was supposed to close on the home on May 31st and ended up breaking my apartment lease to move, so now I am still paying the $2,000 termination fee. I had the inspection done ($400), then the appraisal ($500) after which the loan agent requested another $200 because she “didn’t know” the home was a duplex. The entire time, I had never received any pre-approval paperwork or even signed any papers. The home cost way more than I was so-called approved for, yet the real estate agent and loan officer did not back off and pushed for me to continue with it. By the way, they work as a team and the appraisal company may be related to the loan agent. The loan agent communicated mainly by text and over the phone. She estimated my payments on the home to be way lower than they were supposed to be and when she got the real numbers , she told me that she had never told me the lower ones. The first month I barely heard from her until after I had moved out of my apartment and it was closing day yet there was no closing. Instead she tells me I need to get my brothers car out of my name then eventually makes me refinance it about a week or so later. Almost two entire months later, and I’m just being told I was only pre approved for 175,009 and the home appraised at 206,000. The loan agency bever gave me anything in writing or to sign. They just disclosed how expensive the insurance was yesterday and I haven’t heard one word from the loan agency since last week. I called and texted but no response. Then, later on yesterday, the real estate agent tells me the seller put the house back on the market. After talking about my situation with a local lawyer, he feels that I was scammed. I have now lost close to $5000 and my apartment that I was living in. Is it possible to file suit for negligence to recover the monies ?
     
  2. adjusterjack

    adjusterjack Super Moderator

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    Sure, it's possible. Anybody can sue anybody for anything. What you are really asking is can you win. For the answer to that possibility I suggest you go back to that lawyer and hire him if you want to sue somebody.
     
    Honey lotus and justblue like this.
  3. army judge

    army judge Super Moderator

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    You've spoken with a lawyer who believes you were cheated.

    If you trust said lawyer, continue your discussions with her/him, don't open another "can of worms" by trusting anonymous beings via the Internet.

    You also need to learn to slow down when purchasing real estate from real estate sales people who are KNOWN scammers, too.

    The phrases "no thanks" or "not at this time" can be very useful.

    As regards real estate purchases, unless you have lots of loot, home purchases over 30 years are quite difficult, expensive for most people, as well as being deceitful.

    Deceitful HOW, you ask?

    Most are buying the home for 20, 25, 30 years.

    You don't own it, although your name is on a deed clouded by the lender's lien until the note has been paid in FULL.

    You also have no idea about all the HIDDEN costs of BUYING a home over 30 years, ending up with a dilapidated, crumbling woodpile/brick pile.

    Good luck with whatever you choose to do.
     
  4. Honey lotus

    Honey lotus Law Topic Starter New Member

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    Your first sentence answered the question just fine.
     
  5. army judge

    army judge Super Moderator

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    Great, I'll close this thread, goodbye!!!
     
    Honey lotus likes this.

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