Mortage Loan

[Virginia1]

I'm in a situation where I attained a home equity line a few months back through a local broker. It was a variable rate loan that the broker assured me could be "locked-in" at any given time. It was even mentioned on a conference call in front of the closing attorney. This option was never in the contract but was a service offered to customers. They dropped that option because of the current mortgage crisis without warning. I have that statement orally and in countless emails expressed to me. The lending instituation now won't offer that option and the broker has washed his hands of the matter. Do I have any legal recourse against someone that promised me something and could'nt deliver? Thanks in advance. Virginia1

 

[presutin]

Not really. Market conditions can dictate when an offer can be revoked and for that they don't have to officially notify you of such action.

 

[Virginia1]

Thank you for your response. Is'nt there any recourse against the broker I could take? Especially since I entered into a contract based on his expertise and relationship with the lender. I explained to him at closing that I need the flexibility to fix the rate soon. He actually discouraged me from doing that at the moment because the rates were so low but I wanted to get the process finalized. I think I should be entitled to a refund of the closing fees since things won't work out for me now.

 

[presutin]

No legal recourse here since you could have stopped the transaction anytime prior or during closing to demand that the terms be changed to your specifications.