Refinanced and Given False Information by loan ofc

[dwcchc1]

Jurisdiction

Virginia

I had a mortgage and a home equity line that was wanted to refi into one loan. I looked around and used A Home Loan Lender. The loan originator officer, Mr. SOANDSO, indicated that while I would be maxed out loan to value and would only have to pay MOI mortgage insurance but I would only pay it for five years. I clarified that information a few times and received the same information. I have the saved emails. He even indicated that we needed to get the loan done before the guidelines changed on June 1, 2013. He indicated that the rules would change as far as mortgage insurance was concerned.

Now the loan is serviced by A Big National Bank and they have indiacated that I would be paying mortgage insurance until 2022 far beyond the five years I was told by the original lender. What options do I have at this point?

 

[adjusterjack]

Read your loan contract. Understand what it says about mortgage insurance because that's what you are bound by (and so is the bank if it happens to work out in your favor).

Also note that somewhere in the contract that you signed it says that the only things that count are what's in the contract. By signing a contract that says that, you made all those assurances and emails irrelevant.

 

[army judge]

I had a mortgage and a home equity line that was wanted to refi into one loan. I looked around and used A Home Loan Lender. The loan originator officer, Mr. SOANDSO, indicated that while I would be maxed out loan to value and would only have to pay MOI mortgage insurance but I would only pay it for five years. I clarified that information a few times and received the same information. I have the saved emails. He even indicated that we needed to get the loan done before the guidelines changed on June 1, 2013. He indicated that the rules would change as far as mortgage insurance was concerned.

Now the loan is serviced by A Big National Bank and they have indiacated that I would be paying mortgage insurance until 2022 far beyond the five years I was told by the original lender. What options do I have at this point?

Please, don't name, shame, or blame.
A simple pronoun, or generic name will suffice.
Whether it was Bank Bunco, or Buddy's Bank doesn't matter, unless you want to get sued.
We are lawsuit averse, so we don't name, shame, or blame.