Action or not? Protection Act, I believe?

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I am or was in the process of buying a home through a local bank. They told me what to do with $ 25,000 equity that I had in my previous home to be able to purchase this equipment is necessary. I have them all exactly as it was necessary for the bank. Now, two days before the closure of PMI or mortgage insurance is almost $ 600 per month, increasing the payment of 25%, which is not affordable for us. After talking with some banks and most do not tell them the situation, they all said the PMI would be high at first, but not this bank. Now, the builder or contractor of my inventory of new homes in the bank that he / she followed me and the loan officer is our case, he / she has discussed in detail and showed all our previous problems with them. It is very frustrating, it would mean a new city for us and now word has got over our problems and I know we did not speak. This bank has shocked us deeply. What can we do? Sue for damages or privacy or what? HELP! DankIch know of another case that happened with the same loan officer, but then he / she was only a white writer. He / she told several people about the activities on his own. I think it’s good for the case because he / she at that time, 1-2 years, facing the Bank and said that President Joe, my friend “simply does not discuss its business. “Well no shit, it’s something I want on a bench … Please ab.Soweit is home, I talked to another bank and exchanged the FHA and he did … or so it seems. Ends in 2 weeks. So I would not really create the Bank may be interested in honor of the offer or the conditions for 2 days before the close today. But we still have an amount of $ 25,000 of the things we said had to be canceled, but not pd by the FHA and the whole town to know our business better than wir.Auch had not music scene in the bank. Everything was done by telephone and fax 288.Und all the doctors said nothing to disclose all information to the manufacturer. PreApp Only.

4 Comments
  1. Reply
    suzanne
    May 4, 2011 at 2:54 am

    most banks will have a a clause somewhere saying their quotes etc are indicative and subject to change. So they are covered on that one. And you will need to prove that a breach of confidence occured, probably by one of the parties admitting it.

    In my country (New Zealand) there is a Banking Ombudman to go to, which is free for the consumer. Do you have something similar to this? Find out, as the ombudsman can still insist on reparations to you. I’m not sure what the reparations would be for in this case though, as you lost no money.

    Maybe see a lawyer. The initial meeting will give you an idea of whether to proceed or not.

  2. Reply
    two_eighty_eight
    May 4, 2011 at 3:17 am

    Coming from a legal background, how exactly are you going to sue the bank for emotional damages under your Privacy Act? How can you sue them in civil court for slander or defamation at all? You don’t have proof that the bank has leaked out your information. A number of things can leak it out: your partner could’ve told someone s/he thought could be trusted; you were making a scene in the bank without realizing it; you lost some papers and some nosy person found it; a whole slew of things that the highly paid defense attorneys who work for the bank can argue against. I’m not even a lawyer, just some punk kid with a law degree, and I can already poke holes in your argument.

    Also, another thought came to me. If you can hire a lawyer and sue, then why can you take the money to make your mortgage payments for your house? A lawyer costs about the same per month as your new payments, if not, more.

  3. Reply
    Dale W
    May 4, 2011 at 3:20 am

    First, see an attorney. I believe there is a conflict of interest here but I don’t know what can be done about it. It also seems that your privacy has been violated.

    I would inform the bank president of what has occured. I do not believe the loan officer had any right to discuss your financial situation with the contractor nor did he have the right to ask.
    The more I think about this the more wrong it feels and that makes me believe you do have some kind of suit here.
    Get the attorney’s opinion about this though.

  4. Reply
    Gatsby216
    May 4, 2011 at 4:01 am

    PMI of 600 per month, that seems very high. Also, why was a major piece of new info so close to closing. I think you need to go to another bank or better yet a mortgage broker. They may be able to put you into a piggy-back second mortgage and avoid PMI all together.

    Regarding the privacy. Review your paperwork, maybe they disclosed they will share information with the builder. But then again maybe that is letter of approval, ie this person is approved to borrow $ X for the next 120 days. Basically letting the builder know you are approved for financing.
    I don’t think has anything to do with the investment deal, it sounds like the lender is just giving info to the builder. Which I can see how that would happen as the builder wants to know if the buyer will be able to close the deal.
    I can see why you are upset, but I would not assume the builder has discussed this with anyone else. They deal with these things every day.
    Write a short note to the compliance officer of the bank. You want to have a meeting with the compliance officer, loan officer and the builder. You want confirmantion that no further disclosures will be made. Also you want the deal that existed 2 days before your scheduled closing to be honored.
    You might also want to consult an attorney. If the attorney writes the letter it will go to the banks leagal office and you might get more of a response. So it your privacy rights may have been broken. But at this time I am not sure of our damages.
    Good luck

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