What can we do against a mortgage broker and taking a loan grossly deceived me wrong.?

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The document was signed and entered into the loan two weeks ago, and I just learned that I took with a negative amortization loan and a prepayment penalty of 3 years that I have no idea who was in terms of the loan had.
This is my first house, and I’ll buy a small flat in need of a mortgage or loan. In exploring the acquisition costs, it seems that these are the charges and mortgage lenders related. If I have no mortgage or a lender, there are still closing costs and, if so, what would it take? Thank you:)

12 Comments
  1. Reply
    sook_me_wood4
    February 24, 2011 at 1:48 pm

    sue him

  2. Reply
    Robin M
    February 24, 2011 at 2:07 pm

    Breach of Fiduciary Duty is one that you can sue for. There are plenty more. Consult an attorney.

  3. Reply
    SexyTrojan
    February 24, 2011 at 2:44 pm

    That sounds like a pretty standard mortgage. On top of that, most likely you signed the paperwork stating that you agreed with the terms. Read over ALL of your papers that you signed at closing. Read the fine print and every thing else in full detail.

  4. Reply
    Doc
    February 24, 2011 at 3:24 pm

    Did you read before you signed? If these clauses were not disclosed (not included or referenced in the documents signed, then you may have a case. If however, they are there and you failed to read and or understand them, then there is no recoursive action on your part. Unless of coourse, you can somehow prove that you were under duress or someone was holding a gun to your head ie: threatening you in some manner…

  5. Reply
    intelligent_friendlistener
    February 24, 2011 at 3:54 pm

    Go to legal aid and ask. You get a free question and answer and then would only have to pay what you can afford.

  6. Reply
    ig86
    February 24, 2011 at 4:31 pm

    It sounds like you have an option arm. If it is, you have a choice or 4 different payments every month. Minimum payment is about 1.5-2%
    second option is interest only, third option is a regular 30 year and 4 option a 15 year loan.
    If you make the minimum payment, you will have deferred interest and your principal will increase. As long as you pay 2,3, or 4 option, you will be OK. Whatever the loan is you have, should have been fully explain to you when you signed your application and docs. If you do have an option, is a great loan, if you know how to take advantage of it.

  7. Reply
    dragonfly_3
    February 24, 2011 at 5:30 pm

    Did they give you the required Truth in Lending form prior to the closing? did you ask for one? It’s the law to have that Truth in Lending paperwork available 24 hours before closing. It tells you exactly what you are getting into.

    Was this World Savings Bank by chance? They tried to do that to me 4 years ago. Said I was approved and then tried to stick me with not one but 2 crappy loans. I found another lender at the 11th hour and then filed a complaint against them with every banking regulating agency I could dig up.

    Also– contact http://www.naca.com

    They are a non-profit housing advocacy group that does it’s own lending. They took on Fleet Bank in a predatory lending lawsuit and won. They use the settlement money to fund their mortgage program.

    I am sorry you were screwed, but don’t go down without a fight.

  8. Reply
    whatevit
    February 24, 2011 at 5:31 pm

    HI: Don’t go there. People get upset and want to strike back at someone that they believe have don them wrong. It is better to find the good in what is at hand.

    I, L O V E negative amortization loans. If you have one you are guaranteed a loan (low payment) if you need it. Without it most people loose their home because they can not meet the monthly mortgage payment. I have one, before I got it, I paid $ 1450 a month for (principal, interest, escrow).

    Now my minimum is $ 678 a month, fully paid interest is $ 942, any payment over full interest is first applied to escrow $ 287.50 per month. Any payment above this reduces the principal I owe. I pay $ 426 per week, about $ 1,704 a month, I save money by paying weekly instead of monthly. This mortgage drop my interest by 1.5%, so by paying $ 250 more per month than I was before the mortgage, I am moving ahead faster.

    If the need arise, I can legally and without penalty delay payments to my mortgage. It is a choice that is offered, it should only be accepted if it works for me.

    Please check, are the interest terms lower than a standard mortgage? If so, please remember that the funding company is hoping that you will be normal and pay the minimum. This is sure death just waiting for a minor setback in your life. Often this set back occurs because you are not paying off the mortgage. Prepayment penalty occur if you pay off the loan before the three years are up.

    People develop bad habits, mortgage – remortgage – and mortgage again. This is bad for the lenders and the borrower. If you really want to get ahead, learn to invest in mortgages instead of just being a consumer.

    E-mail me, I will let you know a few things you can do to add to your income.

  9. Reply
    Bullwinkle
    February 24, 2011 at 6:02 pm

    I have had similar experiences in my life and they turned out to be valuable learning experiences for me. I was screwed and lived with the written terms of the contract that I had signed. You must read all documents or get someone you know or trust to do so for you such as a lawyer. Sorry dude. It just some money and if that’s the worst thing that happens to you be happy.

  10. Reply
    a p f
    February 24, 2011 at 6:55 pm

    inexpensive home WHY? looks like a scam
    Hire a attorney to check for mortgage, taxes liens and have the home inspected. Spend a little save a lot.

  11. Reply
    zeuz
    February 24, 2011 at 7:47 pm

    There are always closing costs. They include:

    1. Appraisal. (Unless you’re convinced the value of the house is correct.)

    2. Property inspection. (Unless you’re convinced there’s nothing wrong with the house.)

    3. Title insurance. (Unless you’re not worried about any title issues)

    4. Escrow fees. (You aren’t just going to hand the sellers a check, are you?)

    5. Flood certification.

    6. Legal fees.

    7. Notary fees.

    I could go on and on and on and on.

    Rule of thumb is the buyer’s closing costs add about 2% to the cost of the house.

  12. Reply
    Lisa S
    February 24, 2011 at 8:43 pm

    There will still be some fees, although not as many as with a loan.

    Title Insurance, get it, usually the seller pays, whatever you have to do, it’s very important!!!

    Recording fees, they have to record your deed in the county records

    Tax stamps

    Appraisal, unless you pay it out of pocket at the time it is done
    Inspection, ” ” ”

    Call a Title & Escrow firm and ask them to give you an appoximate amount

    You can also ask the seller to pay all of your closing costs!!!

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