If a mortgage broker says my second mortgage isn't one and refinanced me to the full value of my house,what if
This happened about 2 years ago and we are now looking to sell due to job loss. If I find out there is actually a second mortgage and we are now financed over the value of the house do I have any recourse against the broker firm?
- Anonymous1 decade agoFavorite Answer
I recommend that you contact an attorney immediately, and also contact the local District Attorney and the state department of real estate that handles licensing of real estate brokers and the Department of Corpeorations if the mortgage broker is licensed by the Department of Corporations..
I have several colleagues who were cheated by mortgage brokers and realtors.
I helped my colleages file complaints with the local District Attorney's anti fraud unit and the State Department of real estate.
As a resutl the real estate company where these realtors worked lost its Century 21 Franchise, the Broker and several of his sales people will probably lose thier licenses and the mortgage broker that they wer using went out of business as a result and probably will also be prosecuted..
There has been a great deal of corrupt dishonest behavior on the part of realtors, mortgage brokers and banks.
Now is the time to start filing complaints against these people and put them out of business so they cannot do any more damage.
These people have singlehandedly brought down the entore world economy and banking system with all of their subprime mortgagge nonsense.
All of us in the United States are suffering from the collapse of the economy that was brought about by the irresponsible behavior of these jerks.
Now is the time to prosecute them so they cannot do any more damage than they have already done.Source(s): My experience. Over 40 years of investing in real estate and over 40 years of Democratic Politics.
- hubbertLv 43 years ago
detect a clean broking provider. the only ingredient you may evaluate is possibly a 2d own loan or line of credit. an entire refinance will fee you as plenty or greater advantageous than your last expenses once you got the dwelling house. Your broking provider is in simple terms attempting to take advantage of you dry. some banks, no longer many, will enable you to apply a bigger appraised fee suitable after purchase. Many will carry your "fee" on the actual purchase fee, in spite of what it appraised for, for a million year. thinking the easy refinance could fee $6-8000 (which include the escrow account), your place could opt to appraise for $15-20K above what you in basic terms paid for the dwelling house. I doubt this is fairly nicely worth that plenty, or which you would be able to sell it for that plenty, no longer for some years a minimum of. So if this broking provider can get an appraiser to grant you the fee you ought to try this refi, plan on being upside-down on the dwelling house for the subsequent 3-5 years. no longer a good place to be. A 2d own loan will probably have not have been given any last expenses. That on my own will save you hundreds. and it will forestall your broking provider from getting paid two times off you in 2 months. And to all people else analyzing this: in case your broking provider says "do no longer difficulty, we will in simple terms refinance you in a million month or 6 months", detect a clean broking provider. All they're attempting to do is get themselves greater funds.
- budhah1Lv 61 decade ago
No, You signed the papers, and that is pretty well that... Now that said, it is mostly he said/ she said situation.
If you are paying on one loan, what makes you think you have two? I think you are worrying about something that may not be there.
Others will tell you to sue, turn them over to the attorney general, and stuff like that, but you don't even know if you have a problem . Read the papers you signed. You got some cash I assume, and that was added to what you owed prior to the refinance.