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I am currently in a rental lease that I can't get out of without subleasing. I found a house that I put an offer in on earlier this month. However, when I signed my paperwork with the mortgage guy I told him that I didn't want to close until November so that I won't be stuck paying 2 months of house note and rent. However, he did just the opposite after he told me it would be no problem. He emailed me yesterday and said that everything is ready to close. I asked him what about november. He said I could close in November but my interest rate would go up. I wouldn't recommend him to anyone. he had the appraisal done for a whole week before he even sent me the results. He was just very pushy and did not worry about my needs at all. Now I am stuck having to pay an extra 1700.00 for rent and mortgage. When I told him my concerns he stopped answering my questions and just had the title company to call me.
@first48 wrote:
Unfortunately the loan officer's manager is his sister's husband. I have gotten myself in quite the pickle. I wonder if it is too late to go with another mortage company.
maybe not
contact a loan officer right away
demand to relock for 30 days without the buydown. You will get worse case pricing.... which means..... whatever day is worse, the original lock date or today.... that is your rate. It is likely about the same.
If you do not get a quick response call the boss.
let us know what you get
@first48 wrote:
They wouldn't give me the rate lock and the company is a family affair. I am going to tell everyone I know about this company and word of mouth is something. I am even going to write up something online. I closed on 10/21/06 at 5.5%.
Be sure to file a complaint with your state's banking commission. In my state, mortgage brokers are overseen by the state banking commission. Also, your state's attorney general's office may be able to tell you if there are other regulatory agencies you should be reporting to.
Those regulatory agencies are out there to help protect the public. Use them...even if it's after the fact.
I often tell my children that they have a right to complain if they feel they have been treated unfairly....but, it's not only a RIGHT. It's a RESPONSIBILITY. It's a responsibility because it may help the person who comes behind you. If nothing is said, nothing changes.
I wish you luck.