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t247267 | How can I sue my mortgage broker without going broke? |
I was taken for a ride by a mortgage broker. He lied to me about the terms of my loan, lied on my application about my income, and lied about numerous other things. Now I am stuck in a horrible loan where my pricipal is rising unless I make this enormous payment. I can't afford my payment and I also can't afford a ton of legal fees. I filed a complaint with the attorney general of my state, but that didn't do much. I need help!!! |
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Pengy
|
And you accepted the lies because you thought you one would get a house, and two thought you would get over and make money on it, and now it has come back to bite you, and hundreds of others. Basic fact is you signed the document, therefore stating the information was correct, you had at that time the opportunity to change anything, but you did not. Things did not turn out the way you planned, and you are now looking for someone else to blame, when the blame clearly lies on you shoulders. If the documents are indeed false you are an accessory to fraud. Time to take responsibility for your own mistakes, and decisions. |
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mazziatplay
|
Your recourse was not to sign incorrect loan documents. By doing so you participted in loan fraud and are now paying the price.
If you are not maxed out or upside down on loan to value you may qualify for a streamline refinance. Callyour lender. |
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I_Love_McRedneck
 |
Before you signed on the dotted line, there should have been a TON of paperwork for you to read over. Even if he verbally lied about the terms, they were spelled out in the paperwork. If you chose to sign without reading, that's nobody's fault but your own.
Buying a house is a HUGE thing, it doesn't sound like you did the research you needed to in order to make the best decision. All you can do now is learn from your mistakes - and the first step in doing so would be to stop blaming other people for what YOU didn't do properly. I'm not trying to be mean, I know people can be shady, but to take such an important thing in life so casually can only lead to problems like this. Refinance if you can. If not, you've got to sell your house, rent it out, or continue paying your mortgage. Doing anything else will destroy your credit and you won't be able to buy a house for a loooong time.
BTW - you just admitted to the free world that you committed loan fraud because you knew the guy lied about your information and you didn't stop him. Probably not the wisest thing to do - maybe it's time for a reality check on your part. You don't seem to make the wisest decisions. |
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frankie b
 |
Remember there is not much sympathy for those in a bad loan. You knew the terms you were signing even if you were unaware he was lying. You should read every document you sign very carefully, this is the result when you don't. Even if he lied, you signed so it will implicate you as guilty to. |
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Lisa
|
Personal Responsibility, you don't seem to have any in this situation.
You signed the application with false income information. Your responsibility!
You obviously didn't read your own mortgage agreement but trusted some one else to tell you the terms.
Your responsibility!
Your best option is not to file a losing case against the mortgage broker. Your best option is to put your home on the market at no more than 10-20k over what you need to pay off the mortgage and start over. Start over understanding what you should do when buying a home. Don't lie about any of your income, don't sign anything without reading it or having a lawyer explain it to you.
Live within your means not pay check to pay check.
Good luck! |
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Craig T
 |
And just what is the AG of your state supposed to do? YOU willingly participated in mortgage fraud, the broker couldn't have lied about anything without your signature attesting to the truth and veracity of the information on your loan application.
The bottom line is if it was proved that you willingly provided false information (and your signature makes you willingly) then should you go under and want to file bankruptcy......the mortgage will NOT be discharged and you will have to pay it all |
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Casie
|
Everyone's right that you should have read it. Your signature on paper is similar to writing in blood! It's yours & you agree to whatever it is you sign. Selling the house would get rid of this loan, but what if this mtg guy ends up in court for his dishonesty and you get dragged down with him because you signed it! Fraud is a big issue with lending and unless you can show you didn't have a part in it other than your word, you are just as liable.
If you really want to get him, call a lawyer. |
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michiganted
 |
You are obviously in some type of Option ARM program with four choices when it comes to the monthly payment. If you seriously think that you were lied to or that the documents you signed don't line up with the loan you received, there are avenues of recourse:
1. File a complaint with the RESPA folks - they are the watchdogs of the real estate and mortgage industries.
http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#GS
2. Go see an attorney on a free consultation basis. These days there should be plenty of attorneys who are boning up on their real estate/mortgage law - because there are deep pockets among the lenders.
And the final answer is that you won't go broke if your action has merit - because the defendant would likely be ordered to pay all of your legal fees if you won. If you genuinely have a case, it should be doable. |
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wondermom
 |
YOU AND HALF OF AMERICA (myself included) want to sue their mortgage brokers. Mine took my house for sending (1) ONE YES ONE, payment and I sent it late (with the late fee). IMy payment was returned to me 3 times and they foreclosed on my home!! (But not before billing me for the full amount...that was the only way I could keep it).....AFTER MY LOAN HAD BEEN SOLD 3 TIMES!!! Something is going on and innocent people are getting screwed out of homes and money!! Too bad a class action lawsuit would only net us about fifty bucks! LOL! I'm pissed too!!!WTF? Needless to say, I let them have my home but they will have to invest some serious money into it now!!!!!!!!! :) |
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