How can I be reimbursed for monies lost due to negligence from a mortgage banker?
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How can I be reimbursed for monies lost due to negligence from a mortgage banker?
I was pre approved for a home loan by a mortgage banker. She gave me a pre-qual letter and told me I was to go shopping for a home with a loan amount of 90k. I found one for 83k, put an offer in and had it accepted. I paid my $100 option fee and also got a home inspection done for $250. 3 Days into my option period she emails me, my real estate agent, and the sellers agent stating she made a mistake in her calculation and my dti was too high to qualify for the home. I have given notice at my apartment and have lost $ 350, not to mention, time, gas, and everyone elses time, gas, and effort. I have asked for a reimbursement of funds, but was told no, by her, and the bank. What else can I do?
Asked on July 29, 2012 under Real Estate Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
From what you have written it appears that the mortgage banker was negligent with the information provided you which you relied to your detriment in incurring costs that you would normally not have expended but for the erroneous advice.
The way to get resolution since the mortgage broker and her employer will not simply reimburse you what you incurred would be to file a small claims action against them in the county court house where you reside.
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