If a mortgage company fails to close as promissed..is the client entitled to compensation? The counselor is blaming underating

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If a mortgage company fails to close as promissed..is the client entitled to compensation? The counselor is blaming underating

Mortgage Counselor promissed to close in less than 30 days….it has been 2 months and the delay has led to my current loan to reset at a hiegher rate. Company wants to compensate me with $1,445Counselor admits company policies were not followed.

Asked on May 27, 2009 under Real Estate Law, New Jersey

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

If you don't already have a lawyer on board for this deal, you need to get one right now.  There is a listing in your telephone book for the bar association's lawyer referral service, and you can also find qualified attorneys at our website, http://attorneypages.com

A mortgage commitment is a contract, and if you had one, and the lender failed or refuses to close on the terms of that commitment, you might well be entitled to compensation.  Without knowing all of the facts, I can't tell you whether the amount being offered is fair -- or if it's totally inadequate.  It may also be possible to make the lender to go through with the original deal.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption