Is it legal for a mortgage broker to pay for a potential client’s mortgage payment?
by Mortgage Rates on Tuesday, October 5th, 2010 | 5 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
well as far as the first payment he paid for that’s done but the other two times he’s entitled to get those two back, and if she has proof about the first one tell her to consult a lawyer and get some advice. If he couldn’t get the loan done then it was his loss. but why was the loan not able to get done?
I don’t understand what you are upset about. She DIDN”T pay the mortgage payment. Its not like she tried to and they wouldn’t take the money. Its not like he told her not to worry about it, that he would cover the payments. She knew he didn’t intend to make the extra two payments, and SHE allowed it to happen without trying to make a payment herself.
He is, at worst, guilty of bungling a refi attempt and causing some delay. He did not do her wrong aside from that.
You and your mother-in-law need to take some responsibility here. You have an OBLIGATION to MAKE SURE your payments are made.
I don’t think he did anything illegal. He basically loaned her money for a month.
Did she pay the other two months? If she didn’t then she is in fact behind. The bank made a mistake, but that did not mean she could just pocket the mortgage money.
The bank can re-report this and take care of her FICO score if she really did pay her bills. She really needs to talk to them, they made the mistake, not the loan agent.
ILLEGAL as hell. Sorry, but this guy is a crook. I am a mortgage broker, and I really dislike guys like this. If she has proof he gave her the money (see if her bank can get a copy of the deposited check) her could be in a world of trouble.
I think she has a good case against him. Hope he loses his license. BTW, he might be licensed under CA Department of Corporations, so CA DRE may not help.
Also, she should be able to still get a loan.
Stick with the lawyer. Is the agreement in writing or was it verbal. Yes verbal has some presendence but may not hold up in court. Look through old emails or some type of written communication. Yes, I understand the older generation does not understand computers but some do. Look at old papers as well that he may have sent up to her to sign. Irvine, Ca is where all the big banks are and sleezes of the loan world. Good to see you are a good family man. Sorry to hear this happened to you and your family. Think about Small Claims
HAPPY LIVING!