Posted by River City on July 18, 2005 at 11:01:27:
If you were expecting $410 per month, you should never have signed the closing documents if the Note said $1200 per month. What were you thinking? I guess you weren’t. When they say “trust me.” Don’t!
Assuming what you are saying is the truth, I would suggest you bypass the loan originator and speak to the top dog of the mortgage company. Tell them they either fix this or you are going to contact their regulator and the Better Business Bureau and then do just that. What ever you do, be prepared to follow through.
Posted by steve malkin on July 14, 2005 at 04:02:59:
Is there any legal recourse if mortgage payments come in at a MUCH higher figure than what the GFE states?
I received a GFE that put my mortgage payment at $410; however, the bank notified me that my minimum payment is closer to $1200 (almost triple). My loan officer has said that it is entirely her fault and that she didn’t understand the product (fixed 1.75% neg am w/ a balloon). She said she’ll get me into a no-cost refinance instead if I’d like. The problem is I have a 3% pay-off penalty, to boot. Is she legally liable? Even at closing, she said not to worry that on my payment coupon I’ll be able to choose the $410 option.