Legal Question in Real Estate Law in Arizona

My income was overstated by the loan officer on my mortgage loan app. I have two preliminary apps using the correct income but on the final app given to me at closing its 3k too high. Do i have any recourse to stop a foreclosure? I didn't notice the change until going through my docs this week.


Asked on 8/05/09, 8:23 pm

1 Answer from Attorneys
Joan Bundy Joan Bundy Law

You may have some recourse as long as you were not involved in the overstatement. If the loan officer just entered or wrote down the wrong number, that is a professional liability problem. If you have now defaulted on your loan, part of your defense could be that they gave you more loan (or higher payments) than you could afford on the salary that you reported and they miscommunication.

Good luck!

Read more
Answered on 8/11/09, 8:11 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Arizona