Legal Question in Banking Law in California
In May 2013, I researched loan mortgage brokers, chose a firm, and "locked-in" with them at 3.25% on a 30 year fixed loan to refinance my existing home loan that is a 7/1 ARM. I filled out all the required paperwork, provided tax returns, etc. and had the appraisals done. All was approved, and I signed final loan documents with a notary on June 7, 2013. And, I paid over $10,000 to escrow. During that week, interest rates jumped and the mortgage firm was unable to "sell" the loan to any lenders. They have offered to refund my costs and let me back-out. Or, as another option, they tell me that they will honor the loan when rates go down again.
I want to go through with the loan - that is the definition of "locked-in." I don't know if they will ever honor it as rates are still much higher. Do I have legal recourse to make them honor the loan? I do have documents stating that I am to begin paying the mortgage to them on 8/1/2013.
1 Answer from Attorneys
Depends on the paperwork but you sounds like you have a case against them.
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