Legal Question in Credit and Debt Law in California

Mortgages

I have signed all the papers, deed of trust and note to purchase a home at a stated interest rate. The mortgage company has refused to fund it, I think based on my credit. They said they will fund it if I agree to pay 3% more interest. My credit is less than perfect. Do I have an enforecable contract when the note and deed of trust is signed? Or can they keeo jerking me around to extort more money from me.


Asked on 12/07/00, 12:22 pm

1 Answer from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Mortgages

The general rule is once both parties sign a contract is final and binding unless there's language in the contract that allows them that way out. You need to read the specific language of the contract.

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Answered on 12/07/00, 11:32 pm


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