Legal Question in Real Estate Law in California
Called a mortgage co. agent on the phone to refinance my house and was talked into putting down a non-refundable deposit of $450 using my credit card. Within an hour I received a printout with all kinds of fees I wasn't aware of. Called the agent back right away and told him that I wanted out of the deal. I was told that I could not get the $450 back. Is he right?
2 Answers from Attorneys
Starting point is to determine whether the agent or company is licensed by either the California Department of Real Estate or the Department of Finance. One or the other can license loan agents and brokers. If there is no license, they cannot do this at all, and if there is a license then make a complaint to the licensing authority.
Whether they are licensed or not has nothing to do with it. This is fraud, plain and simple. No legitimate mortgage broker requires an up-front fee. Fortunately you used your credit card. So contest the charge with your credit card company. They are required to reverse the charge and investigate whether it is valid. Then call the DA and file a complaint.
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