Legal Question in Real Estate Law in California

Home mortgage

I just signed refi. papers on my home. I am unemployed. The broker knew that up front. They sent a notory to my home, I signed the papers. Later while going over the papers I noticed a paper saying that I was self employed making 4000.00 a month.When I called them on this they said it was a mistake and I could cancel or go with a higher intrest rate.Is this a breech of contract?Thanks


Asked on 2/08/07, 5:41 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Home mortgage

I'm not sure if it's a breach of contract. If your mortgage broker knew of your unemployment but guaranteed a certain rate, and then misrepresented your income, the mortgage broker might have used a "bait and switch" tactic to try to secure a higher interest rate. You didn't say whether you agreed to the rate. There might be a statutory violation there, somewhere and perhaps a licensing issue.

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Answered on 2/08/07, 7:50 pm


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