Legal Question in Real Estate Law in California

Mortgage/Real Estate

I went with a loan officer that is my dad's friend when I decided to buy a house. 2 weeks ago, my offer was accepted and I qualified for a loan. As of right now, the loan officer has not locked in a rate, and has not contacted me whatsoever. I have no good faith estimate either. Recently I found out that the loan officer told my dad all of my information that was on my credit report. My dad is not even on th loan, and he is not a cosigner. He also told my dad that my rate is going up, but has never told me! What are my rights? What actions can I take?


Asked on 9/14/08, 5:43 pm

1 Answer from Attorneys
Judith Deming Deming & Associates

Re: Mortgage/Real Estate

First of all, you do not have a loan...if you had a loan, you would already have signed loan documents and your rate would have been memorialized in those documents. You may have "preliminary approval", but that is worth exactly zero. You have the right to go get a loan from somewhere else, and it seems prudent to do so. Every "Tom, Dick and Harry" in California got a broker's license during the real estate upswing (it takes very little edcuation to get one)and many are now going back to their "day job," as the real estate market is floundering; it maybe that your loan broker is not real motivated to get you a loan. The law expects people to take reasonable action to protect themselves, and if I had a loan broker who was divulging confidential info, I would have dropped him within five minutes of learning about it.

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Answered on 9/14/08, 6:46 pm


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