Legal Question in Real Estate Law in California
Re-Financing for Over 6 Months - HELP!
Began re-financing with a lender here in CA, found over the internet. Agent we were working with left the company. 2nd agent has been full of excuses, resulting in missed deadlines. Paid for an appraisal, loan was approved, signed documents and had notarized. New loan had a 12/01 effective date. Never heard from lender week leading into 12/01 or after that date. Finally got a hold of agent in January--said he was out sick and then went on vacation.
Told him I was considering contacting the D.R.E. and the BBB. He apologized and we ''resumed'' closing out deal with a 03/01 effective date. Failed to show for a 2/28 doc signing appt.
Can I sue for money I could have been saving had I not wasted my time with them? On behalf of the consumer?
Will the Dept of Real Estate or Better Business Bureau discipline the agents or company involved if I file a complaint?
Will the documents I signed with a 12/01/02 effective date jeopardize or complicate an attempt to re-finance with another, more reputable lender?
1 Answer from Attorneys
Re: Re-Financing for Over 6 Months - HELP!
You might be able to recover any out of pocket expenses and any money over and above the new loan you paid in interest. Somone would have to look over the documents carefully to give you a definitive answer. Keep in mind, however, that the attorneys fees and time you would have to spend may not be worth the money you would recover in the long run.
I'm not clear what documents you signed. If you signed an application and authorizations, you should not be under any obligation to the lender. Simply send written notice that you are withdrawing the application. If you signed the note and deed of trust, you may be obligated to pay off the loan. And because they have failed to fund the loan you should be able to demand they fund immediately or rescind it (and demand a return of any out of pocket expenses). Again, I would have to look over all the documents to give a more difinitive response.
If you want to lodge a complaint against the agent go to the DRE. You may also want to contact the lender and demand to speak to the broker of record and see if he/she can resolve this for you without having to file the complaint.
Hope this helps. If you are in my area and would like to discuss this further, please feel free to contact me. I'll be happy to set up a consultation and go over the transaction with you.
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