Legal Question in Real Estate Law in Colorado

Refinancing a home mortgage

I have been approved on my refinance since June 2007 and still have not closed. I have heard a hundred excuses and am not too sure if I should first contact the Attorney General or take another route. This delay in my refinance has forced us into the beginnings of the foreclosure process as we were advised by my mortgage broker to not make my payments (since October). He has refused to give us anything in writing. Doesn't he, by law, have to give us some proof in writing? I don't see how we could be approved for 6 months and still not close. Our credit has now been effected which is why I am considering seeking legal action.


Asked on 1/05/08, 3:53 pm

1 Answer from Attorneys
Robert Murillo Pivotal Legal Ltd.

Re: Refinancing a home mortgage

Morning,

Sorry about the problems. There are too many issues to consider and would require close review of the documents, what was said and other facts. You may have a basis for breach of contract, fiduciary and tort claims (misrepresentation, negligence, so on).

Moreover, Colorado enacted SB 07-216 which provides additional duties on mortgage brokers effective for loans closed on or after July 1, 2007. The changes include additional duties of "good faith and fair dealing" regarding all communications and transactions with borrowers.

Without more information, it is impossible to state what rights and remedies you may have. Contact an attorney. Good luck.

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Answered on 1/06/08, 1:07 pm


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