Legal Question in Real Estate Law in Florida

Mortgage Broker Business Agreement
I have signed a mortgage brokerage business agreement with a mortgage broker. The Terms of Loan Application were for a loan commitment of $150000, at a 6% interest rate. They received a loan commitment from a funding company for $120000 at an interest rate of 12%.

Due to the high interest rate I declined this loan. I have also signed a GOOD FAITH ESTIMATE - RESPA, indicating the $120000 loan amount at 12% interest. They did not have me sign an addendum to the mortgage brokerage business agreement indicating the new loan amount or inflated interest rate. In addition, the loan commitment was for a ''rehab, fix & flip'' loan, when they knew this was to be my primary residence.

I have received a INVOICE DEMAND from the mortgage broker for $1150. They are demanding immediate payment and threatening to report this to credit bureaus.

Am I liable for this contract? If not what is my best recourse to have them release this demand? Can I report them to regulatory agencies?

Asked on 9/05/04, 7:00 pm

Scott W Barger Barger Law Offices

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Re: Mortgage Broker Business Agreement

I could contact them/write letter for a fee.

Would have to see contract first.

You could also contact Florida Department of State and try to lodge a complaint.

SWB

Answered on 9/07/04, 12:04 am

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