Legal Question in Real Estate Law in Georgia

I applied for a mortgage with a large, national bank to purchase some land last year. I was approve for a loan and subsequently closed.

Here is my rub....Though I applied for a MORTGAGE to purchase some land, upon receivin my first official loan statement I realized the loan is a Home Equity Loan secured by the land.

I reviewed all of my loan documents. There is not a single mention of a home equity loan nor was I given a home equity disclosure. I did not receive a TIL disclosure when I arrived at closing which also is void of any information about the loan being a HE.

Do banks not make a distinction between a mortgage and a HE loan? If I applied for a mortgage loan, shouldn't I not be informed prior to closinng that the loan is a home equity loan?


Asked on 9/13/11, 7:37 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

The important questions are the terms and disclosures of the documents you signed, and the documents recorded (which should be the same ones you signed), not necessarily a label. If they are not clear, you'll need to take them to a lawyer. No one here has them, so "what if" questions and answers won't really help you much.

Read more
Answered on 9/14/11, 9:21 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Georgia