Legal Question in Real Estate Law in Georgia

Mortgage Broker Doubt

Hello, 4 years ago, I went to Atlanta, GA. I bought a condo there, which I later found out was over priced by about $25,000 or more. And I also found out that the mortgage broker padded my income to get me the loan. He did this without my consent or knowledge. However, I trusted him and the real estate broker he was working with, and I signed the papers. He padded my income a lot, saying I was making $10,000 a month, which was nowhere near my income. He also got me 2 mortgages, one for 9.75% and another for 13%. My credit score then was about 750-754. The condo foreclosed last November. Is there anything that I can do? I also believe that this mortgage broker paid someone to lie about my income. This was also without my knowing about it. Thank you.


Asked on 5/11/06, 4:54 pm

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

Re: Mortgage Broker Doubt

There are a lot of missing pieces. Yes, the mortgage broker may be liable for mortgage fraud but you also signed the fraudulent documents. Moreover, a foreclosure presumably means YOU did not make the payments. If you agreed to the transaction, and knew what your payments would be, and failed to make them, I am not sure how the foreclosure is anyone else's fault on the facts given, even if your application was fraudulent. As for the condo being "overpriced," the seller will sell for as much as they can get. Again, I am not sure how your decision to pay that amount is anyone else's fault. Perhaps there is much more to the story, and you can certainly notify the police about the mortgage broker. However, given your participation, you really should see a lawyer first.

Read more
Answered on 5/11/06, 5:07 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Georgia