Legal Question in Consumer Law in Illinois

Appraisal Fee Refund

Hi, I recently applied for a refinancing loan.I submitted all the paper work to the bank and got it approved.We even scheduled a closing date.We even paid $250.00 for the appraisal fee.The bank has locked the rate for 30 days.All the conditions have been met, since the mortgage co hasn't paid the appraisal co, they couldn't release the appraisal and so the bank rate lock has been expired.Now we didn't get the loan at a lower rate because of the mortgage broker's negligence. When we asked for our appraisal money

they refuse to refund.We contacted the appraisal co they said they still didn't get paid.We lost the loan at a real

lower rate,which could have saved us almost $200.00 a month and we lost the appraisal fee.What the law in Illinois. Is the mortgage co liable for the refund and the monthly loss of $200.00. Please advise.


Asked on 7/18/03, 12:48 pm

1 Answer from Attorneys
Dennis VanDerGinst VanDerGinst, Roche & Westensee, Ltd.

Re: Appraisal Fee Refund

We are in receipt of your e-mail of 07/18/03. Unfortunately, our caseload at this time is such that we would be unable to devote the attention to your case that it deserves and must decline representation. We sincerely appreciate your interest in our firm.

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Answered on 7/24/03, 2:51 pm


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