Legal Question in Credit and Debt Law in Illinois
Refinance mortgage
I have applied for a refinance loan on my property. I have signed the initial paper agreement which says that the bank can search my credit report .. etc.
I then locked my rate on a verbal agreement with the bank, however I did not sign any thing.
I am now thinking about getting out of the deal, the bank said that they will be penalized by ''Fannie Mae'' for not buying the loan .. he said that they will send me a bill of the money (around $1000) and if I don't pay .. they will send this to collector company.
My question is, what is my legal commitment to this verbal agreement?
Many thanks,
1 Answer from Attorneys
Re: Refinance mortgage
Shame, shame, shame. Sounds like an act of utter desperation to me. If you did not sign anything with them, they are going to have a heck of a time collecting. Tell them that if that is the way they want to play, you will go through with the transaction and cancel in your three day rescission period. If you are in the Quad City area, I would be happy to assist you further with this.
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