Legal Question in Real Estate Law in Illinois
Purchasers Loan Agreement
I recently purchased a property and the Mortgage Broker I used quoted me a different monthly mortgage payment then what I curently am paying. This is too much and I feel I was lied to. Also, I notice after I purchase the property that they lied to to bank and said that I make more per year than what I actually do inorder to get the loan. Are there laws that protect homeowners against these types of transactions between mortgage brokers and their clients?
2 Answers from Attorneys
Re: Purchasers Loan Agreement
Unfortunately, you probably signed both the mortgage application and the Good Faith Estmate at closing. You are probably stuck. Your best bet is to either sell the place or see if you can refinance. Mortgage rates have lowered significantly and will probably lower again in the next week.
The lower interest rate may make your monthly payment an amount that you can handle.
Re: Purchasers Loan Agreement
There are definitely federal laws and regulations that protect homeowners in the situation you mention. Of course it's impossible to know without more details what laws may have been broken, if any, and what remedies you may have.
You can contact me for a free consultation to see if I think I can help you. Good luck!
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