Legal Question in Real Estate Law in Michigan

Betrayed by loan officer - I want to take action ASAP

I was working with a loan officer from a company. The loan officer got me an approved conv. loan. I mentioned to him I was working with a couple of other lenders and the first one who got me a VA ''Approval'' had my money and my business. Three days later he wrote me an email stating he gotten me approved. I asked him for a letter, which he provided. The letter stated, I had been ''approved'' for a loan of $200k.. upon satisfactory conditions of the appraisal. With this, I put a bid on a house. When my realtor tried to get a good faith escrow est. from him. He said he would fax it. He never did, the next day, I was talking to him, he started to call it a ''pre-pre-approval'' for which the next they, they declined to give me the loan. After all of this, I had my current residents sold to my parents, I had my realtor working to get me into a house I just put a bid on and not to mention the pain and embarrassment my family had suffered. I want to seek a lawsuit against this company and the lending inst. But I am unsure how to approach it. Please advise me how I can do this.


Asked on 7/03/01, 11:33 am

1 Answer from Attorneys
Don Darnell Darnell & Lulgjuraj, P.C.

Re: Betrayed by loan officer - I want to take action ASAP

What happened to you is not uncommon, unfortunately. I beleive that the mortgage broker business is so competitive that a broker will do anything to get your business. I think you have several causes of action against the broker, but I'm wondering what your actual damages would be - if any. This may make it financially unsound to sue them. Instead you may want to pursue a complaint with the state attorney general.

However, if the only way you can gain personal satisfaction is through a lawsuit, please feel free to contact me directly.

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Answered on 7/03/01, 12:36 pm


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