Legal Question in Real Estate Law in New Jersey

Mortgage loan gone bad

I have been saving for the past 5 years to buy a house, today I was suppose to close on my town house. However, my mortgage broker never locked in my rate of 5.4% from a month ago. Now he is telling me I need to pay 6.15% for a 5 year ARM. And hope to refi to a better rate within the next 5 years. He told me the rate was locked in about a month ago.

Now the seller is making me close within 10 days or I have to pay all kinds of penalty.

Please help....I am about to loose everything !!!!!


Asked on 6/28/08, 1:02 am

1 Answer from Attorneys
Robert Davies The Davies Law Firm, P.A.

Re: Mortgage loan gone bad

You have a huge problem, and it sounds like you have a claim against the mortgage broker.

Why is your real estate lawyer not helping you with this mess? If you have asked your lawyer, and can not get answers, then fire your lawyer. Today. NOW. Get someone who will fight for you.

Please call my office if you would like my assistance. I would be happy to speak to you on the telephone, but it will take more than just a brief telephone call to assist you with these issues.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru. This website, LawGuru, will NOT let me list my phone number in this response.

Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The response that you have received is based only on the small amount of information which you have provided. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

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Answered on 6/30/08, 10:16 am


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