Legal Question in Real Estate Law in New York

Mortgage Broker

I am waiting to have a closing date set for a house I am in the process of buying. I have come to dislike my mortgage broker very much, on the account that they are taking for ever with this process, misplacing papers and just about everything that could possible inturrupt the process and slow it down, has. My rate lock expires on Sunday (the end of June was the goal for the closing). It is now August.

Am I still obligated to stay with the same mortgage broker if the rate lock expires? If so, is there a complaint I can file somewhere so someone else doesn't have to deal with their lack of courtesy?


Asked on 8/05/03, 10:53 am

2 Answers from Attorneys
Debra Palazzo Law Offices of Debra Palazzo, LLC

Re: Mortgage Broker

You can complain to the Banking Department re: mortgage brokerage. If you do not stay with same Broker you will have to start process all over again and this delay may put your downpayment at risk if Seller demands a closing date (since already beyond contract closing date.) Hang in there your almost done.

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Answered on 8/05/03, 11:03 am
Mitchell Drucker Law Office of Mitchell S. Drucker

Re: Mortgage Broker

I concur with the prior attorney's post, and would just add that you may want to go as high as possible within the broker's company to see if your situation can be resolved. If the delay was caused by your broker, you should ask them to extend the rate lock for no charge.

Finally, to the extent you are now represented by counsel, you should consult with him/her.

Good luck!

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Answered on 8/05/03, 11:55 am


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