Legal Question in Real Estate Law in Virginia
Unsigned document, but gave verbal authorization for credit card transaction
Refinance with mortgage broker - I gave verbal authorization via phone to charge my credit card to lock in an interest rate. Later received the lock disclosure agreement which listed the rate & ''true costs'' which they say are closing costs. I thought I was locking in the rate only; therefore, did not sign & return the document. Spoke to lender & she said she read the standard lingo on the form & that I agreed to the terms. The conversation was taped. A good faith estimate was sent the next day. They provided a lump sum for their true costs and not an itemized list of their fees - just ''included....''. They will not provide an itemized list of their costs. For risk of losing my lock fee and since I did not sign the lock in agreement within the 24 hrs as they requested, 1) am I legally bound to it since I authorized the credit card transaction? 2) Can I dispute the transaction with the credit card company for misunderstanding of terms? The rate lock ree is non-refundable.
1 Answer from Attorneys
Re: Unsigned document, but gave verbal authorization for credit card transaction
Your authorization to charge your credit card is a form of PAYMENT. It is separate and different from your agreement to enter into the loan agreement.
I don't know from these facts if you actually agreed to the overall mortgage agreeement.
But the credit card is an independent issue.
If no money is due, then no money can be charged on your credit card.
It is like if I give someone a check and then get a refund by returning the merchandise. I don't owe them the money, so the form of payment is not necessary.
You are certainly entitled to more information. These are precisely regulated.
You might want to talk to:
www.MortgageFraudExaminers.com
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