Myself and another person whom I am not married to, went to obtain a mortgage thru a broker for a new home purchae. At the day of closing I found I had a 80/20 loan and the 2nd loan was to be funded by 5th 3rd bank. The problem was there was nothing saying what my payment or interest were going to be, I had signed one page. The closing agent said 5th 3rd would have to call me back in to close the loan. The other borrower had not signed any of the paperwork. I was concerned because I had signed a paper. The closer said don't worry they can not transfer funds or close this loan with out me signing the wire transfer allowing 5th 3rd to send the money on my behalf. Closer said they could not close the loan with out the other borrowers signature. Three days later 5th 3rd sends to me in the mail the original loan document I signed and asked for the other borrower to sign so they can book the loan.
I contacted them explained I have not been given the pertinent information on the loan and need to be called back in to close the loan. What I found out is 5th 3rd transferred the money and then faxed me saying the loan was an equity line of credit with a whopping 10.75% rate. My broker said I was going to get a 6.38%. Then they fax me an application and ask me to sign. The problem is they dropped the other borrower off the application and had my income $10,000 more than I earn. Long story short I agreed to an 8% interest and they agreed.
They sent me a replacement mortgage for myself and the other borrower to sign. Problem they changed it to say we are married, still had an application soley with my name and the escalated income, they wanted us to sign and send it back and someone at their office would notarize the documents. I told them to correct the documents and I would sign. They filed suit for non payment against me.instead of correcting the documents. They can not file a lien on my house because the other borrower whom is on title of the house did not sign. They are ruining my credit. I have obtained an attorney and am in the process of discovery. How ever the other party I own the home with needs his own attorney.
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