I had a suspicion prior to closing, even at application regarding the terms of the loan. I heard the phrase in my head "if it sounds to good to be true, it probably is" So I kept asking the Mortgage broker to several times go over the terms. He assured me that it was a "great loan", it was not interest only and not a neg. Amortization and that the rate was really great, I accepted the fact it was a 5/1 ARM I am ok with that, but that is just about it.
The GFE looked normal. It took along time to close and for weeks the mb didn't even give me an update and could never provide me info on when closing would take place. I kept having issues communicating with this company or even gettting them to reply to my emails (should have raised a red flag) But at the same time we were excited to get our monhtly payments down, so I was patient.
Here are the issues violations of the law as I have come to realize they have committed:
-Failure to disclose correct interest rate (GFE and HUD differs about 100%)
- Not disclosing the YSP prior to closing.
- Failure to provide the "3 day cancelation notice" at closing. I did receive it in the mail along with the closing docs, only one copy, 6 days post closing. I was told by the MB that at refi you dont get the documents at closing. And when I said my concerns about the 3 day cancel he said something like "well... You cant really cancel anyway because we are paying off debt and then the checks are out already... Bla bla"
- Not disclosing the mortgage was a neg am. He still does not admit thats what it is even thout the title attorney says it is "bad loan" "defiantely neg am" after 4 yrs I will owe almost $100,000 more than the original principal on the refi...
- Forged my signature on one document, convenient enough the one that discloses the neg am. It does not even look anything close to my signature.
- Loads of bogus fees on HUD
- Broker back dated all the closing docs to 3 days prior to closing. He told us to leave it blank (which of course we should not have agreed to) due to it was a MLK holiday so he said the title company will date it to the next business day... So now he got me for 4 extra days of interest the payoffs were not sent out til about a 8 days after the forged date.
The more I look thru the documents the more I seem to find.
So far I have done the following:
Sent over 25 emails in the last 3 days to the broker asking for clarification regarding the things that were not disclosed, he is avoiding my emails. I gave him a 3 day deadline before I said I would take action against him and his company. Trying to resolve with them first, but I give up.
Contacted the closing title attorney by phone -
Filed a complaint online with the BBB-
Filed a initial phone complaint with the lender
Contacted the District Attorneys office reg. Forged signature.
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