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MIAMILAW1127, Lawyer
Category: Legal
Satisfied Customers: 755
Experience:  Founding Partner at Moises Law, P.A.
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My questions is, can quicken loans be held accountable a

Customer Question

My questions is, can quicken loans be held accountable for misleading a customer to believe that they are receiving a 30 yr conv. loan: however, they ended up with a 15/15 loan?
Submitted: 1 year ago via Cornell Legal Info Institute.
Category: Legal
Expert:  MIAMILAW1127 replied 1 year ago.

Hello. Thank you for contacting me. I am a consultant here and I am looking forward to assisting you with your question. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Please be patient as I will be typing my responses to you from scratch. Also, I can only answer/address the questions you ask specifically based on the information your provide. Please try to provide as much information as possible so I can best assist you.

Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

The short answer is yes. A lender must abide by all TILA requirements and other federal lending requirements. They have the responsibility to explain to you what type of loan or product you are binding yourself to. You must have knowingly and willingly entered into the loan.

I hope this helps. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Thank you.

Customer: replied 1 year ago.
What measures would one take if this happen to them back in 2005 and just now found out that they haven't paid a cent toward their principle balance. I called to inquire why my principle hasn't started going down and the company that assumed the loan notified me that I was one of the unlucky ones to receive the 15/15 loan from quicken back in the refi boom.
Expert:  MIAMILAW1127 replied 1 year ago.

You can try to file a lawsuit against the original lender in federal court.

Customer: replied 1 year ago.
When you say try, that implies that there is no chance that it would hold up in court, correct?
Expert:  MIAMILAW1127 replied 1 year ago.

No. That's just standard lawyer talk that is embedded in us. We tend to speak in generalities and vagueness so as to not promise results as part of our statements.

Without seeing or knowing more about your case, I can't speak as to the merits of it and the likelihood of its success. Therefore, I use the word try.

Customer: replied 1 year ago.
If I decided to take it to court what benefit would I actually be looking at and also I am not wealthy enough to be able to hire a lawyer.
Expert:  MIAMILAW1127 replied 1 year ago.

Well the benefits may vary depending on whether the loan was fraudulent or not. You may be able to have the loan invalidated if there were violations of the TILA or any other federal regulation.

You would need an attorney for this process though.