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Im wanting to sue Pulte Homes Back in October of 2002 I meet…

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Im wanting to sue Pulte...
Im wanting to sue Pulte Homes
Back in October of 2002 I meet a Pulte Sales rep and went with a new construction home asking price 129,900 pulte mortgage was also in this same office. amazingly the appraiser came up with 129,900 and in my final loan documents My income was inflated by the pulte mortgage/sales rep so that i would qualify. pulte also gave me a loan buy down credit so that my rate in year one would be 5.5 year 2 6.5 year 3 7.5% this was also done so that I could qualify. At year 3the payment got so high that i had to borrow from my retirement account and refinance the note. my homes tax appraisal has gone down to 115k and I would be lucky to get that amount. My question is Do I have a case?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 22 hours by:
6/17/2010
Real Estate Lawyer: Law Pro, Lawyer replied 8 years ago
Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24,870
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Verified
No. Sorry.

Pulte is not an "insurer" of home values into the future. They can only offer a home at the current fair market price at the time of the purchase - they can't gaurantee it's value won't decrease (although most homes increase in value as time goes by).

You might have a cause of action for a violation of the RESPA for the fraudulent inflation of your income. However, the usual problem with such is that the consumer "signs" off that the stated income IS their income under penalty of perjury and fraud - that you have verified all the information.

Sorry.

Have you tried a loan modification? That would be your best alternative at this point - a loan modification pursuant to the Obama HAMP plan.





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