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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 19664
Experience:  B.A.; M.B.A.; J.D.
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My rate lock expired because the lender dragged their feed,

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My rate lock expired because the lender dragged their feed, they know it because they told me they would give me a 15 day extension, they fired the person who was handling my REFI but now they came back and told me that they can honor the original rate lock because they would loose money ?!?!? What legal recourse do I have ?
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My rate lock expired because the lender dragged their feed, they know it because they told me they would give me a 15 day extension, they fired the person who was handling my REFI but now they came back and told me that they can honor the original rate lock because they would loose money ?!?!? What legal recourse do I have ?



Response: You need to file complaint against the lender with Minnesota Department of Commerce, Banking & Finance. The lender must honor your rate lock since the lender caused the delay that resulted in the expiration of the rate lock. The lender has no right to ask for additional compensation in order to honor the rate lock.



Click on the link below to file your complaint:



http://mn.gov/commerce/banking-and-finance/consumers/complaints/

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