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socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39010
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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I am in the middle of purchasing a home thru Citizen's Bank.

Customer Question

I am in the middle of purchasing a home thru Citizen's Bank. I am currently in an apartment and my lease is due to expire at the end of this month, October 31, 2016. I found a home in the beginning of September, contacted my mortgage guy, Paul - and gave him the information - my realtor, Kelly also forwarded the purchase agreement to him - so he had the agreement day 1. Paul emailed me stating he submitted the paperwork on September 12. I am aware of the closing process and how long it takes to close, typically 30-40 days. The processor didn't start asking for paperwork until the beginning of October (2 weeks later)- she sent it to underwriting who continued to ask for documentation for the following 3 weeks. Everything they asked for - they got in minutes. My closing date was for October 18th (here it is the 25th). My mortgage guy messed my loan up when he submitted it - ultimately costing me thousands in closing costs. I got his boss involved, Rich. Rich said yea, Paul overlooked A B and C. He made Paul redo the loan - but now because he had to rewrite it over HIS mistake - it has to go back through underwriting. So because he messed up and overlooked costly mistakes (which I still have to pay for even with the loan redone) I have to go through this all again - they had the final paperwork (acknowledgment of closing) from me signed and delivered LAST friday at 11:28 - today the end of Tuesday the underwriter still has not looked at it. I am supposed to be out of my apt by the weekend and I don't even have keys. They didn't catch his mistake until the 3rd week in October - 3 days before I was suppose to close. I lost most items in my negotiation with the seller. Paul neglected to tell me there was a 3% sellers concession on the type of loan he submitted - but the purchase agreement states the seller was to pay 2500.00. So now - they can only pay 1710....sticking me with the rest. Also, when the came up with the sellers closing cost to be paid on my behalf - they based it on MY loan amount and not the purchase of the home - costing me more money. Please help me.
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  socrateaser replied 10 months ago.


You don't have many options. You would have to either: follow through with the existing loan and the sue the mortgage broker for your losses caused by his negligent performance; or cancel the deal, find another lender, complete the loan, and sue the mortgage broker for the difference in cost between the new loan and the old loan.

This is probably a small claims court matter ($6,000 or less in damages). Unfortunately, neither of the options I've described will speed up the process -- they may actually slow down the process, especially if you threaten to sue before the loan is complete.

There's really no way to expedite the matter, because if you complain to the CFPB (federal government), that will take even longer to resolve.

I realize that my answer may not be exactly what you were hoping to read. However, under the circumstances, the best that I can do is to explain what the law is and is not, so that you can avoid expending valuable resources looking for answers that do not exist, and concentrate on the options that are actually available.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

Expert:  socrateaser replied 10 months ago.

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer (click 3, 4 or 5 stars) – otherwise, I receive nothing for my efforts in your behalf.
Thanks again for using Justanswer!