If a mortgage company fails to close as promissed..is the client entitled to compensation? The counselor is blaming underating

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If a mortgage company fails to close as promissed..is the client entitled to compensation? The counselor is blaming underating

Mortgage Counselor promissed to close in less than 30 days….it has been 2 months and the delay has led to my current loan to reset at a hiegher rate. Company wants to compensate me with $1,445Counselor admits company policies were not followed.

Asked on May 27, 2009 under Real Estate Law, New Jersey

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If you don't already have a lawyer on board for this deal, you need to get one right now.  There is a listing in your telephone book for the bar association's lawyer referral service, and you can also find qualified attorneys at our website, http://attorneypages.com

A mortgage commitment is a contract, and if you had one, and the lender failed or refuses to close on the terms of that commitment, you might well be entitled to compensation.  Without knowing all of the facts, I can't tell you whether the amount being offered is fair -- or if it's totally inadequate.  It may also be possible to make the lender to go through with the original deal.


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