Is there any recourse or compensation for waiting 3 months to find out I was denied a loan? Now interest rates have gone up 4.5% to +6%

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Is there any recourse or compensation for waiting 3 months to find out I was denied a loan? Now interest rates have gone up 4.5% to +6%

My current mortgage company is Chase. I have a perfect payment record with them and my FICO is 800. March 20, ’09 I had applied for a re-fi. I’d submitted all requested documentation on time. In the second month I was asked for more documentation and no other response from them. Third month I was asked for more documentation. Finally on June 16, ’09 I was denied because ‘…my loan-to-value ratio was over the limit..’ Intermittently I had spoken with the mortgage consultant and he’d assurred me that everything was OK and I will be ‘signing the paperwork any day..’ referring to the final docs.

Asked on June 17, 2009 under Real Estate Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Chase is regulated by the OCC (office of the comptroller of the currency) so you would need to file a complaint through the OCC if you would like to find out what happened. The longer you wait, the longer it will take.

You can also hire an attorney if you wish, but that is your private recourse.  The OCC is your administrative recourse.

The OCC is www.occ.gov.

For a private attorney, try www.attorneypages.com and check his or her record at www.calbar.ca.gov under attorney search.


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