Mortgage broker didn’t lock in rate – now paperwork says we have to pay a higher rate.

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Mortgage broker didn’t lock in rate – now paperwork says we have to pay a higher rate.

We signed and dated an agreement to lock in rate. Broker didn’t lock it in. We get to closing and realize all paperwork has agreed rate EXCEPT the one that breaks down our loan payments. We called and called and called from title agency only to find out our broker went on vacation and didn’t tell anyone. Sellers threatened to back out of deal. We signed contract even though we didn’t agree with numbers. Title agent said if we needed him to back us up, he would. We finally spoke to broker who admitted mistake, but could not/ would not do anything to fix contract.

Asked on June 3, 2009 under Real Estate Law, Texas

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Then you have what many people go through. You can do all three of the following because every state is different on how such mortgage issues are handled:

 

1. Texas Attorney General

2. Texas Dept of Banking

3. www.attorneypages.com and talk to a Texas real estate attorney.  Check his or her record at the Texas State Bar.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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