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 14 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.
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