Should I sue this Atlanta Mortgage Broker?
I applied for a mortgage back in june with a closing date of july 16. I gave
all of the info my broker requested to get the loan done and all the while he
reasurred me the loan would go through.Three days before closing he faxed my
agent a letter stating that the loan was completed and all we were waiting for
was to close. Packed, ready to move, a lease agreement on my townhouse (from
which I was moving out of),a rental truck ready for me to pick up,all utilities
switched, MY FAMILY WAS READY TO MOVE TO OUR NEW HOUSE!!! The DAY BEFORE
closing my broker informed me that the loan was not going to happen.He had not
secured a lender.After giving him two more weeks to secure the loan, I lost the
property to another buyer. I transferred the loan away from this idiot. The
new broker informed me that my credit report had 16 inquiries from many
diffrent lenders/investors.The inquiries started the day that I started with
the first broker. Two months later, and sick of living out of half unpacked
boxes (and damn near divorced!),I am scheduled to close on another house on
9/28. Is this common practice in your profession? I hope not. My family's
entire summer was ruined, as we spent most of our time frantically searching
for a new house. Anyway, was I in the wrong for trusting this guy?
read your post and feel awful about your situation although I hear of this a
lot. the mortgage industry was having problems because mortgage brokers were
not licensed to do business or should I say were not required to be licensed.
Now in most states it IS required thank god because that kind of practice is so
bad!
the inquiries would not have effected your loan that horribly. You have to
make a choice either to let it go or talk to an attorney. My advice, move
forward but write a letter to the department of commerce in your state and the
BBB.