Financing in Sterling>Question Details

Faith&truth…, Home Buyer in Sterling, VA

i puchased a home and the mortgage company just recently told me if they can't sell the loan they will call the loan. How can they do that?

Asked by Faith&truth Pervails, Sterling, VA Mon Aug 30, 2010

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Faith -

You've recieved some terrific answers - I agree you shoudl go see an attorney familiar with lending practices in your state.

Now, let me add a little tidbit that no one (in your loan transaction) may have shared. Did you use a Mortgage Broker / Lender who was afilliated with the RE Broker? If so, they may have a joint venture with a larger mortgage company that was re-branded for that Brokerage. If that Loan Officer and Broker didn't do everything they were supposed to do, correctly, the parent Mortgage Lender may be calling the loan from the RE Broker (not you) and they may be trying to dump the problem onto you.

Again, find an attorney for a consult, make sure you have a copy of every piece of paper you signed and if you don't get resolution in writing quickly, call the Attorney General's office in your state.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. There is NO benefit to the Seller or Buyer but only benefits the Agent.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
1 vote Thank Flag Link Mon Aug 30, 2010
good evening...as long as you have not defaulted on the loan, they cannot accelerate...it isn't your fault they couldn't sell the loan..it sounds like a post closing issue...they may come back and request you sign additional disclosures to make the loan saleable.....if you live in the home as your primary residence, they cannot balloon the note for five years...unless you default..and cannot even do it then if it isn't written into the terms of the note you signed....they only exception would be if they are exempt under state law for doing less than a certain amount of loans per year....
i would consult a r.e.s.p.a. attorney......give them a copy of the docs you signed..all of them...
best regards
bob mcclure
mortgage one
brighton, michigan...
0 votes Thank Flag Link Mon Aug 30, 2010
If you used any sort of legitimate mortgage company, that can not happen. You should contact your states banking commission at once, provide copies of yoru mortgage, note, closing docs and a copy of the statement they are threatening to call your mortgage. you may also want to meet with an attorney to review your case. good luck in working things out
0 votes Thank Flag Link Mon Aug 30, 2010
Dear Faith, I don't understand how that is at all possible. What type of loan did you get? FHA, VA or Conventional? In VA, all mortages are called Deed of Trust. That means that the mortgagee (lender) has accepted your property as collateral for the loan and if you pay as agreed, you stay. If you can provide more details on the type of loan you got...I can perhaps be more helpful. I am not a loan officer but a broker associate with Long & Foster Realtors with 30 years experience.
Web Reference: http://www.Anne.Oller.com
0 votes Thank Flag Link Mon Aug 30, 2010
Who is your loan officer and lender?
This makes no sense.
0 votes Thank Flag Link Mon Aug 30, 2010
Hi there!

This is a question to take to your mortgage loan officer for a clear and thorough explanation. It is within your rights to understand every aspect of your loan. So feel free to contact him or her and ask as man y questions as you need to get a clear understanding of your loan. Best of luck to you!
0 votes Thank Flag Link Mon Aug 30, 2010
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