For weeks I was told my house payment was one amount and then at closing it was $50.00 more. Is this legal?
I just bought a house and I had worked really close with the banker. We were in constant contact. She knew I was worried about having a high payment. The day of closing I spoke to the on the phone and also met her at the bank to get my certified check for closing. Finally at the closing I was notified that my loan amount, and payment changed. I feel like this is something I should have been made aware of before sitting there with everyone looking at me, waiting for me to sign. I can't imagine this is legal to put someone on the spot like that. I had no other choice at that point, sign or be homeless. My previous home had closed just 1 hr before my new closing.
Ann,
You should check out the new law that Josh refers to. If the application was taken prior to 7/30, you may be out of luck. But why did the payment go up? Why did they change your loan amount?
But you should have definely been disclosed the new terms prior to closing.
Just saw this:
http://www.trulia.com/blog/helen_oliveri/2009/09/new_loan_di…
Hope that it helps
Ann,
Some states require re disclosure THREE DAYS prior to close if your payment changes at all or if closing costs change by 10%.
Also, there is a new act called the MDIA (Mortgage Disclosure Improvement Act) that came into effect July 30, 2009. You may want to google that. You would definately want to speak to an attorney as well.
E mail me if you'd like me to send you any further information on the MDIA.
Good luck!
jstewart@pmcsmartloans.com
You need to consult an attorney for legal advice. Sorry about your troubles. I hope you get it worked out.
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Fair Housing and Equal Opportunity