Has anyone every heard of a Mortgage Broker asking their client, the buyer, to sign their 3 day right to cancel and send it back to them?

Asked by beattiemj, 98117 Sat Feb 23, 2013

Apparently Fannie Mae didn't want to finance the loan, so to avoid having to buy the loan themselves, he told me to sign the right to cancel and send it back to him because it wouldn't go through. I foolishly did so. Is this legal?

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Gregorio Den…, , San Diego, CA
Sun Feb 24, 2013
It sounds like you got used. Based on the information in this and your other post, It appears they closed your loan but something was wrong with it that made it ineligible for delivery to Fannie Mae. Since they can't sell it, it seems they convinced you to rescind and that takes them off the hook. If this is what happened you should never have rescinded. You should speak with an attorney to see if you have any recourse at this point.
Web Reference:  http://WeFixRates.Com
2 votes
Was this a purchase or refinance? Most likely it was an error on the part of they broker and they just were covering their tracks. Give me a call if you would like me to look at your situation and see if you can still qualify.
Flag Mon Feb 25, 2013
Thanks, thats what i figured. He asked for it back the same nice way he asked for 20 other documents and I wasn't thinking. Bummer.
Flag Mon Feb 25, 2013
Jirius Isaac, Agent, Kenmore, WA
Mon Feb 25, 2013
I have no clue from what you are saying here exactly what happenned, but I would get an opinion from another mortgage broker locally & show them the paperwork.

Good luck.
Web Reference:  http://tristarfinance.com
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