Home Buying in Eugene>Question Details

Coriel3, Home Buyer in Eugene, OR

I am in the middle of trying to purchase a new home, Through out the process I was lied to and told that my monthly payments would only be around

Asked by Coriel3, Eugene, OR Wed Jan 9, 2013

$1300 for a $233,000 loan, I was presured into signing papers to hurry up and get them in before the first of the year and told that I did not need to get a real estate agent, I gave them a $14,000 deposit $4,000 for an escrow account and then the other $10,000 for excessive features that I was adding to the house because I was approved for $250,000 so thinking that since I was approved for that amount my payments would not be outrageous...Well come to find out I just recieved my loan estimate and the payment is now going to be almost $1,700 a month because of the mortgage insurance and some hazard insurance that I was never told would be on there! I can not afford to pay that and when I called them yesterday to tell them they said that they had already used the money I gave them to get the building permits so that if I backed out I would be out the $14,000! Can you please tell me if this is correct or if I have a case against them?

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Hi, my name is Casey Lown. I'm sort of new at Trulia but I've been a loan originator for over 11yrs. I think you need to do a couple things to cover your bases. 1. Speak to a Real Estate Attorney about your options of getting your money back. Paul Allen is someone that I would highly recommend. He's very experienced and he's very good. 541-686-9160. 2. I would seek out another lending company and get their advice on what lending options you have with them. I've seen these kinds of practices used before. It's unfortunate. That's why it's always important to work with someone that was referred to you. I would be happy to talk to you more about your lending options, as there are programs that allow for a borrower to avoid having to pay monthly MI with some buyout options. Not very many lenders offer this because they may not be working with investors that allow for this option. Give me a call over at Summit Funding, 541-868-1850.
1 vote Thank Flag Link Wed Sep 11, 2013
If you have complaints about a lender in Oregon, contact the Oregon Department of Consumer and Business Services. They can help you. There's also a "complaint" button on the website. You can find them at the State website: http://www.oregon.gov.
0 votes Thank Flag Link Wed Sep 11, 2013
I am so sorry you are facing such circumstances. I am sure it feel scary and is stressful. I would imagine you have resolved this by now, but in case you are still enduring this hardship, I will offer my two cents. As a realtor, I am not in a position to give you legal advice, but I can suggest you seek a real estate attorney. If you indeed are in Eugene, I would reccommend Whit Budge on Country Club Road. You can tell him I referred you if you like, he has given me advice as well and I respect him very much. For your future purchases and real estate dealings, I would reccommend using a realtor. A professional realtor will have your best interests at heart and can help you navigate this process. As a buyer, a realtor's services are "free" to you, realtor fees are paid for by the seller. It is always wise as a buyer to have your own representation, by using a an agent to represent you. If you ever have any further questions, please feel free to contact me directly for a no obligation answer. I love to help others in real estate. Thank you and I hope things shaped up much better for you by now. Rani :)
0 votes Thank Flag Link Fri Mar 8, 2013
I would consult with a real estate attorney right away to discuss your situation
0 votes Thank Flag Link Fri Mar 8, 2013
Yes, go right to a real estate attorney. I would be very interested in knowing who the lender and builder is as well if you'd like to let me know. It is always a good idea to have a Realtor represent you. I'm sorry this has happened. I hope this hasn't closed yet.
0 votes Thank Flag Link Fri Jan 11, 2013
Go see a real estate attorney immediately.
0 votes Thank Flag Link Thu Jan 10, 2013
Realtors are discouraged from giving LEGAL advice.
You should talk to an Attorney.

Interesting how "THEY" get around and are believed.
0 votes Thank Flag Link Thu Jan 10, 2013
I would seek an attorney's advice on the matter. In regards to $1300 payment jumping to $1700. Did you get that estimate from your lender or the builder's agent. It looks to me that $1300 would be your principle and interest payment. They just left out the taxes, insurance, and additional hazard insurance.

Unfortunately, to get your attention we often see teaser rates tat are quoted with only the P&I. Please call me if you are looking for an attorney. I would be happy to recommend a couple. Sorry for your frustration.
0 votes Thank Flag Link Thu Jan 10, 2013
You need an attorney. Pay a consultation fee to a local real estate attorney to look over you contract, but typically with builders if you do upgrades that money is non-refundable.
0 votes Thank Flag Link Thu Jan 10, 2013
I still have so many questions regarding the situation. It does sound like you have some ground to stand on. Who is the lender? Was there a licensed agent involved on the selling side? I'd consult an attorney if you don't want to follow through with the purchase.
0 votes Thank Flag Link Wed Jan 9, 2013
That's really unfortunate. You probably have a case. You should speak with a real estate attorney.

It's for situations like this why I always recommend buyers bring a Realtor along whenever buying a new construction home.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Wed Jan 9, 2013
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