Loans, Debt & Credit - View Single Post - Last minute change in terms at closing last year.Is this a violation?

indeep1959 · 07-16-2009, 03:56 PM

A question for an attorney:

Not sure if I have a case against CW/B of A,but when I purchased my new home last year (Jan 08) 24 hours before closing they changed the terms of my loans,and as such had to put down much more money than I had been told all along (construction of a house,took about 5 months) that I needed. Also the interest rate on the second loan was jacked up to almost 11,which at the time,they were hovering around 5 for helocs. I had no choice but to do it,lest I lose all the money that I had put in the house (down payment,things I had bought myself for the house as it was a custom home) Between down payment and those expenses, I was way over 50,000 so couldn't really walk away.

CW's answer was that I could refi everything in a few months later that spring to better terms. Yeah right,tightening credit markets and falling home valuations screwed me for that.

Tried to find another broker I had used in the past,but his solution was not to my liking. (income falsification)

So basically had to use all the money I could get my hands on,my IRA's,credit card cash advances etc. Now,I'm paying the price as work is extremely slow,and my debts are out of control.
I'm not a litigious individual but sometimes I really want to sue the pants off these guys for this.
If it wasn't for everything I had put in I'd of walked.
Thanks for reading.

07-16-2009, 03:56 PM	#1 (permalink)
indeep1959 Senior Member Join Date: Jan 2009 Posts: 60 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Last minute change in terms at closing last year.Is this a violation? A question for an attorney: Not sure if I have a case against CW/B of A,but when I purchased my new home last year (Jan 08) 24 hours before closing they changed the terms of my loans,and as such had to put down much more money than I had been told all along (construction of a house,took about 5 months) that I needed. Also the interest rate on the second loan was jacked up to almost 11,which at the time,they were hovering around 5 for helocs. I had no choice but to do it,lest I lose all the money that I had put in the house (down payment,things I had bought myself for the house as it was a custom home) Between down payment and those expenses, I was way over 50,000 so couldn't really walk away. CW's answer was that I could refi everything in a few months later that spring to better terms. Yeah right,tightening credit markets and falling home valuations screwed me for that. Tried to find another broker I had used in the past,but his solution was not to my liking. (income falsification) So basically had to use all the money I could get my hands on,my IRA's,credit card cash advances etc. Now,I'm paying the price as work is extremely slow,and my debts are out of control. I'm not a litigious individual but sometimes I really want to sue the pants off these guys for this. If it wasn't for everything I had put in I'd of walked. Thanks for reading.