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.
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