| Deceptive Mortgage Broker
I am in foreclosure at the moment. My mortgage broker was deceptive and dishonest.
When I stated the process, he was saying over the phone he could get me an 8% fixed rate.
After I made the offer on the house and when in to complete the application, the paperwork said 9.95% fixed. I questioned that and he assured me they just had to put a rate on the paperwork and the rate will be lower at closing.
The then steered me to an attorney who handles their closings. I said I already had one. He assured me that the fees would be lower with his (They ended up being $220 more than what he put on the GFA) and I reluctantly agreed.
At closing in 4/07 (which was pushed back bay about 10 days) I was blindsided. The final rate was 10.65% Adjustable. The lawyer was useless. I asked him if I had any options or recourse because I had a deposit, inspection and appraisal fees that I had already put forward. He said he knew nothing about the rate and told me to call the broker and said this was seemed to be a common problem with the broker. He said my only option was to complete the loan or walk away.
I figured I could refinance but I got laid off last year. So I have not been able to refinance and do not have enough income for First Franklin to offer a modification. If I had gotten the 8% rate I was promised, I would be struggling at the moment, but not in foreclosure. I also put a large down payment which I am likely to lose.
I know I was taken advantage of. Is there anything I can do? Have people had luck delaying foreclosure if predatory tactics were used?
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