| Predatory lending or outright mortgage fraud?
Here it is in a nutshell....
1st Mortgage by WAMU. Closed on 02/20/2004.
Just discovered major problems with my cosing documents:
- No record or ever received a copy of a signed 1003 application
- No record or ever received a copy of a GFE
- TIL Disclosure has the amount financed as $321,499.45. Actual Loan amount was $322,500
- HUD 1 Line 700 commissions earned by the Broker or paid by the Lender to the Broker is left blank.
- Appraisal copy to us was for $430,000. There are handwritten notations from the processor at WAMU stating to the Broker that the appraisal came in low.
Loan amount was for $322,500.
Broker explained to me, back then, the guidelines for a Cash-Out refi, which we needed, could not exceed 70% of the appraised value. Apparently someone either bumped up the appraised value to $461,000 to get the loan closed at $322,500 or gave us a $31,000 free pass.
- WAMU's closing attorney on 03/09/2004, 18 days after closing, requested us to sign and return to his office the following documents:
Anti-Coersion Disclosure
Affiliated Business Arrangement Disclosure Statement
Servicing Disclosure Statement
Interest Rate & Loan Fee Policy
Addendum to Application
- 2% Prepayment Penalty for the first year
Something stinks here real bad.
I believe unfortunately the statute of limitations on TIL and RESPA violations have expired however in NY, where we reside, a breach of contract statute of limitation is 6 years.
Anbody have any thoughts or recommendations on whether WAMU has breached a contract?
Do I fight or let it go?
I have spoken to a few attorney's and they all seem wishy washy about this scenario. Not really sure it seems.
I need a really sharp mortgage attorney that knows the ins and outs of this type situation.
| 
Connect with Facebook
Linear Mode
