I just bought a new house. The mortgage guy seemed like a fuck up to me from the beginning, but due to the exceptioanlly high level of drama surrounding the sale of our old house and the purchace of our new house, there was never a good time to relpace him, so we went with the flow, so to speak, and allowed him to do our mortgage. The whole process was frought with drama, him never calling us when he said he would, him never having the right paperwork at the right time, etc.
In order to make the loan work, he removed his commission form the loan, and had me pay him under the table afterward. I should have known then that something was wrong with him.
A month or so after we bought the new house, the same mortgage guy calls me and says he has a new porgram that will help me get about $10,000 cash out a nd a slightly lowere interest rate. Hmmmmm....sounds good. Slow season is coming. Ok, I'll try it. That was mid April. I was originally supposed to sign the loan at the end of april, but the day I was supposed to close, some paper or other didn't appear on time and the close was postponed. In mid May, a guy from his office calls me, claims my mortgage guy Matt has been injured on a trip to the Kentucky Derby, and this new guy Dave is taking my case. He offers me a very poor substitute for the original loan I was offered, and worse yet, times his communication so that I am going to go to the closing table about 2 days before my first mortgage payment is due. Even after I have repeatedly requested he e-mail me certain key information about the loan he is offering, he refuses to do so. I think he is betting that I won't have the cash to make my house payment, and so will sign anything just to postpone it. Further, I believe that he is trying to keep me from seeing the terms of the loan until I am at the closing table, and then will attempt to hard sell me.
I tell Dave to go jump in the lake.
A week later I get a call from the original guy, Matt. When I inquire after his health, he is vague. He offers to start up the loan process again, making all the proper noises about how he understands how I must have felt ripped off, etc. I was going to blow him off, but sudden drama with my husband's car makes this re-fi deal seem like a good idea. It is late in the month now, I know, but I still meet with him, sign papers, etc.
Sitting down at the closing table today, I find I am offered a different loan than what I had agreed to. Slightly lower interest, but much less cash out, no escrow arrangements, and over $6000 in closing costs, even though there was no assessment, inspection, attorney, etc. I can't say for certain, but I am pretty sure it is almost the same loan Dave tried to get me to sign. Matt was not at the close, but I did talk to him on the phone. He did the expected backpeddling and telling me what a great loan he got me, etc.
I didn't sign it.
I believe this is a deliberate bait-and-switch play. It really strikes me that the same thing happened two times in a row, and of course it is always a "down to the wire" deal, that has to be signed RIGHT NOW. I have had enough experience in sales and enough courses with names like "Psychology of negotiation" to recognise when a lot of hard-sell tactics in play here. (My husband says that this happened when we finally closed on the house, too, that there was some confusion about the terms of the mortgage and how much cash out we were supposed to get, but I was so exhausted from the moving and the stress, I really don't remember. )
I really don't have time to go looking for another lender right now, and anyway it is the end of the month. Car and house drama has depleted my savings to almost nothing. Borrowing from a parent or friend is out of the question. My credit is below 600, and this re-fi was supposed to help me get out of that spot.
What I want to do is force the mortgage broker to give me the loan he originally offered me. I do not have a copy of the papers I signed wehn I applied for the loan, unfortunately. (I regretted it at the time. He met me at work to sign the application, and no copier was available.) Besides invoking t6he approprieate Illinois law*, and outright refusing to sign anything I don't want to sign, what else can I do?
*“Unfair methods of competition and unfair or deceptive acts or practices, including but not limited to the use or employment of any deception fraud, false pretense, false promise, misrepresentation or the concealment, suppression or omission of any material fact, with intent that others rely upon the concealment, suppression or omission of such material fact, or the use or employment of any practice described in Section 2 of the ‘Uniform Deceptive Trade Practices Act’, approved August 5, 1965, in the conduct of any trade or commerce are hereby declared unlawful whether any person has in fact been misled, deceived or damaged thereby.” 815 ILCS 505/1.



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I believe you Dottie and you have my support


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