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Janet Said:

Question about legal loan process.?

We Answered:

You may find it impossible to read everything before you sign it, but it is not impossble. I have done it several times. We take a break of an hour or so and I read every word. If you sign stuff blindly, the conclusion is that the terms don't matter to you and you would have signed it regardless of the terms.

Sonia Said:

What kind of violation is this.?

We Answered:

Your question gave me a headache.

I would suggest strongly that you contact an attorney that specializes in real estate.

To me it sounds like you may have a case based on fraud, simply on the basis that your broker seemed to have filled out and filed papers on your behalf with out your approval.

Good luck.

Darren Said:

Do you see any violation in this situation?

We Answered:

You have the BIGGEST case of loan fraud that I have ever seen on Yahoo Answers.

However, that isn't true that the seller nor buyer can contact the appraiser....there is no law against that and that isn't considered a conflict of interest....b/c the appraiser is supposed to remain objective.

I guarantee the loan officer/seller ran the loan through the wholesale lender under someone else's name in the office (look at the final 1003 that you signed at closing on the bottom and see if her name is on it...I bet it isn't).

NO BANK would fund that loan as that is a ROUTINE audit when the loan IS IN PROCESSING (prior to closing) to see if the broker/seller are related to each other and in this case, one in the same person.

Here is who you call:

The BANKING COMMISSION of your state. You can get the phone number from the Secretary of State's office.

The Banking Commission issues the LICENSES of all Mortgage brokers and loan officers in a state....and they have the SOLE authority to revoke it.

You won't need an attorney b/c the BC will take care of everything for you...they have zero tolerance for something that obvious.

She can NOT ONLY lose her license and be forever barred from working in the industry, she will be forced to buy the house back make you whole and they can forward the case to the DA for criminal prosecution.

You have NO IDEA of how serious of a crime she has committed and there will be a paper trail a mile long to prove it...ESPECIALLY if your name was forged on any of the documents (which is easily proven).

I would also file a complaint against the appraiser with your State Appraisal board....they can easily research the appraisal by having one of their guys to "rework" the appraisal using the values that were acceptable in the market at the time the original appraisal is done

It's hard to prove $10 or 15,000 on an expensive home...but $100K is easy as pie.

Irma Said:

If someone uses two social security number, is this a major crime? ?

We Answered:

I would pull your credit report.. www.annualcreditreport.com <= where you can get it for free.. and to see exactly the damage he did.

Then I would get in contact with the bank, and the police. He needs to go right to jail for fraud, and what he did to you was and is extremely illegal.

I would also get a lawyer and sue for damages to your credit.

Rodney Said:

Should they refund my appraisal fee?

We Answered:

You should have told her upfront you were talking about a trailer. This is a serious omission. I don't know any lenders who will touch one of those these days, the loans will outlast the property.

This is your fault, you kept the most important piece of information from her. The appraiser did his job and needs to be paid.

Rebecca Said:

Do we have to use 1003 Loan Application when we purchase residential house?

We Answered:

BB&T must be retail lenders not wholesale lenders. Wholesale lenders would be mortgage brokers who don't lend money, they just find banks who will. Look at the chart on this link and you can see who does what.

Howard Said:

Does State of California have a regulation (or law) to prohibit brokers from lying about...?

We Answered:

yes the State of California have a regulation (or law) to prohibit brokers from lying about mortgage rate lock-in