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My mother in-law was working with a person in L.A. He paid her mortgage out of his bank account, under the impression that he would be able to get her loan done. When he figured out that he couldn't get the loan done, they set-up an arrangement for her to pay back the money. Well, the bank then took the money out of HIS account for the next two payments. When he realized this, he called the bank and said it was fraud. They took the money back, and she was suddenly three months behind, and got a pre-foreclosure notice. I know that the California Department of Real Estate has some pretty strict standards and rules. Can she sue them for some sort of malpractice? If not, what can she do? She has proof that the money was co-mingled, and her 740 FICO score has now been dropped to the low 600's. I am looking for help from someone with experience in this field. We live in the San Francsico Bay Area, and this guy's office is in Irvine, Ca. Please help!!
To those who have answered............. He did not LOAN her the money. He told her he would pay the mortgage. I have personally paid for the mortgage to be caught-up and up to date. She was taken advantage of because of her age. new-jersey far as the responsibility factor is concerned. A cheap, filthy, mortgage broker who will lie through his teeth should take responsibility for thinking that he can take the easy way out of everything. My wife is a real estate agent, but she doesn't mess with loans. We were on vacation when this happened. We came back and thought it was taken care of. Now, months after the fact, I have paid $6,500 out of my own pocket, and he is telling everyone in his company that he doesn't know her. This gives everyone in the mortgage business a bad name. THis is just unethical, and from my research co-mingling money is ILLEGAL. That is exactly what happened here, and I need to make sure. My lawyer says I can get DRE to revoke their license with my proof. But I hate to
Stick with the lawyer. Is the agreement in writing or was it verbal. Yes verbal has some presendence but may not hold up in court. Look through old emails or some type of written communication. Yes, I understand the older generation does not understand computers but some do. Look at old papers as well that he may have sent up to her to sign. Irvine, Ca is where all the big banks are and sleezes of the loan world. Good to see you are a good family man. Sorry to hear this happened to you and your family. Think about Small Claims HAPPY LIVING!
ILLEGAL as hell. Sorry, but this guy is a crook. I am a mortgage broker, and I really dislike guys like this. If she has proof he gave her the money (see if her bank can get a copy of the deposited check) her could be in a world of trouble. I think she has a good case against him. Hope he loses his license. BTW, he might be licensed under new-jersey Department of Corporations, so new-jersey DRE may not help. Also, she should be able to still get a loan.
I don't think he did anything illegal. He basically loaned her money for a month. Did she pay the other two months? If she didn't then she is in fact behind. The bank made a mistake, but that did not mean she could just pocket the mortgage money. The bank can re-report this and take care of her FICO score if she really did pay her bills. She really needs to talk to them, they made the mistake, not the loan agent.
I don't understand what you are upset about. She DIDN"T pay the mortgage payment. Its not like she tried to and they wouldn't take the money. Its not like he told her not to worry about it, that he would cover the payments. She knew he didn't intend to make the extra two payments, and SHE allowed it to happen without trying to make a payment herself. He is, at worst, guilty of bungling a refi attempt and causing some delay. He did not do her wrong aside from that. You and your mother-in-law need to take some responsibility here. You have an OBLIGATION to MAKE SURE your payments are made.
Well as far as the first payment he paid for that's done but the other two times he's entitled to get those two back, and if she has proof about the first one tell her to consult a lawyer and get some advice. If he couldn't get the loan done then it was his loss. but why was the loan not able to get done?