Posted on: 23rd Jul, 2008 09:47 am
i was set to buy a home and was using mortgage depot to help secure the loan. the day before closing i was informed by realtor (not mortgage depot) that i couldn't get qualified. no explanation or call from mortgage depot. now my ernest money belongs to the seller. i am a first time home buyer and would like to know if there is something i can do to prevent mortgage depot from doing this to someone else.
You could contact your local BBB and file a complaint.
Go to your state licensing entity and file a complaint?
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Hi
You have done a good question, it's really interesting. If you get any good reply, so please let me know. So I will also get some good idea.
Thanks for your future help.
You have done a good question, it's really interesting. If you get any good reply, so please let me know. So I will also get some good idea.
Thanks for your future help.
You may wish to consult with an attorney regarding possible violations of the Equal Credit Opportunity Act (15USC1691) if notice was not provided directly to you in a timely manner (implementing regulations 202.9). Also a possible violation of the Privacy Act depending on what information was transmitted to Realtor.
ECOPA has some "weird" notification time tables when you look at the actual back and forth of a particular loan application. Perhaps you do not qualify for the loan but there should have been some running dialogue or expression of concern from the LO. Having this information come from a third party is really shabby treatment especially if you are at risk of losing your earnest money. Wasn't there a "financing contingency" clause in your sales agreement?
Always two sides to a story but your post makes one wonder what the "other side" could possibly be
ECOPA has some "weird" notification time tables when you look at the actual back and forth of a particular loan application. Perhaps you do not qualify for the loan but there should have been some running dialogue or expression of concern from the LO. Having this information come from a third party is really shabby treatment especially if you are at risk of losing your earnest money. Wasn't there a "financing contingency" clause in your sales agreement?
Always two sides to a story but your post makes one wonder what the "other side" could possibly be
Hi Guest,
I agree with you. It's really bad if you get to know you won't qualify and that too from a third party and not the lender. Well, I appreciate your thinking regarding informing others about mortgagedepot. I hope many here would think twice before dealing with such a company.
Regards,
Jessica.
I agree with you. It's really bad if you get to know you won't qualify and that too from a third party and not the lender. Well, I appreciate your thinking regarding informing others about mortgagedepot. I hope many here would think twice before dealing with such a company.
Regards,
Jessica.
