Posted on: 10th Dec, 2008 11:16 am
Hello, I had a mortgage loan written by a woman who had an expired license when she wrote my loan. Is my loan still valid? I am currently trying to angle for re-negotiation of loan terms or complete rescission of the property back to the bank. Is the loan invalid since she was not licensed? This is in the state of Florida btw.
Welcome to the forum!
I would suggest talking to an attorney regarding this issue. She may have been listed under her company instead of having a single license. I was able to do loans in FL under my company and I did not need my own license. I hope this helps.
I would suggest talking to an attorney regarding this issue. She may have been listed under her company instead of having a single license. I was able to do loans in FL under my company and I did not need my own license. I hope this helps.
Thanks Stephenie. I will have my lawyer look into that. The house I am referring to is actually a rental for me and I have hired a lawyer to review the loan docs specifically and try for rescission or re-negotiation based on issues with the loan docs. The other thing I am struggling with is weather I should stop paying on this mortgage as it was suggested loan companies are more reluctant to negotiate with you if you have not missed payments.
it is true that companies are reluctant to negotiate if you have not missed payments, however you will be risking your credit score and this will impact your rates on credit cards, etc. it is never a good idea to stop payments even if it is a rental property. it sounds like the best way to go is to use your attorney to help solve the issue. if you are wanting to decrease your payment you can always refinance and rates are extremely low right now. this option can be beneficial when looking at the cost to refinance and the saving with the new rate.