Oct
28
Futbol4Ever asked:
I have a close friend that got scammed by a morgage lender and my friend didn’t even know that his loan was going to be a variable rate. They gave him no copies of the docs, and not only that, they lied about his income to qualify him.
I feel so bad for my friend and I wish I can help him somehow.
The only doc he did see was one that said the loan amount and it had the interest rate on it, but it was dated three days prior to when he signed it, and they told him that it was because if he didn’t sign it that he couldn’t get that rate. But it also never said that the rate was adjustable.
I have a close friend that got scammed by a morgage lender and my friend didn’t even know that his loan was going to be a variable rate. They gave him no copies of the docs, and not only that, they lied about his income to qualify him.
I feel so bad for my friend and I wish I can help him somehow.
The only doc he did see was one that said the loan amount and it had the interest rate on it, but it was dated three days prior to when he signed it, and they told him that it was because if he didn’t sign it that he couldn’t get that rate. But it also never said that the rate was adjustable.
He is very desperate and bummed out. It’s been three weeks, and he just told me this last night.
Please give me some tips. This is for California.
Thanks in advance.
THEODORE
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7 Responses to “How can I help my friend that got scammed by morgage lender?”
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first teach your friend “buyer beware”…never sign anything without the proper docs and without seeing the item first.
since he signed on the dotted line, this is pretty much beyond you…he is going to need the assistance of a real estate attorney.
good luck
This is the link to the California Department of Real Estate.
Sounds like every law in the books was broken. You can file a complaint at that website.
Call the department of professional regulation and report the *******….
call state department of real estate and report this person and company. also bbb.org better business bureau, report the business and their unethical law breaking.
Rip off report .com is another site to list or complain about the mortgage company. However, if he only saw and “signed” a few docs, he may not have actually closed. If he hasn’t signed everything, he is still OK. They may have just given him RESPA docs for the proposed loan. A true closing is more than just a few docs.
However, in the likelihood that he has actually signed a loan, he can also report it to the mortgage company directly. Assuming the mortgage officer was a broker and not employee of a direct lender. If fraud was truly at issue (and I’m not saying it was), the true lender would like to know and you might be able to accomplish something there. Also, there may be a government agency (I’m not in CA) in California that deals with regulation of CONSUMER credit. Check out your government “blue pages” or call the Attorney General’s office/Consumer Affairs division. They can direct you to the correct agency. You can also file a complaint with AG’s office, too.
Was there a notary present when he signed docs ?
If a notary signed predated docs, they could lose thier license, and may be liable for fraud.
The borrower signed the application that lied about his income, BUT he signed them, so he commited loan fraud.
If thats the ONLY doc that he saw, then he doesn’t have a loan. It’s that simple.
I believe that they lied to him, but it sounds like he may be lying to you.
Did he actually do the closing? He would have been infront of a notary or went to a title company to sign about 50 pages. In those 50 pages it goes over the terms of the loan and tells you if it’s variable and prepay and ect. There are alot of bad loan officers out there that just don’t care about what they do to people and it gives the rest of us a bad name. I would say if he has already closed on the loan and feels he was tricked (which sounds like it) then turn the company into the DRE. If the company is a broker then the Loan Officer must be DRE licensed and they can look into it and take further action. If you would like to privately email me the company and the loan officer’s name I can better direct you on how to file a complaint. Maybe also just get better info from your friend. I am thinkg maybe he just signed the intial disclosures which do not obligate him to anything. Is he refinancing or purchasing?
Jayme Dickey
HomeLoan USA
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