Loans "recalled"

[Nick S.]

Good afternoon, 

I applied for loans at a lending institution about 1 year ago. They were unable to sell the loans due to an underwriter overlooking certain aspects of the loan. That underwriter was fired after they processed a few loans and were unable to sell them on the secondary market. 

The lending institution hired a lawyer and claimed that I did not disclose that we owned a garage, and that we didn't tell them about owning another rental house that is free and clear.

What can these lenders really do to me? I did not lie on the mortgage applications, but another commercial lender I work with is advising me to speak with a lawyer. 

I know this is much more complicated than a few paragraphs, but has anyone else ran into a situation like this? Any advice?

Thanks!

Nick

[Nathan Emmert]

Is the rate worth a lawyer's fee to protect or can you simply refinance it with another institution that actually wants your business?

While I love a good fight... I mean LOVE a good fight especially when it's based on principles, sometimes it doesn't make sense (or dollars!)