Mortgage Horror Stories

[Joshua Dorkin]

I was thinking about a bad experience I had with a mortgage broker on the purchase of 2 properties, and I thought it worth sharing. I had given power of attorney to someone out of state to help me close on an out of state property. They signed all the papers at close, but never checked to be sure the rate in the docs matched those I had been promised. Everything else was fine, but the rate was WRONG. The property closed and I recieved the docs soon after. I lost my mind when I went through the papers. The lender had changed the rate by close to a percent.

My attorney was the first call I made, who contacted the broker. After negotiating with the firm's owner, I was able to get a free refi that would occur immediately at or below the rate I was previously promised. While this sounds great, immediately meant close to 2 plus months.

They did deliver, but it was a costly lesson for me. I did not go after them, however I did tell the few people I knew who worked with them about the incident. All felt like that would be the last time they would use this company.

That all said . . .

Does Anyone Else Have a Mortgage Horror Story ? ? ?