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Background: I was given a $1,000 closing credit on my mortgage, but it was not present at the closing. Since we were on time of the essence, if we skipped out on closing we would be out more than $20,000 on the deposit.
I am about to write a certified letter to the mortgage rep who promised it that I have the email in which he said we'd get the closing credit, and if he doesn't cut a check within five working days, we seek the maximum relief by law. I would take him to Small Claims Court to get the money and enforce a judgment if necessary.
However, I'm going through NJ Statute 12A for anything specific in hopes that there's a law that does specifically bind credits. Short of retaining an attorney, does anyone happen to know if such a thing exists in the law?
I'm pretty sure I could present a good case, but having the actual chapter and verse on my side only makes it more ironclad.
I had a somewhat similar situation with my lender (Weichert Financial Service). The HUD that was sent to me the day before the closing had a mysterious rate lock fee (which was not reported on the rate lock agreement) and had no mention of the application fee (which was supposed to be refunded at closing). I tried contacting my WFS agent (Mark Sanders) at least 10 times on his office, personal phone and email but he totally ignored me and did not reply until early next morning, just a couple hours before closing saying the numbers were correct and ther ewas nothing he can not do. My attorney said there was nothing he can do either. We went ahead with the closing but I fought back afterwards. I escalated the issue to the regional head and after about 2 months of numerous calls and emails, I got back my dues.
I sent details of this whole story to NJ Banking & Insurance Department (with copies of emails, rate lock agreement, HUD with fraud lock-in fees) and they have initiated a fraud investigation. Not sure if anything will come out of it but I will keep on pushing to see some justice is done.
Here's the problem - the closing credit was SUPPOSED to be on the HUD-1 but it was not. My lawyer said we could easily stop the closing, but since we were on time-of-the-essence, we'd risk the seller holding our deposit for litigation if we delayed at that point.
I emailed the guy telling him I have his email saying we were promised the credit, etc., and I expected tracking details of a check within 24 hours and the check itself within five working days. His response after a few days, he'll get me a tracking # ASAP and the check will be there within ten working days.
I'm going to follow up with my certified letter saying it's my last good-faith notice. My attorney hasn't responded yet, I'm going to call him today at lunch asking if there's anything he can do or if I have to retain him seperately for this. Worst-case scenario, it doesn't arrive, I take them to court for damages, and maybe they won't send anyone and I get a default judgment. Then I can just sell the debt to a collector, get my base $1000 back, and have professional harassers go after them.
Here's the problem - the closing credit was SUPPOSED to be on the HUD-1 but it was not. My lawyer said we could easily stop the closing, but since we were on time-of-the-essence, we'd risk the seller holding our deposit for litigation if we delayed at that point. I emailed the guy telling him I have his email saying we were promised the credit, etc., and I expected tracking details of a check within 24 hours and the check itself within five working days. His response after a few days, he'll get me a tracking # ASAP and the check will be there within ten working days.
I'm going to follow up with my certified letter saying it's my last good-faith notice. My attorney hasn't responded yet, I'm going to call him today at lunch asking if there's anything he can do or if I have to retain him seperately for this. Worst-case scenario, it doesn't arrive, I take them to court for damages, and maybe they won't send anyone and I get a default judgment. Then I can just sell the debt to a collector, get my base $1000 back, and have professional harassers go after them.
well,in interest of closing "on time" you gave up the $1,000. sounds like your SOL. i received my HUD ahead of the closing date. did you not see it ommitted, or didn't look until the date of closing?
I have closed on hundreds of Mortgages with Mark Sanders at Weichert Financial. He is by far the most reputible, honest and responsible Banker I have dealt with in 30 years. I have done business with Mr. Sanders on multi-million dollar deals all over the East Coast. I have recommended 100's of my clients to Mark Sanders. He is responsive and scary smart. I am sure the representative at Weichert Financial has a completely different story then the one you told. If there was an un-ethical issue with your loan, your Lawyer would have protected you and followed up with the State on your behalf.
I have closed on hundreds of Mortgages with Mark Sanders at Weichert Financial. He is by far the most reputible, honest and responsible Banker I have dealt with in 30 years. I have done business with Mr. Sanders on multi-million dollar deals all over the East Coast. I have recommended 100's of my clients to Mark Sanders. He is responsive and scary smart. I am sure the representative at Weichert Financial has a completely different story then the one you told. If there was an un-ethical issue with your loan, your Lawyer would have protected you and followed up with the State on your behalf.
How interesting! You have only one post on City-Data and that one post is dedicated to praising Mark Sanders. How generous of you! It is so obsious you are either a friend, or family of Mark or possibly Mark himself. Who knows? But if you are not, I pity your 100's of clients.
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