There are some complaints involved in a mortgage situation that can lead to possible lawsuits against the lender such as predatory practices, fraud and other crimes against the homeowner or others involved in the process. When these issues arise, it is possible that some legal complication exists that requires a remedy.
How to File the Complaint
When there is a problem with the lender, it is possible to issue a request to file a complaint with the branch manager, through a hotline or with the website of the institution. Even if the complaint is with the entire lending institution, an initial contact can merit an outcome if only to request more information about the complaint. The individual may need to explain the problem and what type of remedy the person needs. The complaint will require receipts, checks issued, proof of various transactions and names involved. If the lender does not provide assistance, the individual can request further assistance with a regulatory agency.
Various Complaints with the Lender
A mortgage process is a complex matter that can lead to various types of complaints. Often, the problems that occur stem from specific transactions such as faulty deposits, inaccurate sums based on projects of interest and the principal loan, payments not credited to the mortgage and the lending agent attached to the procedure. Some that seek the mortgage for the property will need constant help through the lending process while others will only need the paperwork. However, if the lending institution engages in predatory practices, complaints are usually likely. A lawyer is normally part of these complications.
The lender can promise certain numbers, changes to a mortgage procedure and even a lower interest rate with a mortgage but not follow through with these promises. When there is no written account of what the two parties were to accomplish, this issue can lead to further complications with the lender. The borrower can suffer later because he or she cannot make the payments with higher monthly rates through these changes. The affected person may need to hire a lawyer to determine if there is a legal remedy through these complaints.
Mistakes on Paperwork
Most mistakes that occur with a mortgage process resolve before the procedure becomes effective. However, some mistakes may remain that cause serious complications in payments, in receiving money or in providing for various needs such as repairs and renovations. The borrower may not even see these mistakes until he or she reviews the documentation attached to the mortgage. Then, a complaint with the lender is often a few steps away until this person can determine what happened and where the mistake occurred originally. A lawyer may need to analyze the paperwork to provide additional answers.
It is the Consumer Financial Protection Bureau that enforces fair treatment through the Equal Credit Opportunity Act in mortgage and financial dealings with customer and clients. The law stops lenders from basing credit and loan procedures on characteristics of a person or entity. If the individual feels he or she suffered discrimination on an application or with the mortgage process, he or she may need to file a complaint and contact a lawyer. The legal professional may explain what process to follow based on the type of loan acquired and the discrimination suffered.
Changing the details within the paperwork can lead to a valid complaint against the lender. Any problems with making payments may stem from the agent that made the changes to ensure that the loan would go through. However, if the borrower cannot pay, this is often similar to or part of predatory lending practices and normally affects the borrower in seriously negative ways. This complaint can lead to a valid lawsuit against the entire lender for the activities of one agent involved in the mortgage process. If given approval by a manager, the lawyer attached to the case can discover these details and press further into the situation. The client may need to provide detailed records of all involvement with the lending agency to increase the chances of success either in settlement negotiations or in the courtroom.
Legal Support for a Mortgage Lending Complaint
The lawyer attached to the case may need to investigate the matter with an expert witness to understand the minutiae of the paperwork and the financial information available. The case could require a thorough understanding of the lender’s practices and how the mortgage process progressed at the time.
Provided by HG.org
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. To discuss the details of your case and for a better understanding of your situation, please call Tequisha at (561) 838-9595.