Legal Question in Real Estate Law in Illinois

Mortgage approval, and lender governing bodies
Who is in charge of regulating lenders? I just refinanced my house or at least I thought I did. The mortgage company (ABN Amro), notified us yesterday that the loan papers that we signed three weeks ago were not any good because their appraiser did a drive by and said the house wasn't worth what we estimated. After arguing with them for several hours they admitted no one appraised it that they were going off of the orginally sales price. We pulled comps in the area to come up with our original projection. We also recieved our new tax bill which estimates the value of the house at 191,000. This is $13,000 dollars more than we are taking out the loan for. As a result of this delay we are having to make an extra payment on the orginal loan, which was also with ABN, and we will now have to pay for their appriser to come out and look at the house. Do I have any legal recourse in this matter? Thank you for your willingness to consider my concern.

Asked on 9/03/03, 9:16 am

Charles Dobra Charles Wm. Dobra, Ltd.

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Re: Mortgage approval, and lender governing bodies

The Department of Financial Institutions regulates lenders in Illinois. Good Luck!

Answered on 9/03/03, 2:59 pm

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