Legal Question in Real Estate Law in Illinois

Mortgage Lenders

Hi,

My real estate broker gave me a lock-in rate but when the papers came from the actual lender they (80/20 loan) differed. When I asked about it they (broker) told me not to worry about it, that we have been locked-in according to what they told us. He said the papers from the lender never match and we should throw those away. Does that sound right? Shouldn't the papers from the lender match what the broker told me?


Asked on 9/06/05, 4:33 pm

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Mortgage Lenders

Do you mean your mortgage broker rather than real estate broker? It is possible what you received from the lender is the truth in lending statement on which there is an annual percentage rate which will differ from your actual interest rate. As I am sure you are aware, there are honest mortgage brokers, and some with a certain degree of moral flexibility. You should consult a real estate attorney, since he or she is ethically obligated to represent only you. Our website has a great deal of information on this.

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Answered on 9/07/05, 9:42 am
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Mortgage Lenders

You really haven't provided enough information. You should seek the help of a real estate lawyer. Good Luck!

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Answered on 9/06/05, 5:11 pm


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