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This happened about 2 years ago and we are now looking to sell due to job loss. If I find out there is actually a second mortgage and we are now financed over the value of the house do I have any recourse against the broker firm?

3 Responses to “If a mortgage broker says my second mortgage isn’t one and refinanced me to the full value of my house,what if”

1. budhah1 on May 27th, 2009 11:26 pm

   No, You signed the papers, and that is pretty well that… Now that said, it is mostly he said/ she said situation.

   If you are paying on one loan, what makes you think you have two? I think you are worrying about something that may not be there.

   Others will tell you to sue, turn them over to the attorney general, and stuff like that, but you don’t even know if you have a problem . Read the papers you signed. You got some cash I assume, and that was added to what you owed prior to the refinance.

2. Mike on May 28th, 2009 3:22 am

   I recommend that you contact an attorney immediately, and also contact the local District Attorney and the state department of real estate that handles licensing of real estate brokers and the Department of Corpeorations if the mortgage broker is licensed by the Department of Corporations..

   I have several colleagues who were cheated by mortgage brokers and realtors.

   I helped my colleages file complaints with the local District Attorney’s anti fraud unit and the State Department of real estate.

   As a resutl the real estate company where these realtors worked lost its Century 21 Franchise, the Broker and several of his sales people will probably lose thier licenses and the mortgage broker that they wer using went out of business as a result and probably will also be prosecuted..

   There has been a great deal of corrupt dishonest behavior on the part of realtors, mortgage brokers and banks.

   Now is the time to start filing complaints against these people and put them out of business so they cannot do any more damage.

   These people have singlehandedly brought down the entore world economy and banking system with all of their subprime mortgagge nonsense.

   All of us in the United States are suffering from the collapse of the economy that was brought about by the irresponsible behavior of these jerks.

   Now is the time to prosecute them so they cannot do any more damage than they have already done.

3. Jennifer on May 31st, 2009 4:22 am

   Hi,
   I used “Credit Solution” to settle my loans.They managed to reduce my loans up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:

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