What legal actions can I take against a mortgage broker when my deal goes badly?

The question:

“What legal actions can I take against a mortgage broker when my deal goes badly?”

My answer:

Well, let me start by saying, I am not an attorney nor should this be construed as legal advice. However, if a deal goes horribly wrong, through no fault of the customer, and you can show actual damages, it’s worth pursuing with a qualified attorney.

The problem arises in the fact the mortgage broker has no “fiduciary duty” in his dealings with you. So unlike an attorney, accountant, or financial planner, the law does not say the mortgage broker “works for you” or “has your best interests in mind” over his own.

So legally the mortgage broker can do or not do things that seek his own best interest over yours. The chance of prevailing in case that are not just outright mortgage fraud are a toss up.

But as I said earlier most initial consultations with lawyers are free…meet with one and find out.

Good Question!

Author: The Mortgage Insider

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