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Need Good Advice - YSP and Subprime Mortgage
I cannot get a straight answer from anyone, even my attorney is
unclear on this one. I will be precise so please forgive the long
drawn out narrative.
Bought condo conversion 10/06 Tampa Florida. Financed 100% and
developer was paying closing costs. Sold to me by a realtor that I
gather had a contract with the developer to sell the units. Realtor
sold it as guaranteed investment. I have websites and hard copies to
prove salespersons claims. Was steered to mortgage broker, now out of business. Contract from developer reads in part:
"In the event the Purchased submits the loan application to a lender
other than to an Approved Lender or otherwise secures loan financing
from a lender other than an Approved Lender or elects to have a title
agent other than the closing agent selected by the Seller, then it
shall be deemed that:(i) the Purchaser is purchasing the Unit on an
"all cash basis; (ii) the obligations of the Purchaser under this
agreement will not be contingent up the Purchaser obtaining loan
financing; and (iii) any Seller concessions offer by the Seller to the
Purchaser shall be null and void and of no effect"
Is this steering?....Is this legal?
Anyway, Im up to date with everything 3 years later but struggling to pay this investor condo, even after rent is paid by tenant but
completely UPSIDE DOWN! Had forensic loan audit, he only came up with ethics violations from realtor but not much else to win a recission.
I have been doing my own homework and seems like there have been
outrageous charges by the mortgage broker. Price of unit was $205,000.
Mortgage broker commission fee was 1.25% or $2561. $695 Processing
Fee. $595 Application Fee. The GFE never mentioned a YSP but it is
thrown into the mortgage broker agreement. A paper I never even read
(ignorance on my part) as it was put in front of me to sign at application with a hundred other papers.
At closing, YSP paid to mortgage broker was $2817. And my interest
rate was never locked from the beginning as it floated right till the
day of closing. I was never offered to pay any money at closing to
attempt to bring my rate down not even knowing what YSP was at that
time. Since broker paid most of the closing costs, why should that YSP
be charged to keep "my" closing costs down? Seems like just a ploy
for pure profit by the broker.
Bottom line, besides the fact that I was stupid enough to enter this
agreement and purchase this white elephant, do you seen any major or
flagrant violations?....Should I be looking at other items as well?
Please remember this closing took place in 11/06 and not after 2008.
Any advice or track to run on is greatly appreciated!!!