The mortgage broker screwed up our paperwork and we may now lose the house we were supposed to close on in 2 days. Is there any legal action we can take?

Answer 1

The seller can agree to postpone the closing and will likely do so if you at least have a loan commitment. If this is a new house from a builder, though, the builder may add daily cost of construction loan interest to the price.

In real estate, you may negotiate almost any arrangement that all parties would accept.

Legal advice is needed as to whether you have financial recourse against the mortgage broker.

Report them to the Financial Standards Council.

www.FinancialStandardsCouncil.com

Each year thousands of dollars are lost by individuals who are duped into making poor decisions with the finances. It has been a fact, that fast talking, big promising companies and agents have been able to prey regularly upon unsuspecting victims simply for the fact that the victims don't know what they should be looking for. The Financial Standards Council is an effective resource for individuals, families and even business to find out about who they are trusting their finances to.

This service, which is free to consumers, allows research to be conducted on those who you are considering trusting with your money. The Financial Standards Council reports on consumer complaints, legal action taken against specific companies and a wide variety of unresolved concerns in the companies history. Naturally, you can also find many companies that have proven themselves to be pillars in their communities, with a clear and clean slate of ethical excellence.

The database of companies is growing dramatically each month. Currently you can find information on more than 1200 organizations and individual agents across Canada and the United States.

From a focus group conducted by the Financial Standards Council cam the following remarks:

"The thing that I like about the Financial Standards Council is that I can even research an individual financial planner." Stated Mike Wilcrest, a new investor and young entrepreneur. "It used to be that I would just have to take the word of the agent that he had my best interest at heart. Now I can see if he has performed well for others and if he really is getting results for others just like me."

"Some people feel that just because an agent or representative of a company is backed by their big logo, like Investor's Group, Edward Jones, TD bank or whatever, that you are safe to write them a check." Warned Travis Dalton, also a new investor, "But what I have discovered is that you should really research the agent. The company may be great, but the agent may not be their best person for you. They may not have the experience, training, successful history or sometimes even the history of honesty, that their company does. It is always best to do the research."

"I was about to refinance my home. I had met a mortgage broker at a networking event in my city. I was about to go with him for my home. But as I began to ask questions the answers didn't seem right. A friend suggested I look on the Financial Standards Council website, and after reading up a little bit on this broker I found a few things that raised some red flags for me. I decided I needed to go elsewhere." -Eileen Matsumori

"Insurance is such a confusing thing. What do I really need? What do I really get? How much am I really paying? Through the Financial Standards Council I was able to find an insurance agent who I could trust and really explained things to me in a way that made sense." - Karsen Braithwaite

The Financial Standards Council stands as an unbiased reporter of all financial services. They have the consumers best interest at heart and so you can rest assured that you will get a fair comparison between options available to you.

To research a company near you go to: www.FinancialStandardsCouncil.com