 Dear George: I bought a house in 2001 using my credit. However, my husband's name appears on the deed as well as mine. How can I delete his name from the house deed?
Answer: Regardless of whose credit was used to buy the home, it appears that the home is a homestead. Thus, your husband has a homestead interest in the home and cannot be removed from the deed without a court action such as divorce.
Dear George: I gave a developer a deposit of $2,000 to purchase a home and submitted a loan application to the mortgage company that was working with the developer. A loan officer sent me documentation with a 6.5% interest rate. I was then informed that my application had been turned over to a second officer. He sent me documentation that showed the 6.5% interest rate; he also told me over the phone that he was able to lock me in at 6.5%. I subsequently received a call from the developer's sales agent who told me that the second officer was out of town and that a new loan officer would call me. This new loan officer told me that the second loan officer was no longer with the company. He said he would go over my application and call me back. When he called, he told me the bank would offer a rate of 8%.
I tried to get my deposit back, but was told that deposits are returned only when a loan is denied. The developer gave me the name of the person in charge of the mortgage company. I've tried on several occasions to contact this person but cannot get a response. I was locked in at 6.5% and have documentation to prove it. Why should I have to accept 8%? Can I get my deposit back?
Answer: This is the problem buyers often encounter when they purchase from a developer or builder who provides all the services. These one-stop shops are prone to conflicts of interest. If the mortgage broker provided you with information that clearly detailed the conditions under which you could obtain or could not obtain a refund of your deposit, then you had informed consent and the chances of obtaining a refund are very slight. However, if the mortgage broker did not provide documents that would qualify as providing informed consent or did not obtain your signatures on those documents, your chances of legally compelling a refund of your deposit increases. In addition, it does not appear that the misrepresentation regarding the loan officers assigned to you, the interest rates, and the alleged lock in at 6.5% involved adequate disclosure to you.
The Texas Department of Savings and Mortgage Lending has a consumer complaint section that contains information about what the department can and cannot do. If, after reading the about the complaint process, you believe you may have a justifiable complaint, hire an attorney who is experienced with the Mortgage Broker License Act and the complaint process to advise you on the merits of your case.
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