Mortgage Lender

Q: I am 63 years old and finally decided to buy my first house. I signed with a mortgage company.

They promised me everything and told me I was approved for a certain amount of money.

I asked them if I could have that in writing, and they said they would send the form to me. I have since called, emailed them and they still continue to promise to send this approval document, but they have not. I have been requesting it for almost two months now.

What can I do? Aren’t they supposed to give me this form? They have pulled my credit report twice, and continue to verbally tell me what I can afford to spend, but they will not send anything in writing. Please advise.

A: Here’s my advice: Ask for your money back.

Tell this mortgage company that if they do not refund your money within 48 hours, you will report them to the state agency that regulates banks and mortgage lenders. Tell them you know that they are in violation of the Real Estate Settlement Procedures Act (RESPA) for not providing you with a written good faith estimate of closing costs within 3 business days of signing the application.

There may be other reasons for this behavior, but this lender is not being upfront with you. If they told you that you would receive the documents, you should have received them. Once they did not send them to you, their failure to deliver documents as promised should have been a big red flag to you.

Once you get your money – and even before – you’ve got to realize that you have to move on and find more reputable business partners. These guys aren't worth the salt on your table. Clearly, they're having trouble getting investors to buy their loans and you don't want to be caught up with that.

NOTE: Ilyce R. Glink's latest ebooks are "Credit Scoring Secrets" and "How to Find a Great Real Estate Agent," which are available at her website, www.thinkglink.com.If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. You can also write to Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact her through her website, www.thinkglink.com © 2007 by Ilyce R. Glink. Distributed by Tribune Media Services