Do I have a case against my loan company? 6 Answers as of February 11, 2014

I’d like to sue quicken loans because I feel they set me up to fail. This is my story I got divorced 2 years ago and when rates hit 3.75 I went to refinance Jan of 2013. I called quicken who holds the loan. They said that they needed my 2011-2012 tax returns. I hadn't done 2012 yet, so I asked why they need them because it wasn't time to file. Well I went and had my taxes done and as usual I owed the IRS. I owe them every year. So the figure was 5000. I normally wait and pay them in Oct. all my tax returns show that I owe and pay every year. Having said that, they said (quicken) that I had to pay the dept to the government and I could get the refinance. (After so many docs were exchanged) Well I didn't have the 5 k so I couldn't do it at that time. Keep in mind that taxes weren't even due yet. So I lost the rate and I said to them my payment to them would be considerably lower and they would only be helping me. I still have to pay them the total that I owe every month regardless. They said it doesn't matter I have to pay the government. The government doesn't care why should they? So I fell that they set me up to fail, knowing that I pay all my payments on time all the time, I pay the IRS every year. And they never should have asked me for my tax returns (2012) before the government wants them. How can a bank supersede the government? I could see if I was a new customer, but I was an existing customer and they only result would have been that my monthly payment would have been lower. I’d like to sue them for the 3.75 rate now because I’ll never get that chance again and I think they overstepped the boundaries when they asked for my tax returns to early. I think its discrimination against me. Do I have any recourse in this matter? Thanks.

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Law Offices of Marshall Tauber
Law Offices of Marshall Tauber | Marshall Tauber
You have no case at all. No one forced you to seek a refinance at that time that was your choice but, once you did, you have to comply with the lender's request if you wanted a lower rate loan. Every time any borrower seeks a refinance they are asking for a new loan at the current rate lenders are not just giving you a rate reduction on the loan you had before you came in. All lenders are required to advise potential borrowers that tax obligations must be paid prior to or in conjunction issuing a new loan & that the loan is conditioned on the borrower performing those conditions. Get over your bitterness it is not justified or supported by the law or reason.
Answer Applies to: Michigan
Replied: 2/10/2014
Faletti Law Office PC | Harold Faletti
I don't think there is a case as you describe the situation. I don't see where the mortgage company has a duty to modify your loan, and the mortgage company also is free to require reasonable conditions before it enters into a contract.
Answer Applies to: Colorado
Replied: 2/10/2014
Law Offices of Linda Rose Fessler | Linda Fessler
It does not sound as if you do.
Answer Applies to: California
Replied: 2/11/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
I don't think so. The banks have underwriting guidelines to follow.
Answer Applies to: New York
Replied: 2/10/2014
Gates' Law, PLLC | Thomas E. Gates
I do not think you will prevail. They could not have forced you to provide a tax return that had not bee submitted to the IRS. Hence, it should have been 2010-2011 returns. Since you had the ability to seek a loan at another provider and, if they are following company policy, they will win.
Answer Applies to: Washington
Replied: 2/10/2014
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