Course 11 – Unit 2: When Things Go Wrong With Your Mortgage

When Things Go Wrong With Your Mortgage

Some issues that cause a loan to be delayed are caused by borrowers (the home-buyers), who make changes to their financial conditions requiring additional work after they receive their loan approval. These changes may delay the process or even cause the loan approval to be withdrawn.

During that extra time between time you receive your loan approval and the time it takes to close — whether it is weeks, or longer — your life is subject to unexpected changes or things that the borrower voluntarily changes.

When your life changes, your loan can change, too. For example, if lose your job, become ill, or have your home damaged by storms, your lender can rightfully revoke your mortgage approval — even if your loan was previously cleared-to- close. Some life events are beyond your control. You can not control sickness any more than you can control Mother Nature. But some events are within your control. In the world of mortgages, good behavior does matter.

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Turbo Mortgage

Turbo Mortgage LLC is a mortgage broker, performing licensed loan origination services in Texas.

Sam Trantham- President/ Broker of Record
NMLS license number: 1752863

Turbo Mortgage LLC
1202 Lakeway Drive, Suite 5B
Lakeway, Texas 78734

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CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV