Many people who take out loans discuss their prospects with loan officers and rely on the loan officer's knowledge and expertise.  What some do not know is that these officers, or loan brokers, or whatnots, get paid a very substantial fee, the amount of which depends upon the particular loan and the amount thereof.  Often, the fees are tens of thousands of dollars.  Unfortunately, the amount of compensation paid to the broker is directly related to how good or bad the loan is for the borrower.  The better the loan for the borrower, the smaller the amount of compensation paid.  The worse the loan for the borrower, the greater the compensation paid.   So if you got skinned on a terrible loan, it is most likely because you were steered into it by an loan officer who was thinking about the large commission that would be paid when the loan closed, rather than about which loan would be best for you.

Some loan officers might not like to admit it, but under California law, they owe their clients a fiduciary duty, and that means they are required by law to look after the borrower's best interests, and to disclose all material facts, and in a general sense, to act honorably, that is, to refrain from recommending a loan that is unfavorable to the borrower in order to obtain a larger fee.  Many, many people took out very, very bad loans in the last several years. If you are one of them, you may have valuable legal rights, but only if you take appropriate legal action within the time limits set by law.

Please feel free to give us a call at (858) 259-7790 or contact us online.