[fallin_angel_rising_devil]

A couple of years ago I was trying to get approved for a mortgage with my wife. we had some credit debt but overall we were ok. When my mortgage broker saw the 30k in debt he said he could get us a personal loan through an investor. Having no options we took the loan to pay off our debt, and get approved for a mortgage. Turns out a family member who also uses this mortgage broker came into money that they wished to invest. The mortgage broker thought he had the ideal situation by lending the money from my family member to use at interest. Basically he forced us into business with family and did not tell us. the family member didn't know either. The plan was to refinance after 2 years when the loan adjusted ,and pay off this personal loan having only paid 2 years of interest only payments.With the bad economy there was nothing left in equity.So having not made a few payments (due to not receiving any statements or acknowledgment of payments) both parties put pressure on the mortgage broker to resolve the issue when he decided to inform the parties were actually family. First question is this even legal.Is there any recourse?

[marisa]

False representation and if you signed a contract take that to an attorney outlining your rights. They have to have a business license to pursue, family or not. No business number, not legal. Take all documents you have and seek legal advice. You may even take to small claims court for retribution to protect your interests and your situation. When they stopped sending statements (was that intentional)? You have the rights to review your monthly account status without penalties. Was that ever provided and did you request?Mortgage brokers have regulations to follow. I dont know what they are, but this one seems to have overstepped his bounds. In additon you can file a formal complaint and have this mortgage broker audited or licensed revoked for fraud.