Mortgage Broker Negligence - need advice

[DanielaTudoran]

What is the name of your state (only U.S. law)? New York

 

[DanielaTudoran]

When we applied for the mortgage we were given a rate of 3.5 fixed, 30 years

We talked about locking the rate, decided it was a great rate and proceeded with providing all paperwork. We are now close to closing, the broker called me and ooops! she forgot to lock the rate. It is now 4% which would mean $100 per month for 30 years = $36,000
We have not closed yet. Do we have any recourse? I am very upset and I don't know how and why she did this. I agree that it could be an honest mistake. Is there anything we can do? would it be worth closing and pursuing this legally?

 

[HUD-1]

If you have a written rate lock agreement and they did not execute the rate lock, you have a solid case. If it is "he said this and that", I doubt there is a case to be made. It can't hurt to ask them to split the difference at 3.75...