What is the name of your state (only U.S. law)? AR
Today has been such a circus, but I'll do my best to put things in order here.
In May, my husband and I applied for a home equity loan to take care of some repairs and improvements where we live. (It's a manufactured home (double-wide) secured on concrete footers and sits on several acres...when set up, it was all rolled into one home mortgage loan 9 years ago and FHA financed.) After the initial application and income/credit verification, we were told we'd get the loan. $20,000 for 10 years @ 4.25 %. We received our GFE on our lender's website. We could have the closing in our home town rather than 3 hours away which sounded great. Since that time...the ball has been dropped for almost 2 weeks with no activity working the file, the title co. found that a Quit Claim deed was needing to be signed by people we've never heard of (they said a claim was filed against the property in 2006...had no clue and still don't know what that was about). They managed to locate the people and the QC was signed.
We've checked on the status of the loan at least once a week since May, each time stating, "If there's anything else you need or we can do, please let us know." Last week, we were notified that closing would be the 26th (tomorrow). They did need updated payoff amounts to a couple of things they are requiring we pay off (a Mastercard and less than $1000 owing on a car loan.) I received and emailed those amounts Monday morning to the lender.
MONDAY: A couple of hours after emailing payoff amounts, the lender replied asking if we had a copy of the title to the home. Then I received another email afterwards, "Never mind" she found a Serial # on the ins. policy and they would work with that. Then ANOTHER email...no...they DO need the VIN# and could I call the mortgage company and "maybe you can call them and see how we go about adding our name since they have the title" and have them fax a copy to them so they can put a lien on it. I called the mortgage company and the guy said he put in a request for the mortgage deed to be faxed to them. I told him they specifically said "title", but he assured me what they were sending was what they needed. After speaking to him, I emailed the lender and told them the conversation and to expect a fax...and to "let me know if this is sufficient or if there is anything else you need". I began feeling put out that they waited until a few days to tell us they needed this after all this time! The reply email from lender was telling me they'd keep us posted.
TUESDAY: No word from lender and Thursday is closing.
WEDNESDAY (today): I emailed this morning asking if they received the fax. "Yes...it's a copy of the mortgage deed and didn't have the VIN#". They said they would work with "what they had" and contact the State Dept. Finance office and file for a title. Relieved with following up on a "we'll see you tomorrow...thank you!" email to my lender, I also ask for a copy of the HUD-1 Settlement to compare with the Truth-in-Lending/GFE forms. I then see that the filing charge went from $95 to $155 and the $175 title ins. charge went to $660! The original GFE had included a $495 appraisal fee, even though I was told one wasn't needed. I called and reminded them of that and they said it would be adjusted later. Total closing cost $1338. Note would be $204.88.
2 p.m: I get another email saying the finance committee met and they decided they needed the title in hand, not the mortgage deed. They still needed the VIN #. They called the State Dept. of Finance and they don't have the title..."the mortgage company does". I was asked, "Can you contact your mortgage company again?". Panicking about now...time is running out. I call my mortgage company again and explained what they needed. They guy tells me that it would take 3-4 business days for the process to get them what they need. He was nice enough to conference call with our lender and explain this. At this point, it's looking like the closing can't take place.
4 p.m: I still have an hour left in the day. Our ins. policy declaration page had a Serial #, Make, Year, and size on it...but "that's not what we need". I then put in a call to our insurance company in hopes that they would somehow have a VIN# listed somewhere. Hubby runs home to frantically look for said VIN# where ever he might find one. (He is self employed with a road call business and is missing calls due to jumping through hoops at this point.) While on the phone with the ins. lady who is looking, the lender is calling in on my call waiting...put ins. lady on hold only for the lender to NOW tell me that they decided they did need an appraisal after all since they decided the estimator tool they use wouldn't be accurate as they'd like since we're in a rural area (was told from the beginning we didn't need an appraisal and could save by them doing the "estimator tool".) Lender has the nerve to place me on hold even though I told her I was speaking to the ins. lady trying to find a VIN#. I switch back to the ins. lady who then tells me that she searched and the Serial # IS the VIN#. Good Lord!! I ask her if she'd speak to my lender if I gave them her #..."sure". Switched over the lender call who is in mid-sentence talking away... The woman is trying to decide what/how to do things now. I gave her the phone # and asked her if she'd call the insurance agent and reiterated the business about the Serial # and VIN# being one and the same. By then it's 4:30 p.m. We never heard back.
4:57: I sent a detailed email (paper trail) back to the lender recounting the conference call with the lender, the discrepency in the closing charges vs. GFE amounts (which miraculously equals to $1378...note being $204.88. Same note payment, but even higher charges...and now we're told to expect an appraisal too.) She said that the reason it went from $175 to $660 on the title services and lenders insurance was because, "that's what the title ins. is charging to do the closing where you are." Closer to home cost more?? We can drive 3 hours and pay less than $500 in gas if that's the case. I also stated in the email that I assume they would notify the title company of the closing needing to be rescheduled...just in case they drop the ball on that and us be dinged somehow.
Anyways....after jumping through hoops at the last minute on things that we should have been informed about and that they should have decided on and put together by now (IMHO), do we have to go through with this? SHOULD we go through with this?? What would YOU do?? It's difficult finding an institution that would refinance a manufactured home, so we were feeling like we're one of the lucky ones even getting any kind of loan. But are we being done wrong? Is stuff like this the norm? I'm sorry this is so long. I appreciate you hanging in this far if you have and we'd appreciate any advice. Just wondering since the closing has to be rescheduled now, are we legally bound to, and if not, would they have the right to charge us for anything during this process so far?
Back and forth..."yes"..."no"..."can you get this"..."find out how to do this"....My head is still spinning.... : (
Today has been such a circus, but I'll do my best to put things in order here.
In May, my husband and I applied for a home equity loan to take care of some repairs and improvements where we live. (It's a manufactured home (double-wide) secured on concrete footers and sits on several acres...when set up, it was all rolled into one home mortgage loan 9 years ago and FHA financed.) After the initial application and income/credit verification, we were told we'd get the loan. $20,000 for 10 years @ 4.25 %. We received our GFE on our lender's website. We could have the closing in our home town rather than 3 hours away which sounded great. Since that time...the ball has been dropped for almost 2 weeks with no activity working the file, the title co. found that a Quit Claim deed was needing to be signed by people we've never heard of (they said a claim was filed against the property in 2006...had no clue and still don't know what that was about). They managed to locate the people and the QC was signed.
We've checked on the status of the loan at least once a week since May, each time stating, "If there's anything else you need or we can do, please let us know." Last week, we were notified that closing would be the 26th (tomorrow). They did need updated payoff amounts to a couple of things they are requiring we pay off (a Mastercard and less than $1000 owing on a car loan.) I received and emailed those amounts Monday morning to the lender.
MONDAY: A couple of hours after emailing payoff amounts, the lender replied asking if we had a copy of the title to the home. Then I received another email afterwards, "Never mind" she found a Serial # on the ins. policy and they would work with that. Then ANOTHER email...no...they DO need the VIN# and could I call the mortgage company and "maybe you can call them and see how we go about adding our name since they have the title" and have them fax a copy to them so they can put a lien on it. I called the mortgage company and the guy said he put in a request for the mortgage deed to be faxed to them. I told him they specifically said "title", but he assured me what they were sending was what they needed. After speaking to him, I emailed the lender and told them the conversation and to expect a fax...and to "let me know if this is sufficient or if there is anything else you need". I began feeling put out that they waited until a few days to tell us they needed this after all this time! The reply email from lender was telling me they'd keep us posted.
TUESDAY: No word from lender and Thursday is closing.
WEDNESDAY (today): I emailed this morning asking if they received the fax. "Yes...it's a copy of the mortgage deed and didn't have the VIN#". They said they would work with "what they had" and contact the State Dept. Finance office and file for a title. Relieved with following up on a "we'll see you tomorrow...thank you!" email to my lender, I also ask for a copy of the HUD-1 Settlement to compare with the Truth-in-Lending/GFE forms. I then see that the filing charge went from $95 to $155 and the $175 title ins. charge went to $660! The original GFE had included a $495 appraisal fee, even though I was told one wasn't needed. I called and reminded them of that and they said it would be adjusted later. Total closing cost $1338. Note would be $204.88.
2 p.m: I get another email saying the finance committee met and they decided they needed the title in hand, not the mortgage deed. They still needed the VIN #. They called the State Dept. of Finance and they don't have the title..."the mortgage company does". I was asked, "Can you contact your mortgage company again?". Panicking about now...time is running out. I call my mortgage company again and explained what they needed. They guy tells me that it would take 3-4 business days for the process to get them what they need. He was nice enough to conference call with our lender and explain this. At this point, it's looking like the closing can't take place.
4 p.m: I still have an hour left in the day. Our ins. policy declaration page had a Serial #, Make, Year, and size on it...but "that's not what we need". I then put in a call to our insurance company in hopes that they would somehow have a VIN# listed somewhere. Hubby runs home to frantically look for said VIN# where ever he might find one. (He is self employed with a road call business and is missing calls due to jumping through hoops at this point.) While on the phone with the ins. lady who is looking, the lender is calling in on my call waiting...put ins. lady on hold only for the lender to NOW tell me that they decided they did need an appraisal after all since they decided the estimator tool they use wouldn't be accurate as they'd like since we're in a rural area (was told from the beginning we didn't need an appraisal and could save by them doing the "estimator tool".) Lender has the nerve to place me on hold even though I told her I was speaking to the ins. lady trying to find a VIN#. I switch back to the ins. lady who then tells me that she searched and the Serial # IS the VIN#. Good Lord!! I ask her if she'd speak to my lender if I gave them her #..."sure". Switched over the lender call who is in mid-sentence talking away... The woman is trying to decide what/how to do things now. I gave her the phone # and asked her if she'd call the insurance agent and reiterated the business about the Serial # and VIN# being one and the same. By then it's 4:30 p.m. We never heard back.
4:57: I sent a detailed email (paper trail) back to the lender recounting the conference call with the lender, the discrepency in the closing charges vs. GFE amounts (which miraculously equals to $1378...note being $204.88. Same note payment, but even higher charges...and now we're told to expect an appraisal too.) She said that the reason it went from $175 to $660 on the title services and lenders insurance was because, "that's what the title ins. is charging to do the closing where you are." Closer to home cost more?? We can drive 3 hours and pay less than $500 in gas if that's the case. I also stated in the email that I assume they would notify the title company of the closing needing to be rescheduled...just in case they drop the ball on that and us be dinged somehow.
Anyways....after jumping through hoops at the last minute on things that we should have been informed about and that they should have decided on and put together by now (IMHO), do we have to go through with this? SHOULD we go through with this?? What would YOU do?? It's difficult finding an institution that would refinance a manufactured home, so we were feeling like we're one of the lucky ones even getting any kind of loan. But are we being done wrong? Is stuff like this the norm? I'm sorry this is so long. I appreciate you hanging in this far if you have and we'd appreciate any advice. Just wondering since the closing has to be rescheduled now, are we legally bound to, and if not, would they have the right to charge us for anything during this process so far?
Back and forth..."yes"..."no"..."can you get this"..."find out how to do this"....My head is still spinning.... : (