Question on the refinancing law in California

[spetersyoda]

I signed loan papers on dec. 8th and had three days to resend (I did not resend the loan) well on the 20th the loan company said the couldn’t do the loan they had us sign for.
My question is, is this legal on their part or do they also have to follow the same type of resend policy. Now they want me to sign an inferior loan from them that we declined, now they are harshing us about not going with the second loan, what is my recourse if any.

Thanks

again this is in california sacramento

 

[seniorjudge]

Report these loan sharks to whoever regulates them in your state.

 

[spetersyoda]

thank you

but not sure who that would be
better bussniess?

 

[seniorjudge]

No. The Better Business Bureau does not regulate anyone. Call your state representative and ask which California governmental agency regulates the kind of lender you are talking about.

 

[john123456]

but not sure who that would be
better bussniess?

Most likely the California Department of Real Estate
http://www.dre.ca.gov/default.htm

 

[MortgageGuru]

Actually, you really don't have any recourse except to call another lender for your loan. The only reason why a lender would not do a loan is if they find it can not be securitized. This is most likely what happened in your case. If it can't be secured through Fannie Mae or Freddie Mac or a bank somewhere then the money comes directly out of the company. Buying back loans can run a mortgage company out of business.

 

[spetersyoda]

thank you very much for the help

thank you very much for the help
and wonderful insite