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Refinancing Problems

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A

aceman

Guest
What is the name of your state? California

A month ago I was refinancing my home so I could consolidate my credit cards. I had signed the docs and a week later I was told by my new loaner that my load had funded. I receive an email from my credit monitory system and it told me that I had a new account posted on my credit report. A week later I had a call from my old lender notifying me that I did not pay my mortgage for that month. I had told them that I had refinancing my mortgage and they should of receive the pay off. I had called my new lender about this and they had told me that it was already paid off. A week and half later I receive a call from my new lender tell me that the load did not come through. I had found out that they had problems with the loan and had not told me from the beginning and all that time I thought that the loan was done. Now I have a 90 day late because of this and my credit score is below 500 points. I had called the new lender and they are telling me that they will be fixing the problem. I haven’t received a call from them for almost two week and I trying my best to get some money to get catch up with my mortgage and I can’t refinancing again because my credit is so bad. What should I do? :confused:
 


HomeGuru

Senior Member
aceman said:
What is the name of your state? California

A month ago I was refinancing my home so I could consolidate my credit cards. I had signed the docs and a week later I was told by my new loaner that my load had funded. I receive an email from my credit monitory system and it told me that I had a new account posted on my credit report. A week later I had a call from my old lender notifying me that I did not pay my mortgage for that month. I had told them that I had refinancing my mortgage and they should of receive the pay off. I had called my new lender about this and they had told me that it was already paid off. A week and half later I receive a call from my new lender tell me that the load did not come through. I had found out that they had problems with the loan and had not told me from the beginning and all that time I thought that the loan was done. Now I have a 90 day late because of this and my credit score is below 500 points. I had called the new lender and they are telling me that they will be fixing the problem. I haven’t received a call from them for almost two week and I trying my best to get some money to get catch up with my mortgage and I can’t refinancing again because my credit is so bad. What should I do? :confused:

**A: hello.........reality check. Your credit was already bad to begin with and you have not told us the complete story.
 

bluerose05

Junior Member
HomeGuru said:
**A: hello.........reality check. Your credit was already bad to begin with and you have not told us the complete story.

arizona

hi, sounds like the same thing is about to happen to me that happened to aceman....no my credit wasnt good, yes i was totally up front an honest with the company,"why lie, all they have to do is check ur credit".... we closed escrow twice couse this company messed up the first time, my question is, signing those papers only obligates us an not the lender? my contract said i had 7 days to pull out of the loan if i chose to. are they not pbligated to stick with the loan if they dont let me know before the 7days are up? they havent said no but after we signed the papers twice mind you, an well after the 7 days, the loan officer starts telling me they want this an this an that, i complied with everything, an mind you, i only found out that there was a problem with the loan because the company i pay now calls me demanding a payment, i told them what was going on, called my loan officer an thats when he told me what i needed to provide to them...this same loan officer when i asked him both times we close escrow an a 3rd time after i provided what he asked for, do i need to go make my payment, he said no, your not going to be due till dec,now my credit is worse off because of this company, no my credit wasnt great to begin with but because this company misled me BIG time i let go another lenders offer which wasnt as good but doable, all because of this companies misleadings...in the end i just want to know if they are bound to this contract we signed twice an if theres anything with in the law that i can do to make them take responsibility, for how their misleadings damaged my credit even worse, or just take responsibility for how misleading they were. doesnt that fall in the fraud catagory if they end up saying they cant fund my loan after signing the papers?...sorry for the long story but i wanted to tell you the complet story =)....thanks for any advice i can get =)
 

MORTGAGEman

Junior Member
Who are you guys using as lenders? It sounds like they are jerking you all around.

Always remember to pick a lender who you think you can trust... don't always go with the lender who has the lowest interest rate. Go with a company who has a good reputation and who is going to show you good service.
 

ibcnet

Junior Member
Home Refinancing Do's and Don'ts

It bugs me that folks go to such great lengths to get your business thru cold calling/telephone marketing and such and then fail to retain your trust when processing something as important as a loan.

Never-the-less you must understand that when doing business with anyone there is always the risk of being dealt a bad hand, short end of the stick as it were.

Once you've signed the papers you're stuck with the consequences. That's why it's important to do your homework, discuss the matter with your financial advisor and attorney before signing the dotted line. Regarding doing your homework - we strongly believe in helping you with that. I want you to take a look at the mortgage refi kit and make good use of it from this time on.

Study it well. I know you'll find it useful.
http://www.bcpl.net/~ibcnet/refinance-kit.html
Most important, pass it on to someone else. Everyone should know this stuff before attempting to refinance.

Mark
iBCNET
 

Roselady

Member
Remember people--- there are many preditory lenders out there that will do anything, & tell you anything, in order to get your loan.

When they finally do get your loan- they will bundle all these loans together in a trust & sell them off to the highest bidder. These investors use servicers who are...well.... less than desirable to work with. They are all about stealing your equity in your home through fake fees & artificial fines.

Sometimes it's best to just work it out with your present lender than trying to get a loan which in the end will be subprime & subject to mortgage servicers & the fraud they perform. But then---it's only your equity you risk.
 

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