Refinancing Trouble

[mar4ever2002]

What is the name of your state?Michigan
I refinanced through a company in California called Secured Funding Corporation. Here lies the problem, the closing papers for this loaned were signed 3 weeks ago and the loan still has not funded. The company claims they are going through an Appraisal Review, this has been going on since last week. My question is what are my legal rights? How long are the closing papers good for? Is this company a scam?

 

[amortgageman]

That's a strange one. I deal with somewhere around 70 -80 lenders and appraisal reviews are always done before they will send out closing documents.

Find out if they are licensed in Michigan and contact the Attorney General in your state.

One more thing I might mention, be sure to contact your current (old) mortgage company and be prepared to make your June payment with them before a 30 day late payment hits your credit report.

 

[unapathetic]

http://www.cis.state.mi.us/fis/ind_srch/mortgage/mortgage_industry_criteria.asp

You can look up all mortgage companies, brokers, and servicers who are licensed in Michigan. The one you mention is licensed, as I checked for you. If you do a business entity search, you can even find out who their registered agent in Michigan is and who owns the company. You can also do a general search and find out if any disciplinary actions have been taken against them.

The state website is one I don't mind spending tax dollars on...

Anyway, the agency you contact for the complaint is OFIS and you should find all of the links you need there.