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Forums » Private & Conventional Lending Discussion » Refinance problem

Refinance problem Subscribe to Refinance problem

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Tag Tags: refinance-problem


Jim Huber


Forum_avatar_avatar-jimmy930

Icon_minipost Oct 30 '09, 06:26 AM

I signed my refi papers to close my loan 8 days ago.At the end of the third day of recission the Mort company came back,and said they had a problem with my income and sent me back to underwriting.The loan had not been funded,but checked today and apparently the mortgage company mistakenly paid off my 28.8k
equity line on the house,but not the primary loan.Called the Mortg company about this,and have not heard back yet? How will this play out/What are my rights?

Edited: 06/26/2010 at 10:18AM


Dave Rossman

Real Estate Consultant · Miami, Florida


Forum_avatar_avatar-daver

Icon_minipost Oct 30 '09, 08:52 AM

Jim,

The "Rescission Period" is not for the lender, it is for you the borrower (only). Once you execute the lender's loan documents the lender is obligated to fund the loan, any decent real estate attorney should be able to smooth this out.

Best of luck,
Dave

Edited: 06/26/2010 at 10:18AM


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