All Forum Posts by: Wendy S.

Good day BP Nation.

So some of you might remember a whole back I asked for your help to chose between a HELOC and Refi. Based on my time line to sell the property @Chris Mason suggested a HELOC. Unfortunately my lender advised that with my income I would not qualify so we did the Refi cash out instead.

Closing took place on Sept 25th. At the closing I noticed the payout was different from my CD so I reached out to the lender and they emailed the corrected one which I had previously gotten. So I signed and returned with the closing attorney. On the Sept 27th, I got a call from the settlement agency office that I needed to sign a new CD as the one that was sent out was wrong and I should get a little more funds. I asked the rep to tell me the amt due, after which I pointed out that this was already corrected at closing. She said ok. She wasn't aware and was happy it was already signed.

A week later I got the check in the mail and it was wrong. The amount was for the amt I got at closing which I did not sign. I've been calling the lender and settlement agents since then but it has not been resolved. They have advised where the error lie and are trying to get the funds disbursed to me.

What's my recourse, and also should I incur interest on this amount that I have not received? My monthly payment starts Nov 1.

@Alina Trigub

Thanks Alina for the link to these simplified and easy to follow terms and calculations.

@Barbara S.

I've read your post and responses and emphasize with you. While you are clearly frustrated and understandably so, your situation is not as cut and dry of that of an ordinary landlord.

This is where you need to first be a caregiver, then landlord. Rather than focus on getting a lawyer, try finding some compassionate person, maybe from a nearby senior center or such and ask them to help you sit and talk with your tenant. Or see if you can find someone in his circle that he values and respect to serve the same role.

As someone in the senior homecare industry I can't tell you how often I've witnessed the effects of aging, the lack of control over one's inability to function independently, the fears whether realized or not that this population live with. Getting old is not for the faint of heart, even harder for those of us who have to interact with them.

During your mediation, find out if there is a work around to the keys, such as perhaps a coded door if this would work better for him. Or make him a gift of a key ring that would hold some sentimental value to him and then color code each of the 3 keys he needs for entry to the apartment and place on said keyring.

No amount of stronghold enforcement will work with him. You will have to go above and beyond to get through to him, by dialogue, compassion and understanding. You already know he fears being locked in or out, hence he leaves the door open.

As for the other issues, look at how you can rectify these as well. You mentioned his bathroom hasn't been cleaned in ages. What can you do to address this? He said the repair bill is too high, so he is at least aware that he should be responsible, this is a start.

While you do the above, see how best you can get a caseworker assigned to him, citing fear for his wellbeing, endangerment and safety of others, and see if you can help him to transition hopefully to his next place of abode.

It's not easy I know, I'm preaching to the choir.

@Chris Mason

Thanks, will do.

@Chris Mason

Ty Chris. May I pm you?

@Tim Johnson

Thanks Tim.

Sorry, it's a cash out refinance does this make a difference?

Yea, total costs including government fees are coming out to be 5%.

Good day all. So I decided to do a refinance and HELOC to hopefully enjoy the best of both worlds.

My question is, what are the benefits of paying the closings costs upfront vs having them rolled into the loan?

I have the funds to pay upfront and would think this would be better as my understanding is I will be paying interest on top of interest by having the closing costs rolled in. Am I wrong?

@Chris Mason

BTW is 2% or points moral on these refinancing to get a rate of 3.375 with my credit score and ltv?

@Chris Mason

Thanks. That's what am leaning towards especially seeing that I only pay interest when I use the loan.

@Chris Mason