Questionable refinance

[hern]

What is the name of your state?NY
Greetings I am refinancing a home and aksed to receive the final contract early in the day since closing was 8pm at a diner. I refeceived via fax at 630 pm a incorrect contract showing payment to a creditor that was paid 5 years ago proof of payment had been sent. Company told me 3 day waiting period after signing refinance for funds and wanted us to sign off on incorrect contract saying funds for the incorrect ($1798.) would be paid in CASH on 3rd day . Said no I am suppossed to refinance today with a corrected contract .QUESTION -Is there a 3 day wait for funds disbursment in NYS ? That is the banks contention.

[seniorjudge]

Originally Posted by hern

What is the name of your state?NY
Greetings I am refinancing a home and aksed to receive the final contract early in the day since closing was 8pm at a diner. I refeceived via fax at 630 pm a incorrect contract showing payment to a creditor that was paid 5 years ago proof of payment had been sent. Company told me 3 day waiting period after signing refinance for funds and wanted us to sign off on incorrect contract saying funds for the incorrect ($1798.) would be paid in CASH on 3rd day . Said no I am suppossed to refinance today with a corrected contract .QUESTION -Is there a 3 day wait for funds disbursment in NYS ? That is the banks contention.

If you are signing at a diner under these circumstances, you are fixing to get ripped off good and hard.

Do NOT sign anything until you see everything in writing and you understand it completely.

Do not rely on a single verbal/oral statement.

[Samm1970]

Yes there is a 3 day recission period. I agree with SR Judge. It's raises some red flags that you'd be closing at a diner. Is this a 1st mortgage or 2nd mortgage?

[HomeGuru]

Originally Posted by Samm1970

Yes there is a 3 day recission period. I agree with SR Judge. It's raises some red flags that you'd be closing at a diner. Is this a 1st mortgage or 2nd mortgage?

**A: maybe a good hot meal will lessen that "ripped off" feeling.

[Samm1970]

I'm sure the lender will figure out a way for the poster to pay for the meal too. "Oh my gosh! I realize now after were done eating our meal, that I forgot my wallet**************...."

[Ciarraine]

The three day right of recission period is not a New York state law, it is part of the Federal Truth in Lending Act/Regulation Z. When refinancing your primary residence, you have a three business (holidays and Sundays do not count) day period in which to choose to cancel the loan. Only after the recission period elapses will your loan fund, hence only then will you get your cash-out.

Where you sign the documents makes little difference. We had a client this week sign his papers in an airport restaurant because that was the only free time he had.

[Samm1970]

It's true that docs can be signed anywhere when there is a need to close somewhere other than the attorneys office. New York is an attorney state. Will there be an attorney present at the diner when you sign?