how to cancel a refinance

[floralswag]

What is the name of your state? Washington

It's a long story as to how we got to this point, but basically what I would like to know is:

If you want to cancel (exercise right of recission) on a refi loan that you have already signed at escrow, is it enough to fax the signed "notice of right to cancel" to the lender prior to your 3 days being up? (This is all the paper says to do, but being a worrier I suspect there might be something else I need to do)

Or, do you also need to inform the escrow agent, title company, insurance or anyone else involved in that same time period?

Here's what the "noticed of right to cancel" document says under How to Cancel:
"If you decide to cancel this transaction, you may do so by notifying us in writing. Name of creditor [mailing address]
You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. Keep one copy of this notice because it contains important information about your rights.
If you cancel by mail or telegram, you must send a notice no later than midnight of 2/2/05 (or midnight of the third business day following the latest of the three events listed above.) If you send or deliver your written notice to cancel in some other way, it must be delivered to the above address no later than that time."

A related question regarding the cashier's check we gave to escrow...are they going to end up cashing/depositing this check and then giving us a refund? Or do we get the whole check back and then get billed later for whatever we owe in fees (my mortgage broker told me all we'd owe if we cancel is the fee for the credit report and the appraisal fee...how true is that I wonder?)

So anyone who has cancelled a refi during the right of recision period, I could benefit from hearing about your experience. Thanks.

If you want to cancel (exercise right of recission) on a refi loan that you have already signed at escrow, is it enough to fax the signed "notice of right to cancel" to the lender prior to your 3 days being up?
It should be, but you must be able to prove they got it; mail it also with a certified mail return receipt requested. Keep copies of everything (forever).

Or, do you also need to inform the escrow agent, title company, insurance or anyone else involved in that same time period?
I would certainly do that too, in writing (see answer to first question).

A related question regarding the cashier's check we gave to escrow...are they going to end up cashing/depositing this check and then giving us a refund? Or do we get the whole check back and then get billed later for whatever we owe in fees (my mortgage broker told me all we'd owe if we cancel is the fee for the credit report and the appraisal fee...how true is that I wonder?)
Ask the lender these questions; don't rely on what the mortgage broker said; look for provisions covering this in all the docs you got.

[louie476]

Ca
I canceled my refi transaction....but the company ignored the cancelation..
I sent them copies of signed return receipt and called, but got no reply,
untill it was time for first payment...(they admited to making mistake).I had to hire a lawyer....but still not resolved....I am so fedup with this company....
and my lawyer is not doing his job, so now iam looking for a lawyer to sue this company.

[HomeGuru]

Originally Posted by floralswag

What is the name of your state? Washington

It's a long story as to how we got to this point, but basically what I would like to know is:

If you want to cancel (exercise right of recission) on a refi loan that you have already signed at escrow, is it enough to fax the signed "notice of right to cancel" to the lender prior to your 3 days being up? (This is all the paper says to do, but being a worrier I suspect there might be something else I need to do)

Or, do you also need to inform the escrow agent, title company, insurance or anyone else involved in that same time period?

Here's what the "noticed of right to cancel" document says under How to Cancel:
"If you decide to cancel this transaction, you may do so by notifying us in writing. Name of creditor [mailing address]
You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. Keep one copy of this notice because it contains important information about your rights.
If you cancel by mail or telegram, you must send a notice no later than midnight of 2/2/05 (or midnight of the third business day following the latest of the three events listed above.) If you send or deliver your written notice to cancel in some other way, it must be delivered to the above address no later than that time."

A related question regarding the cashier's check we gave to escrow...are they going to end up cashing/depositing this check and then giving us a refund? Or do we get the whole check back and then get billed later for whatever we owe in fees (my mortgage broker told me all we'd owe if we cancel is the fee for the credit report and the appraisal fee...how true is that I wonder?)

So anyone who has cancelled a refi during the right of recision period, I could benefit from hearing about your experience. Thanks.

**A: you answered your own question. Did you confirm receipt of the fax?

[Blacky1]

When you rescind, and this should have been explained very clearly by the CEA at the closing table. ALWAYS send a copy to the Title Co, The Lender and the broker.

There has to be more to this story. My guess is that this was not done before midnight on the 3rd recission day or this was an investment property. Rescission days INCLUDE Saturdays. If tou close on Tuesady, your rescission period is up at midnight Friday even though the loan does not fund until the following Monday. If it is an investment property, the rescission DOES NOT APPLY. There isn't one.

Now to answer your questions:

If you want to cancel (exercise right of recission) on a refi loan that you have already signed at escrow, is it enough to fax the signed "notice of right to cancel" to the lender prior to your 3 days being up?

YES - Fax it to the title company and broker as well.

Or, do you also need to inform the escrow agent, title company, insurance or anyone else involved in that same time period?

YES

A related question regarding the cashier's check we gave to escrow...are they going to end up cashing/depositing this check and then giving us a refund? Or do we get the whole check back and then get billed later for whatever we owe in fees (my mortgage broker told me all we'd owe if we cancel is the fee for the credit report and the appraisal fee...how true is that I wonder?)

The Title company will not pay the broker out of the money you have provided to compete the transaction. However, depending on the title compay, they may charge you a fee for services rendered as no one works for free. It will be your responsibility to pay the appraisal fee and credit report fee directly to the mortgage company.

[justalayman]

Originally Posted by HomeGuru

**A: you answered your own question. Did you confirm receipt of the fax?

HG: you got hooked into a year old thread. louie476 started it up again.

[HomeGuru]

Originally Posted by justalayman

HG: you got hooked into a year old thread. louie476 started it up again.

**A: that's ok. I never look at the dates anyway.

[sunvain]

Theres no dates on fortune cookies either!