Refi going south fast

[refihell]

What is the name of your state? California

My husband and I are at the end of a simple home refi and the deal just won't close/end and pay out. My husband and I signed final docs last Friday morning, Sept 16, and then were told there would be a three day cooling off period before the funds would be automatically transferred into our account. No money has been sent as of last night. So we called our loan person, only to find out she still needed my employement verification and two more forms signed (again) regarding not taking empounds. Both mistakes on her part, not ours. In addition, we have not gotten any calls regarding this problem in the last few days since signing on Friday, nothing. Now they say we are running out of time on our rate lock. It has been a good six weeks with one mistake and delay after another on a simple home refi.

As of this morning, we have been giving her any and all information she has been asking for, but she won't return our calls to give us a status.

Do we have any recourse of making this deal happen inspite of their errors?

Are there any sources in which to go to get help on making this deal work? I want my money back on the appraisal, and I'm missing too much work because of this. The stress on both of us is incredible...

Please help.

[Some Random Guy]

who is "our loan person". Does she work for anyone who can put pressure on her to do her job?

[CAlandlords]

Originally Posted by refihell

What is the name of your state? California

My husband and I are at the end of a simple home refi and the deal just won't close/end and pay out. My husband and I signed final docs last Friday morning, Sept 16, and then were told there would be a three day cooling off period before the funds would be automatically transferred into our account. No money has been sent as of last night. So we called our loan person, only to find out she still needed my employement verification and two more forms signed (again) regarding not taking empounds. Both mistakes on her part, not ours. In addition, we have not gotten any calls regarding this problem in the last few days since signing on Friday, nothing. Now they say we are running out of time on our rate lock. It has been a good six weeks with one mistake and delay after another on a simple home refi.

As of this morning, we have been giving her any and all information she has been asking for, but she won't return our calls to give us a status.

Do we have any recourse of making this deal happen inspite of their errors?

Are there any sources in which to go to get help on making this deal work? I want my money back on the appraisal, and I'm missing too much work because of this. The stress on both of us is incredible...

Please help.

Sorry to say but this is not totally out of the ordinary. The underwriters and closers are the ones saying they need all this other stuff from you last minute before they will fund the loan. It's not the loan officer, they are just messengers when it gets to that point. And believe me it is just as stressful on them as it is on you. Nobody likes to disappoint their customers and she is probably having a more difficult time getting information from the people in control of your file as you are having getting status from her.

It is so not worth changing lenders at this point. Just be done with it and move on. Just make sure that your rate does not go up if it expires before the loan is closed. If they are the ones that caused the delays, they should be the ones to eat any costs or losses due to your rate expiring.

[Samm1970]

If you went to closing and you signed the note and the mortgage, it's a done deal. The mortgage lender does not have the option of rescinding the loan. If they did not have their ducks in a row before you signed the closing documents they sent to closing then it's their problem.

With that said, cooperate with them in what they are asking for but only give them a day or two to fund. It's easier & less expensive than applying legal pressure at this point. If after a day or two it hasn't funded, then contact an attorney.

Also, Homeguru may have some advice for you on this too so check back to see if he/she (don't want to be presumptuous) chimes in.

By the way this is extremely out of the ordinary, at least if you were dealing with a reputable lender.

[CAlandlords]

Originally Posted by Samm1970

If you went to closing and you signed the note and the mortgage, it's a done deal. The mortgage lender does not have the option of rescinding the loan. If they did not have their ducks in a row before you signed the closing documents they sent to closing then it's their problem.

With that said, cooperate with them in what they are asking for but only give them a day or two to fund. It's easier & less expensive than applying legal pressure at this point. If after a day or two it hasn't funded, then contact an attorney.

Also, Homeguru may have some advice for you on this too so check back to see if he/she (don't want to be presumptuous) chimes in.

By the way this is extremely out of the ordinary, at least if you were dealing with a reputable lender.

Every lender I've dealt with (Countrywide, Greenpoint, Washington Mutual, Wells Fargo... the list goes on) does a final employment verification prior to funding. So no, it is not out of ordinary.