Refinance was horrible

[jaxjax44]

In Colorado I refinanced my mortgage and was never sent a good faith estimate or anything prior to signing. Also I was told the monthly payment would be a certain amount and half way through sigining we found out it was $100 more a month. I had to come out of pocket for closing costs which were never dicussed prior to closing and after all that our mortgage Co. called the Title Co. 3 days after closing to advise that we were short on the payoff of over $300. Do I have any legal recourse?

Regards

[pojo2]

Then why did you continue to sign paperwork when you had issues with it?

>> half way through sigining we found out it was $100 more a month. <<

Do you not realize the time to question these issues is BEFORE everything is signed?

I am sure if you look in all that paperwork, which you will probably call predatory before your life is over, that YOU signed you will find small errors can be corrected even after closing.

I do not think you have a leg to stand on after all YOU accepted that they did business this way when you signed those contracts.

[jaxjax44]

I did sign the rest of the papers knowing the "NEW" amount which was still $150 less than the rate we were looking at. Our rate was going up from 8% to 9.3% the next month so we were still lower. We were between a rock and a hard place at the time. What about the lack of a good faith estimate prior to closing? Plus the $117 we had to come out of pocket for? I feel really taken advantage of while in a very vulunerable position.

[Samm1970]

The lender has a responsibility to send you a good faith estimate along with other documents, truth-in-lending, lock agreement, FICO disclosure etc... They have 3 days from the date of the application to do this. Their responsibilty is to demonstrate they mailed it to you, not that you actually received it.

Your responsibilty is to inform them if you didn't receive it and ask them to mail it again. If you still don't get it ask them to e-mail it or go to their office and pick it up. Maybe your post man's a drunk. Who knows.

Maybe they did, maybe they didn't mail it. Either way, it's NOT going to be worth your time and effort to do anything about it. The $117 you paid out of your pocket will be made up within 2 months from the savings you'll realize with your lower monthly payment (8% vs 9.3%). Being $117 off on a transaction that involves estimating what a payoff will be is not bad. Don't forget, you get to skip a monthly payment.

If you want to get back at them , just don't do business with them again in the future and don't refer your friends and family members. Turn your energy instead to fixing whatever is causing you to be be paying interest rates that are 2% - 3.3% higher than market rates.

[pojo2]

Originally Posted by jaxjax44

I feel really taken advantage of while in a very vulunerable position.

But you accepted that and even before this point you knew things were not right as you had not received your GFE. Unless they held a loaded gun to your head you had the option of walking out.

[HomeGuru]

I responded to the other duplicate thread.