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12-13-2005, 10:12 AM
| | Junior Member | | Join Date: Dec 2005
Posts: 3
| |  Refinancing
What is the name of your state? South Carolina
My husband and I have a modular home. We are trying to refinance with a company out of California. During the process, the original appraiser appraised our home at a certain value. The finance company came back and wanted addition comps on the home. Before the comps could be provided, the finance company came back and said that they could not handle our loan as the title company said that we have a mobile home. We then threatened to turn them into the Better Business Bureau and provided documentation showing that our home as a modular. The company then went back and agreed that they were incorrect. However, all of a sudden they needed a new appraisal aying that the original appraiser could not provide the comps needed. When I asked questions as to the necessity of the new appraisal, they THEN said the original appraiser provided the wrong comps and threatened to deny the loan if we did not submit to a new appraisal. We had another appraisal done, and the comps came in at a significantly lower value for the home than the original. Not only that, due to the length of time the process has taken due to THEIR error, the rate lock has expired and the loan rate has gone up over 1%.
What rights do we have if any in this situation? We feel as if the company is taking advantage of us. Has any law or right been violated? And if so, how can we proceed to have the matter rectified?
Thank you |
12-13-2005, 10:37 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: |
Originally Posted by NicoleJHP What is the name of your state? South Carolina
My husband and I have a modular home. We are trying to refinance with a company out of California. During the process, the original appraiser appraised our home at a certain value. The finance company came back and wanted addition comps on the home. Before the comps could be provided, the finance company came back and said that they could not handle our loan as the title company said that we have a mobile home. We then threatened to turn them into the Better Business Bureau and provided documentation showing that our home as a modular. The company then went back and agreed that they were incorrect. However, all of a sudden they needed a new appraisal aying that the original appraiser could not provide the comps needed. When I asked questions as to the necessity of the new appraisal, they THEN said the original appraiser provided the wrong comps and threatened to deny the loan if we did not submit to a new appraisal. We had another appraisal done, and the comps came in at a significantly lower value for the home than the original. Not only that, due to the length of time the process has taken due to THEIR error, the rate lock has expired and the loan rate has gone up over 1%.
What rights do we have if any in this situation? We feel as if the company is taking advantage of us. Has any law or right been violated? And if so, how can we proceed to have the matter rectified?
Thank you |
**A: so did you complete your refi? |
12-13-2005, 12:17 PM
| | Junior Member | | Join Date: Dec 2005
Posts: 3
| | | Refinancing
We have not closed with the company as of yet. I do not want to sign any paperwork until I know that we have no options to file a grievance, or even suit if applicalbe.
Thank you |
12-13-2005, 02:10 PM
| | Senior Member | | Join Date: Oct 2005 Location: Ohio (southwest)
Posts: 2,290
| | Quote: |
Originally Posted by NicoleJHP We have not closed with the company as of yet. I do not want to sign any paperwork until I know that we have no options to file a grievance, or even suit if applicalbe.
Thank you | HUH??? Do you want the loan or not? You've already seen interest rates go up while the closing was delayed, and no doubt will again if you drag your feet. Mobile homes/modular homes (basically the same thing, but w/o wheels and set on a permanent foundation) are tricky to finance, because many times they depreciate instead of appreciating. The bank is protecting their interest in case you default on the loan. I don't blame them . . |
12-13-2005, 02:28 PM
| | Senior Member | | Join Date: Feb 2005
Posts: 3,346
| | | You have no cause to file a lawsuit.
Show me a law or contract that has been broken. They just didn't want to refi a house that they would lose money on in a foreclosure. Its called "'sound business practices"
You are free to refi with another lender |
12-13-2005, 03:56 PM
| | Junior Member | | Join Date: Dec 2005
Posts: 3
| |  Refinance
No need for rude replies. I have every right to protect my interests just as the company does their interests. I am merely questioning if a law or right has been violated. It appears that the company is pursuing a course due to the fact that they made an error. There was no error on our part.
Last edited by NicoleJHP; 12-19-2005 at 12:17 PM.
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