redeem2009
Junior Member
What is the name of your state (only U.S. law)? Maryland
Friday, May 22, 2009
We first learn of this Mortgage Company from a television advertisement December 3. 2008. We contacted the company by phone the same date to do a refinancing and have communicated with them quite frequently by phone and e-mail throughout the whole process.
Our contact person was a broker for this company. We explained to him step by step exactly what we wanted and expected to achieve from the refinancing (cash out, low interest rate, and consolidation of bills). It took the company more than a month to complete the refinancing process. And what we discussed and agreed upon on the phone and in our e-mail communications were excluded from the HUD 1 contract. Needless to say, we proceeded. We closed at home January 8, 2009 with the Commissioned Maryland Notaries. We were informed of our legal right to cancel under federal law as indicated on Form H-8 NOTICE OF RIGHT TO CANCEL/ RESCISSION. The Notaries also informed us of our right to cancel and that they would assist us with the cancellation if we needed help. Following, the cancellation, we phone them at the numbers they provided, left voice messages, but they did not return our call.
After careful consideration we decided to cancel, and we did so within 3 business days--- and we have documentation to substantiate it. Nevertheless, prior to the cancellation deadline, we contacted our broker and notified him of our intent to cancel. He made us an offer in order for us to continue with the refinancing. We told him that if we did not receive the offer that we have requested in writing---NO DEAL!
The broker and Mortgage company failed to honor our request in writing so the cancellation was still in effect. Incidentally, they claimed they did not receive the cancellation notice. The broker and the Mortgage company ignored the cancellation notice and undermined us and continued with the refinancing process anyway. They sent us payoff checks, paid off our mortgage, and sold it to Countrywide Home Loans. And recently, after four months of failed negotiations between their attorneys and ours, we received statement from Bank of America Home Loans that our Mortgage (excluding late payments) has been paid for three months. Our attorney or we did not authorize this! Consequently, we do not know who made the payment.
We were forced to consult a Real Estate Attorney who advised us not to pay the mortgage at this time. However, we are not making any progress, and we can only afford to pay a small portion of his fees. Meanwhile, our mortgage is facing possible foreclosure due to no fault of ours. Prior to our involvement with this Mortgage company, our mortgage was always paid on time prior to this. We do not know what to do or who to turn to. We have contacted eveybody just about from our Governor to Capitol Hill but they seem to think we are in a foreclosure situation and keep referring us to Finance and regulatory affairs in Baltimore Md but this is really a problem that we are having with this mortgage company and they refuse to give in and admit that they are wrong. We exercised our legal right to cancel and we cannot seem to get a break through with this. We need better legal advice than what we have been getting from our attorney who have not contacted us within the last 2 weeks...Please somebody help!What is the name of your state (only U.S. law)?
Friday, May 22, 2009
We first learn of this Mortgage Company from a television advertisement December 3. 2008. We contacted the company by phone the same date to do a refinancing and have communicated with them quite frequently by phone and e-mail throughout the whole process.
Our contact person was a broker for this company. We explained to him step by step exactly what we wanted and expected to achieve from the refinancing (cash out, low interest rate, and consolidation of bills). It took the company more than a month to complete the refinancing process. And what we discussed and agreed upon on the phone and in our e-mail communications were excluded from the HUD 1 contract. Needless to say, we proceeded. We closed at home January 8, 2009 with the Commissioned Maryland Notaries. We were informed of our legal right to cancel under federal law as indicated on Form H-8 NOTICE OF RIGHT TO CANCEL/ RESCISSION. The Notaries also informed us of our right to cancel and that they would assist us with the cancellation if we needed help. Following, the cancellation, we phone them at the numbers they provided, left voice messages, but they did not return our call.
After careful consideration we decided to cancel, and we did so within 3 business days--- and we have documentation to substantiate it. Nevertheless, prior to the cancellation deadline, we contacted our broker and notified him of our intent to cancel. He made us an offer in order for us to continue with the refinancing. We told him that if we did not receive the offer that we have requested in writing---NO DEAL!
The broker and Mortgage company failed to honor our request in writing so the cancellation was still in effect. Incidentally, they claimed they did not receive the cancellation notice. The broker and the Mortgage company ignored the cancellation notice and undermined us and continued with the refinancing process anyway. They sent us payoff checks, paid off our mortgage, and sold it to Countrywide Home Loans. And recently, after four months of failed negotiations between their attorneys and ours, we received statement from Bank of America Home Loans that our Mortgage (excluding late payments) has been paid for three months. Our attorney or we did not authorize this! Consequently, we do not know who made the payment.
We were forced to consult a Real Estate Attorney who advised us not to pay the mortgage at this time. However, we are not making any progress, and we can only afford to pay a small portion of his fees. Meanwhile, our mortgage is facing possible foreclosure due to no fault of ours. Prior to our involvement with this Mortgage company, our mortgage was always paid on time prior to this. We do not know what to do or who to turn to. We have contacted eveybody just about from our Governor to Capitol Hill but they seem to think we are in a foreclosure situation and keep referring us to Finance and regulatory affairs in Baltimore Md but this is really a problem that we are having with this mortgage company and they refuse to give in and admit that they are wrong. We exercised our legal right to cancel and we cannot seem to get a break through with this. We need better legal advice than what we have been getting from our attorney who have not contacted us within the last 2 weeks...Please somebody help!What is the name of your state (only U.S. law)?