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Mortgage Refinance application problem

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tonyjg12

Guest
New York State: I applied for a refinance on an existing mortgage with the same lender for an investment property on September 6. I submitted all paperwork and statements which reflected earnings and assets prior to September. There have been multiple delays due to process issues including omissions on the lenders part to process the loan appropriately. The most prominent excuse by the lender is that since I requested a 'consolidation extension' in order to avoid re-paying the NY state mortgage tax, the lender has not been able to get the consolidation extension processed due to the fact that the current holder of the note (a different bank) has not yet processed the paperwork. Apparently the lender did not process this request until sometime in October and it is now Jan. 11. I finally got frustrated and decided to take this up in person with senior management, who came to terms with me. But since things have taken this long they now requested new bank statements and pay stubs. My employment was officially terminated on September 7 and I received a severance which included a salary till November 30 and I am in the midst of starting my own firm. Because of the lack of employment the lender no longer will process the loan. So 4 months later I am stuck with a 3yr adjustable at 9.0% where I could have been refinanced at 6.5% for a fixed (over $300 difference in the payments) and it cost me $300 out of pocket for the appraisal which I know will not be easy to get back. Should I pursue this further? Should the lender still have processed the loan? What should I do to pursue this further. Can I get my $300 back. Help!!
 


vrzirn

Senior Member
Welcome to the club! Unfortunately, there is nothing you can do. There is a remote chance you can recover the $300 appraisal fee if the mortgage broker at the original bank gets tired of your yelling and screaming and pays it out of his own pocket; that is how I got mine back
All you can do is wait until you have another job and try again.
 

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