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After closing

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A

adkinscu

Guest
What is the name of your state? South Carolina

I have a question I hope someone can give some information or guidance on. I closed on a house on the 22nd of December 2003. I used an ARM to purchase the home. At closing the interest rate on the paperwork was incorrect, in my favor. The home equity line of credit or second mortgage was significantly less than it was orginally quoted. I felt the orginal quote was high anyway (8.375%) but I knew my credit wasn't perfect and my debt to income was also not great. I wanted to get into the house and planned on refinancing in a year anyway. At close however, the rate was listed as 4.375% for the second mortgage. The closing attorney noticed it, I looked at it, and the loan officer saw it and said it must be an error but couldn't get a hold of anyone to confirm. On the 14th of January I received a call from the loan officer asking me if I had received any papers. It turned out he had some papers dropped off for me on the 9th of January, saying the original rate was an error and including a new agreement with the 8.375% rate that I am supposed to sign. I do not see why I would have to sign anything regarding changing the interest rate after the close, even if they made a mistake. Am I wrong?
 


HomeGuru

Senior Member
adkinscu said:
What is the name of your state? South Carolina

I have a question I hope someone can give some information or guidance on. I closed on a house on the 22nd of December 2003. I used an ARM to purchase the home. At closing the interest rate on the paperwork was incorrect, in my favor. The home equity line of credit or second mortgage was significantly less than it was orginally quoted. I felt the orginal quote was high anyway (8.375%) but I knew my credit wasn't perfect and my debt to income was also not great. I wanted to get into the house and planned on refinancing in a year anyway. At close however, the rate was listed as 4.375% for the second mortgage. The closing attorney noticed it, I looked at it, and the loan officer saw it and said it must be an error but couldn't get a hold of anyone to confirm. On the 14th of January I received a call from the loan officer asking me if I had received any papers. It turned out he had some papers dropped off for me on the 9th of January, saying the original rate was an error and including a new agreement with the 8.375% rate that I am supposed to sign. I do not see why I would have to sign anything regarding changing the interest rate after the close, even if they made a mistake. Am I wrong?
**A: has your 2nd mortgage already been recorded on title?
 
A

adkinscu

Guest
That's a good question...I don't know yet. This is the first home I have ever bought. This is the kind of information I need. What is the difference if it has or hasn't. Considering that it is now close to 30 days since closing?
 

HomeGuru

Senior Member
adkinscu said:
That's a good question...I don't know yet. This is the first home I have ever bought. This is the kind of information I need. What is the difference if it has or hasn't. Considering that it is now close to 30 days since closing?
**A: if it has been recorded, tell the lender sorry, you're not signing anything.
If the mortgage has not been recorded, the lender can stop the transaction.
 
A

adkinscu

Guest
So the first step for me is to find out if it has been recorded yet. Thanks for the information. How long does it usually take to get recorded on the title?
 

HomeGuru

Senior Member
adkinscu said:
So the first step for me is to find out if it has been recorded yet.

**A: uh, yeah, I would guess so.
******
Thanks for the information. How long does it usually take to get recorded on the title?
**A: ask the escrow/title people.
 

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