What is the name of your state (only U.S. law)? California
While I have no idea if this is the right place for this, let me try...
Our lender (Wells Fargo) approached us about 3 months ago, offering to refinance under Obama's HARP program. They said we qualified, and all seemed good. About a month ago, we got a letter saying "congrats, you are approved....." and that we would receive the loan docs which must be returned by Oct 24 to keep the rate locked in.
Well to make a long story short, it is now 3 months after the start of this entire process, we are a week after the date that those documents were to be returned to Wells Fargo and we still have not received those docs. We have called on almost a daily basis asking what the delay is about and all we are told is that the docs are at the underwriter and there is no way for them to contact the underwriter and that we have to just sit tight and wait for them.
We have concluded that in reality there is no way Wells Fargo wants to make this loan happen since we would be ending up paying them less for our total mortgage and that this entire HARP program, while having had good intentions is being abused by the banks who have no real interest in making it work.
So, my question is, can anyone provide any advice here? We have tried contacting our congressman, and a senator but no one really seems interested.
By not providing us with the loan docs, after having sent us that "approval" letter, is the bank under any obligation to follow through? Is this some kind of breach being that they essentially told us we qualified? Is there ANYthing at all that we can do?
While I have no idea if this is the right place for this, let me try...
Our lender (Wells Fargo) approached us about 3 months ago, offering to refinance under Obama's HARP program. They said we qualified, and all seemed good. About a month ago, we got a letter saying "congrats, you are approved....." and that we would receive the loan docs which must be returned by Oct 24 to keep the rate locked in.
Well to make a long story short, it is now 3 months after the start of this entire process, we are a week after the date that those documents were to be returned to Wells Fargo and we still have not received those docs. We have called on almost a daily basis asking what the delay is about and all we are told is that the docs are at the underwriter and there is no way for them to contact the underwriter and that we have to just sit tight and wait for them.
We have concluded that in reality there is no way Wells Fargo wants to make this loan happen since we would be ending up paying them less for our total mortgage and that this entire HARP program, while having had good intentions is being abused by the banks who have no real interest in making it work.
So, my question is, can anyone provide any advice here? We have tried contacting our congressman, and a senator but no one really seems interested.
By not providing us with the loan docs, after having sent us that "approval" letter, is the bank under any obligation to follow through? Is this some kind of breach being that they essentially told us we qualified? Is there ANYthing at all that we can do?