Posted on: 20th Aug, 2009 06:19 am
my husband has a 5/15 balloon loan on our home. the first 5 years came up in october and the bank sent us the refinance papers in november. they were signed and sent back on november 17 and i also sent in the first months payment. i was under the impression that my first payment i sent in was for december, since we had just closed on the refinance. we now decided to refinance our first and second loan and behold it is showing a 30 day late for dec 2008. i called and they claim the payment i sent was applied to november and not december so that i have been behind all along. is this right? i never received anything that said my first payment was for november before we even signed the refinance papers. if this is incorrect, how do we fight the past due payment?
thanks,
thanks,
review your paperwork closely...did you have an attorney representing you at this closing? did you actually have a closing? i ask because it sounds like you didn't. are you absolutely certain that what you did was refinance? might it have been simply some sort of modification? do you have a new loan number?
i suppose that doesn't look very helpful, but something went awry last november, and it occurs to me that you and the lender are on two different wavelengths (then and now).
i suppose that doesn't look very helpful, but something went awry last november, and it occurs to me that you and the lender are on two different wavelengths (then and now).
yes, that was me.
Hi texasstar,
Since the loan was closed in November, the lender probably started calculating the interest from that month. But they should have informed you about it. However, if you are looking to refinance the existing mortgages, I don't think the 30-day late payment should cause you any problem. You can write an explanation letter to the new lender stating the cause for that late payment and I believe they will understand the issue. It should not be a problem for you to qualify for a loan just because of the late payment.
Since the loan was closed in November, the lender probably started calculating the interest from that month. But they should have informed you about it. However, if you are looking to refinance the existing mortgages, I don't think the 30-day late payment should cause you any problem. You can write an explanation letter to the new lender stating the cause for that late payment and I believe they will understand the issue. It should not be a problem for you to qualify for a loan just because of the late payment.
It was a refinance not a modification, the balloon note was due. No attorney present, and the paperwork was sent to us until November 14. I had to take it to a notary to have it signed and we sent it back on November 17. I paid $258 for paperwork and I sent in the first month payment for December.
it may be time for you to engage an attorney on your behalf - if the lender erred in any of its disclosures, then your loan might still be rescindable.
i can't quite get my head around why there was no lawyer present. is that how the lender does business? was this some sort of suggestion they made? then again, how comfortable are you/were you with reading all the relevant disclosures and making sense of them?
something doesn't seem at all right, i agree. if the closing takes place in november, repayment ought to begin in january; so that late payment should not have been late after all.
i can't quite get my head around why there was no lawyer present. is that how the lender does business? was this some sort of suggestion they made? then again, how comfortable are you/were you with reading all the relevant disclosures and making sense of them?
something doesn't seem at all right, i agree. if the closing takes place in november, repayment ought to begin in january; so that late payment should not have been late after all.
again...this is me:
it may be time for you to engage an attorney on your behalf - if the lender erred in any of its disclosures, then your loan might still be rescindable.
i can't quite get my head around why there was no lawyer present. is that how the lender does business? was this some sort of suggestion they made? then again, how comfortable are you/were you with reading all the relevant disclosures and making sense of them?
something doesn't seem at all right, i agree. if the closing takes place in november, repayment ought to begin in january; so that late payment should not have been late after all.
it may be time for you to engage an attorney on your behalf - if the lender erred in any of its disclosures, then your loan might still be rescindable.
i can't quite get my head around why there was no lawyer present. is that how the lender does business? was this some sort of suggestion they made? then again, how comfortable are you/were you with reading all the relevant disclosures and making sense of them?
something doesn't seem at all right, i agree. if the closing takes place in november, repayment ought to begin in january; so that late payment should not have been late after all.