Posted on: 14th Nov, 2009 04:03 pm
in august, i attempted to refinance the mortgage on my home in virginia. however, the mortgage broker never came through with a refinance. instead, he stalled for three months. paperwork was re-accomplished three times throughout the process, as each time he would tell me the paperwork was complete and would promise that the loan was going to closing. then there would always be a long wait and then weeks later he would tell me that the paperwork needed to be re-accomplished. each time the loan was recalculated, the figures were less advantageous for refinance. finally, the mortgage broker told me a third time that the paperwork once again needed to be re-accomplished and that the mortgage lock had expired. the current mortgage rate offers no real benefit over the rate i already have, so refinance would serve no purpose now.
through this process, the mortgage broker ordered two appraisals and made me pay for them. then the mortgage broker claimed that the lender would not accept those appraisals and ordered yet another appraisal which he said the mortgage company paid for. the new appraisal also devalued the house from the original appraisal and cause the refinancing to be even less advantageous.
in the end, i was forced to halt the process with the mortgage broker due to his incompetence, because all he ever did was make promises. the refinance never went to closing and probably never would have because the broker was constantly stalling.
the mortgage broker forced me to spend a total of $540 on appraisal fees while he never came through on his promises of a refinance. how can i get this money back? the mortgage broker thus far has refused to refund the money.
through this process, the mortgage broker ordered two appraisals and made me pay for them. then the mortgage broker claimed that the lender would not accept those appraisals and ordered yet another appraisal which he said the mortgage company paid for. the new appraisal also devalued the house from the original appraisal and cause the refinancing to be even less advantageous.
in the end, i was forced to halt the process with the mortgage broker due to his incompetence, because all he ever did was make promises. the refinance never went to closing and probably never would have because the broker was constantly stalling.
the mortgage broker forced me to spend a total of $540 on appraisal fees while he never came through on his promises of a refinance. how can i get this money back? the mortgage broker thus far has refused to refund the money.
We'd need to know the exact reasons your refinance was delayed. Sometimes, especially recently, it's beyond the Loan Officers control. But she should have told you that, and provided the specific details to you. For example, did the Lender all of a sudden decide they weren't going to do your type of loan all of a sudden? Appraisal requirements have also been changing during that period of time, so it's difficult to determine if your Loan Officer is responsible. What specific reasons did she provide you?
You can't recover the Appraisal Fees - they're the homeowners responsibility.
Since you started the process in August, why don't you get another Loan Officer and ask if they can use your first Appraisal? It's under 6 months old, so it's doable, depending on the type of loan and the lenders requirements. I only do FHA-insured mortgages, and if somebody like you wanted to switch to me as their Loan Officer, I'd be able to use the first Appraisal with the original higher value.
You can't recover the Appraisal Fees - they're the homeowners responsibility.
Since you started the process in August, why don't you get another Loan Officer and ask if they can use your first Appraisal? It's under 6 months old, so it's doable, depending on the type of loan and the lenders requirements. I only do FHA-insured mortgages, and if somebody like you wanted to switch to me as their Loan Officer, I'd be able to use the first Appraisal with the original higher value.
i suppose if you truly feel you were wronged in this refinance effort, you could threaten to sue your old broker for the funds you've spent - end up in court that way, with you as plaintiff. but i agree that you're responsible for making payment on an appraisal, regardless of the outcome.
