Posted on: 30th Jul, 2009 01:36 pm
we've been trying to refinance for 9 months. the lender keeps dropping the ball, excuses have no end, we had appraisal done twice due to first one only being valid for 90 days; communication is very poor. the lender keeps saying that they're extending the locked rate and paying penalties but my question is - do we have any recourse to recoup the lost $$ (the morgage after refinance at the locked rate would be approx $500/month lower)?
Call the dept of banking in your state and file a complaint.
Thank you for your advice. I'll definitelly try. I'm wondering if that would work since the lender (and the morgage banker) is in a different state than our property. Any thoughts? Thanks again!
No it will not matter. The bank is licensed to lend in your state. You should report the bank to the dept of banking in the state where you reside.
9 months - it's a shame, but there's enough inefficiency in the industry these days to believe it.
eric, maybe we were optimistic in our 45 day outlook on that other thread.
eric, maybe we were optimistic in our 45 day outlook on that other thread.
Thanks again! I'll post an update when (and if) we actually complete the refinancing h***.
we always like to see updates - and we're hopeful that it's a success story.
Yes, maybe we were optimistic. However, when you see this kind of delay it tells me that the bank does not want to fund this loan.
Like Eric said, you may have had a LO that was too scared to tell you that you don't qualify, OR, they shouldn't be in business.
Why have you not contacted another broker? You can have your appraisal switched over to the new companys name for a fee.
Why have you not contacted another broker? You can have your appraisal switched over to the new companys name for a fee.