Posted on: 25th Mar, 2009 07:45 am
Hi,
I am trying to refinance my condo which I have lived in for just over 3 years. I have great credit and have never missed a payment.
I completed the paperwork months ago. But, I have two friends who have refinanced their single family homes and did not have any problems. I have talked to other condo owners and it seems other people are having the same problem.
Why is condo refinancing taking so long?...If it's happening at all?
I am trying to refinance my condo which I have lived in for just over 3 years. I have great credit and have never missed a payment.
I completed the paperwork months ago. But, I have two friends who have refinanced their single family homes and did not have any problems. I have talked to other condo owners and it seems other people are having the same problem.
Why is condo refinancing taking so long?...If it's happening at all?
If the condo association is not allowing you to close the loan, then you should contact and negotiate with them and resolve the issue. Once the issues are resolved, I'm sure you would be able to get a loan.
i'm going through the same thing wells fargo will be calling 6/22/10
Condominium issues are not typically with the condo association, but more regularly typified by issues concerning the association, or the condo itself. By that, I mean, owner-occupancy ratios and budgetary shortages are often glitches that hang up a mortgage request, and ultimately cause a denial.
A borrower trying to straighten out something of this sort will find himself caught in a morass or paperwork and pretty much unable to rectify the situation.
A borrower trying to straighten out something of this sort will find himself caught in a morass or paperwork and pretty much unable to rectify the situation.
I had a projected refi. closure date of June 14, but when my loan was handed off to an associate, my refi.tracking web page disappeared and I'm not getting a response from the loan agent or document handeler. I started this process in April. They got my $400 and about $75 in fax fees. I am wondering if they are holding out so they can jack up the rate. I am sooo mad. Can I get my $ back?
You should contact the lender and check out as to why you are unable to track your refinancing web page. As you haven't closed the mortgage, you can definitely back out of this deal. You should contact your lender and inform him that you won't go ahead with the refinancing.
Actually, you'll fend better financially if you close on the loan and subsequently rescind the transaction. All fees paid must be returned to you in that instance.
You didn't say what the $400 represented, though I suspect that's for appraisal.
You didn't say what the $400 represented, though I suspect that's for appraisal.
I am a first time home buyer who purchased through an "owner carry". The bank I applied with wants to process my loan to buy out the owner as a "refi". We began this process late March 2010, 6 weeks later we got a "no" because of my husbands work history...so my lender is trying with another investor, now it has been another 8 weeks and we still don't know if underwriting is even going to accept the loan. We're waiting in limbo.
Hi AmyT,
You should contact your lender and check out whether or not he is able to get an investor for the loan. You should negotiate with him and request him to close the loan asap.
Thanks
You should contact your lender and check out whether or not he is able to get an investor for the loan. You should negotiate with him and request him to close the loan asap.
Thanks
That advice goes without saying - you need to be in constant contact with whoever is handling your file. It's pretty evident now that they're struggling with your loan application, and I'd have to consider that the lengthy delays are not favorable for you.
we have our 1st mort through b of a. they contacted us in april to do a refinance. we agreed and started the paperwork. for about 3-4 months things were held up with subordination paperwork with our second mort. now b of a has had all the paperwork they need to close since sept 16, and still we're not closing! they keep telling us that the purchase loans are getting priority, and then the refinances. what legal ground do we have to get this pushed through? it has now been almost six months since this started.
Welcome Guest,
You should hold your patient and be in constant touch with your lender in order to close the refinance deal. This will help you in resolving this matter.
You should hold your patient and be in constant touch with your lender in order to close the refinance deal. This will help you in resolving this matter.
Post Your Comment