Refinance

Hi Guest,

It is correct that New York has a Three Day "Cooling-Off" Rule. Under this rule, the consumers have up to 3 days to cancel the contracts. This rule is intended to protect consumers from high-pressure lenders. This allows the consumers to cancel contracts if they feel that they have signed the deal while under pressure.

Thanks

the right to cancel is federal law and involves any refinance transaction on a primary residence; it's not peculiar to any state.

and i am not surprised much by the delays at the last minute; that seems to be becoming industry-standard. that's not to say it ought to be acceptable, just that getting paperwork from point a to point b is an arduous task for mortgage lenders.

Can Banks back off from the deal in these 3 days of cooling period.

Hi Guest,

As far as I know, banks cannot back off from the 3-day cooling off period.

the rescission period is for borrowers and borrowers only.

Why do Lawyers sit on the funds so long. I signed and closed my refinance papers on Monday July 27th. Then came 3 days cooling period. Bank of America funded the account on Friday July 31st. On Friday I send a email to Bank of America Lawyer to please send payoff to my existing Lender. No action .. Monday morning I send another email to him and followed with a phone call. They said they sending the payment today and my existing lender should get it by Wednesday. Meanwhile, I AM paying $ 95 per day diem to existing lender. Costing me additional $ 475.

you ought not to have to send an email to the lawyer to mail your payment. that should be part of the transaction as an ordinary thing. not only that, it ought to have been overnighted. an overnight fee is less than a per diem from the bank. why do they wait? i have no answer for that, but i think you've been done a disservice, based on what you've said.

What recourse a consumer has against Bank of America Lawyer who did this refinancing. These lawyers don't care for consumers. All, I know I drive 5 miles for a sale at Shoprite, here the Lawyer cost me $ 475 for NOT sending payoff at end of 3 day cooling period and I have no recourse. Lesson learned: NEVER REFINANCE ON MONDAY. 3 day cooling brings you to Friday, if Lawyer does not make a payoff and waits until Monday and sends by 2 day fed ex, recieving bank gets on Thursday. You are stuck with 2 Mortgages for 6 days.

What recourse a consumer has against Bank of America Lawyer who did this refinancing. These lawyers don't care for consumers. All, I know I drive 5 miles for a sale at Shoprite, here the Lawyer cost me $ 475 for NOT sending payoff at end of 3 day cooling period and I have no recourse. Lesson learned: NEVER REFINANCE ON MONDAY. 3 day cooling brings you to Friday, if Lawyer does not make a payoff and waits until Monday and sends by 2 day fed ex, recieving bank gets on Thursday. You are stuck with 2 Mortgages for 6 days.

if your loan was funded on a friday, it is typically the practice to overnight the funds to the lender being paid off. this will invariably cost you interest for the weekend. you don't actually begin paying on the new mortgage on the date of your closing, as the funding date rules. so, your new loan went into effect on friday. yes, you paid a couple of days' interest due to the weekend, but if you close on any other day of the week, you'll lose one day no matter what (sunday is not considered a business day).

please explain the analogy of the 5-mile drive to shoprite - how does that fit in here?

analogy is to save couple of bucks I drive to Shoprite where there may be a sale, in other words I look to save pennies. Being working class person each $ is hard earned. and over here with incompetence of this Lawyer it costed me hundreds of $$$ and we have no say in the matter. Yes my new mortgage was funded on Friday. In hindsight maybe I was better off hiring my own attorney too.

okay...gotcha...thanks.