2006-07-06 13:25:32 · 5 answers · asked by Dave M 1 in Business & Finance ➔ Renting & Real Estate
I refinanced my existing home and signed papers on the 24th of the month, but the lender didn't get all the info they needed (like a loan payoff amount) until well into the next month. I didn't receive proceeds until after that. Did this loan officially close on the 24th (when papers were signed) or the next month (when they received all the information)?
2006-07-06 14:33:04 · update #1
At stake is when my loan repayments should officially have started. You usually get a "grace" month after closing where no payment is due. The loan was subsequently sold. The new holder states that I am a month behind but I believe I am current.
2006-07-06 14:35:58 · update #2
I would guess once it's signed and notarized by both parties.
2006-07-06 13:28:46 · answer #1 · answered by ratboy 7 · 0⤊ 0⤋
When your refiance - and the money is given to the lender to pay off the mortgage, it will be recorded at the court house. Same with a purchase, the seller's mortgage is paid in full, and it is recorded.
If you paid off your mortgage, you sould get paper work from your lender - if you have not, go to your local court house, and check the records to see if the mortgage has been closed.
I see where you have a dilima - OK - Here is what you need to do. Call the title company that closed the loan. Title Companys are insured, thru the title insurance you paid for at closing, that all the paper work etc is correct etc. When I order a payoff, and send the payoff to the title company, the title company collects additionals days premium (interest) per day, to cover the payoff. The payoff should have been wired or overnighted to the lender to pay off the exsisting mortgage. On your HUD that you have in your package, they charge you interest per day - check out the days interest they collected. If you closed in June, no payment until August and some lenders will let a person not have a payment until 2 months later - Not sure if this helps, but it looks like your Broker, Bank LO or Title co messed up and I would say it was the Title Company. Since they are responsible for the final package.
2006-07-06 13:58:33 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
There are two things that happen at a "closing". There is a "closing", then there is funding. These things happen differently at a refinance closing, than at a purchase closing.
A refi gives you 3 BUSINESS days to change your mind. This is called you Right of Rescission. You would have signed these papers in one area at closing. the day after the closing, you right to rec ind goes into affect. You will have until midnight on the 3rd business day to rescind this loan. Saturdays are included in this time period, Sundays are not. After the rescission period is up, the loan will then fund, meaning all monies will be dispersed to all parties needing payoff.
A purchase is the same, except you do not have a 3 day right of rescission. The loan funds immediately.
What it sounds like you did was a "dry close". Basically, the mortgage company who is funding the money agreed that the broker could get the payoff to them within the rescission period. this is very common. Basically, they wanted to make sure that your loan was included on their end of the month numbers so the loan officer could get paid.
2006-07-06 17:23:09 · answer #3 · answered by Kaz 3 · 0⤊ 0⤋
Sounds interesting
2016-07-27 03:55:35 · answer #4 · answered by ? 3 · 0⤊ 0⤋
When the last payment is made and the deed is transfered
2006-07-06 13:28:52 · answer #5 · answered by David T 4 · 0⤊ 0⤋
Thankyou! extremely valuable information and offers me better knowledge on the topic
2016-08-23 01:19:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋