We signed the paper work before christmas. They want us to sign new documents.. Is this legal?
2007-01-17 04:12:06 · 7 answers · asked by jj_knickerbocker 2 in Business & Finance ➔ Renting & Real Estate
It could be that you signed disclosures the first time around, before Christmas. Then later you signed the final documents once the loan was ready to fund. These are two separate sets of documents, and it's normal to sign both sets.
Just make sure that is indeed what went on here. I wouldn't worry about it too much. But you should always understand what you are signing and why. Don't be afraid to ask the company or the loan officer helping you.
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2007-01-17 04:16:29 · answer #1 · answered by Todd S 3 · 0⤊ 0⤋
It depends on the situation.
When signing for a loan you may have signed a document stating that if there was a mistake you will resign.
If you signed documents to lock a rate or something similar those commitments will expire after a point.
The estimate of the fees is an estimate. If you change the loan you are taking out then a new estimate has to be signed.
There definitely can be reasons to sign again and situations where you are better off. Figure out what they want you to sign and why. If there was a mistake and there is no hard done then consider signing so everything is in order.
2007-01-17 07:11:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have already signed the final documents at a closing company more than likely you signed an agreement with the rest of the disclosures saying that you would come back and resign some documents if there were any mistakes. It's a common discosures these days to see this form. Check your paperwork if a final closing actually happened. If you only signed preliminary paperwork at your lenders office then I would not worry about it.
But don't ignore it or you could lose your home.
2007-01-17 04:32:57 · answer #3 · answered by Lee P 2 · 0⤊ 0⤋
You need to find out exactly WHY they want you to sign new documents. There would be no reason to just have you sign some new forms if the old forms are still valid and binding. Like others have said, though, there may be a reason why you need to re-do the paperwork.
Just ask. Make sure the new paperwork matches up with the old or ask why it doesn't.
2007-01-17 04:48:02 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
Yes. The loan committment extended by the lender is usually valid for only 30-60 days so if it expires before you close, you have to do everything all over again, which includes signing new docs.....you will be charged a re-signing fee and expect other changes eg rate & fees etc.....
2007-01-17 04:17:18 · answer #5 · answered by boston857 5 · 0⤊ 0⤋
of course. It probably means your terms have changed, and they need you to sign so they are in compliance. Either you changed programs, or you're getting higher rate, or they are charging more.
2007-01-17 04:51:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No, it almost happened to my best friend! Don't do it!!!
2007-01-17 04:19:58 · answer #7 · answered by ? 2 · 0⤊ 0⤋