I refinanced my house and took out some equity..I closed a week ago on Tues. On my contract disbursements of funds to me and to my previous mortgage was dated for yesterday. My loan officer is dodging me and knows it should have been done yesterday. What are my rights in a situation like this? She made up some lame excuse and said it would be done today...Meantime I have $1.60 in my bank account and 4 kids to feed because they told me I needed to pay off some debt to make my loan go through smoother..Leaving mre squat for my regular bills. Im very angry right now and dont know what recourse I have....
2007-01-23 02:49:30 · 5 answers · asked by Jenny T 4 in Business & Finance ➔ Renting & Real Estate
It is called a 3 day right of rescission. It is to protect you. Hopefully you used a closing agent, title company, or attorney to do the closing. They are the ones holding the funds and cutting the checks. Closing on Tuesday, you will wait wed, Thur, Fri - you should have been able to get a check on Monday.
If you are not getting anywhere definitely call the managers and climb the local ladder of who is in charge. Also, you can try to contact the actual lender as they are an interested party but typically not directly associated with the mortgage company (not sure if you went direct with a lender or mortgage broker).
Hope that helps. If you don't get something today, talk to an attorney tomorrow.
Joe...
2007-01-23 03:24:04 · answer #1 · answered by Joe K 3 · 0⤊ 1⤋
That actually does sound correct. Not sure what state you live in, but I live in Colorado. I refinanced the middle of last year. Once I signed the settlement paperwork to refinance, there was a 3 day waiting period (there is a term for it, but I don't remember it). In any case, the 3 day waiting period is for your protection (again, at least in Colorado, but I think it's pretty standard). After the waiting period, the disbursement happens. If you signed the paperwork on Tuesday, 3 business days would be Friday. It seems to me that they should have FedEx'd your disbursements to you yesterday, maybe today. I'd call them and make sure they are sending them overnight. Now as far as your mortgage, they will probably pay your other mortgage directly, but other equity they will send to you. Hope that helps.
2007-01-23 10:58:41 · answer #2 · answered by christiane 1 · 1⤊ 0⤋
If you closed in escrow (at a title company), I'd call the escrow officer and ask when your check will be ready for you to pick up. If you can't get a straight answer, call the loan officer's Branch Manager and explain that you signed a week ago, rescission ended Saturday and funds were to have been disbursed yesterday and ask for a complete explanation
2007-01-23 11:12:25 · answer #3 · answered by mazziatplay 5 · 1⤊ 0⤋
What does it have to do with your Loan Officer? Your Title/Settlement attorney is the one who will release your funds and/or cut checks. I would call the person that closed your loan. Are there other issues with the lender that they are not funding your loan?
2007-01-23 13:53:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Talk to her manager or the office manager or the owner of the company. Wait till you calm down but let them know your disatisfaction.
2007-01-23 10:58:31 · answer #5 · answered by Nusha 5 · 0⤊ 1⤋