Funds were not made available as promised

mouselyn · Joined: 09 Feb 2008 Posts: 2 1.66 Dollars($)

Closed on mortgage on Monday (three day right of recision). Funds were to be direct deposited to checking account on Friday, but were not received either on Fri or on Sat. What can be done?

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi mouselyn,

Your query has been answered at http://www.mortgagefit.com/postdeal/about10189.html#44083

Have a look at it.

Feel free to ask if you have any further questions.

Best of luck,
Larry

ckalvesmaki · Posted: Sat Feb 09, 2008 6:03 pm Post subject:

Most title companies do not disburse the same day the recieve funds.....They overnight or wire your payoff to your current lender and make sure that they get the lien release......and then release your funds. On top of that there are many reasons for funding delays......ranging from a missing signature on the closing package to delays in the Fed processing the wire to the closing attorney or title company. So before you start talking about filing a law suit(and just so you aware) the 3 day right of recission.......does not garuantee you will have funds......the law is written so you have time to review your loan package......On Monday....call your lender and or the title company to find out where your proceeds are....chances are it just came in late and missed the cutoff to send a wire.

greg1 · Posted: Sat Feb 09, 2008 9:01 pm Post subject:

Did the title company say they were wiring them to you? Is that what you mean by direct deposit?

Did you try contacting the title company?

michelle · Posted: Mon Feb 11, 2008 6:24 am Post subject:

Hi mouselyn

As Cedric mentioned, there could be a number of reason why the money did not get into your account on time.

I would recommend you call the title company and inquire with them as to why your funds were not received.

Please let us know if we can answer any other questions.

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