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gmakerley · Posted: Fri Jun 05, 2009 7:08 am Post subject:

beenburnt what do you mean when you say "they tell you that you do not need to make a mortgage payment?" i hope it's not what i think. i have heard too many cases lately in which borrowers were told they didn't have to make the payment due while they were trying to refinance, only to find out that the new loan didn't close on time, and they became late.

it is imperative that people continue to make monthly payments right up to the last minute even while refinancing. the best of loan officers/lenders, etc. make mistakes and take too long to get loans done, and failing to pay a due payment because someone was dumb enough to tell you it wasn't necessary can place you in great jeopardy. do not believe it when a loan officer or processor or anyone else involved with a proposed refinance says it's not necessary to make a payment.

Guest

That is exactly what happened. I asked the Mortgage Consultant, "My mortgage is due June 1, do I need to make that payment?" He said, "NO". That was his entire email, "NO"

As it turns out, the loan fall through. They said it was because I wrote the date wrong on one paper. I wrote, '90' put a line through it, initialed it, and wrote '09'. They were suppose to send me that one paper again, so that could still make the deadline, but they did not.

So, I made my mortgage payment and now am waiting to see if they make good on the original loan.

gmakerley · Posted: Fri Jun 05, 2009 7:45 am Post subject:

that's incredible. from what you say, you took precautions to ensure that the document was corrected. "90" instead of "09" ought not to be something that would delay or prevent you from obtaining the loan you sought. somebody in that organization is ridiculous. i hate painting the whole company with a broad brush, and not having any firsthand knowledge of how they operate, i won't do that. but i will say i find that issue to be pretty bizarre.

Guest

The nice thing about doing things online, I have copies of all the emails sent back and forth.

No one that I told can believe that my mistake caused the problem.

Everyone one makes mistakes; let's see how they correct theirs.

Guest

George, is there a someone I should write to, if I do not get satisfaction for these folks?

gmakerley · Posted: Fri Jun 05, 2009 11:14 am Post subject:

on disclosures that you ought to have received, there would be information about the federal agency that governs the company. you can call that company, but it would be far better if you could reach out to those at the very top of the organization to register your complaint(s).

Guest

I am going to wait to see how this all turns out. I re-signed on 6/3 and haven't heard a word yet.

How long should it take before I know that my original mortgage has been paid?

gmakerley · Posted: Fri Jun 05, 2009 11:29 am Post subject:

i don't get the question. did you have a closing? that seems to be the case. if that's true, then they should have sent the payoff check via next day mail. check with your mortgage lender to ensure that the payoff arrived and has been applied to the account.

Guest

Maybe I am messing up the terminology. They sent a Notary Public to my house to sign the papers. She sent the papers to the mortgage lender via UPS on the 3rd. I assume that they arrived on the 4th or the 5th and it would take the mortgage lender an hour or so to verify the paperwork. Then on Monday the 8th, I should know, right?

Guest

By the way, thanks for all the time you have taken to answer my questions.

gmakerley · Posted: Fri Jun 05, 2009 12:13 pm Post subject:

a couple of hours for them to review would be extraordinary...actually, your having said that is a bit ironic in light of your other comments about the company. do you really expect them to suddenly become efficient?
you may still be correct about the 8th however. i would most certainly pick up the phone and contact whoever you have for a name on monday to see how things are proceeding, though. contact your current lender, too...see how that's going.

Guest

"do you really expect them to suddenly become efficient?" Not really, but I am not going to get a loan at 5% right now and I am not in need of the money, so I have nothing to lose at this point. Oh, I have already paid my mortgage for June, so I am not worried about that either.

I will wait until Monday or Tuesday and if I have not gotten confirmation of the current mortgage being paid off, I will start my letter writing campaign. Stamps are cheap and email is even cheaper, so I will write to everyone and anyone I think may help.

Guest

From 11:00 yesterday: The loan is scheduled to fund today. I, of course, had to make the contact and ask the question. Today at 10:30, I again asked for an update. I am not sure how long it should take.

Guest

I just finished a mortgage with them. I have gone through a dozen prior mortgages. My attorney, real estate agent, and I all agree that this is the worst company any of us have ever dealt with. They lie about sending documents, they repeatedly ask for documents they have already received, and miss deadlines. We closed at 6:00 pm on the last day of the rate lock. They sent the documents two hours before. I would not use them if they were several percentage points below the competition. It is not worth the headaches.

Guest

You finished?!?!? You are one of the lucky ones I guess. I signed the papers on 6/3 and on 6/10 still no reply.

Do not use Wyndham Capital Mortgage!!! Like SJM said, "They lie about sending documents, they repeatedly ask for documents they have already received, and miss deadlines."

I am going to send a list of how times they asked for the same paperwork.

"Apparently dates were changed or marked through on the closing package. That makes it invalid. We have lost our lock and have to use worst case pricing. I am coming up with options as we speak. Stay close", Daniel Webb Mortgage Consultant

We have to use worst case pricing!?!? Oh, No we don't!

"The reason for my question is, my mortgage is due June 1st and my second is due June 7th. Should I pay them as normal?" From Me.

Daniel Webb's reply, "NO"

June 8th, "The loan is scheduled to fund today. I just checked the lenders site and the status is "In Funding". The closing agent will either wire or overnight the payoff to your current lender. I will receive confirmation from them and let you know when that has occurred." Chris Meyer Sales Manager.

Today is June 10th. No reply as of yet. I am sure my deal fell through again!

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