 kenstampe
Moderator
Joined: 22 Jan 2007
Posts: 146
Location: Dallas, TX
50.64 Dollars($)
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 Posted: Fri May 04, 2007 7:56 am Post subject: |
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akg...
I'd like to address your issues one at a time if I may:
1) The courts are always going to hold you accountable for paying your mortgage on the terms of the note. While you may very well be the recipient of bad advice from the broker who did your refinance, there is no legal recourse for correcting the 30 day late on the mortgage. As mentioned by you and pointed out by Cedric, if you closed on the 22nd the payment was already late and you were still under contractual obligation to pay the mortgage company on time....regardless of how inconvenient that might have made the closing for your broker or the title company. But we all have the benefit of hindsight commenting on this now....
2) It sounds like your new loan is a sub-prime mortgage (based on your past history of mortgage lates) and what may have happened is that the subprime industry was making major corrections and changes around the time of your closing. It's very possible your broker had to change lenders AFTER you closed. However, you should have been better informed by your broker. This would delay the funding. I had a friend who is a mortgage broker in Dallas who had a loan closed and on the last day of recission the mortgage lender announced they were filing bk and closing business. He had to inform the client and had to start the loan over completely.
3) The title company cannot hold funds returned to them. You are not getting the whole story here from someone and if the title company can't explain why money that was to be paid to a third party on the HUD-1 settlement statement was not paid to them, then call the state office responsible for insurance. File a complaint with them. This should be fixable. Someone may have made a clerical error which is magnified due to the other issues on your transaction.
In conclusion, I think you need to just move on and keep your current loan on time and your credit will take care of itself. Since you just refinanced, I assume you plan on staying in the home at least 2 years which should make progress on your credit just by paying on time. Keep pressure on the title company and insurance company to help you figure out what happened to their money.
good luck. |
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