Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

Recourse against title company for not paying mortgage off?

Author Message
Icon Mini Profile kenstampe
kenstampe
Moderator

best lender badge

Joined: 22 Jan 2007

Posts: 145
Location: Dallas, TX
50.64 Dollars($)
Post Posted: Fri May 04, 2007 7:56 am    Post subject:
Like 0
Dislike 0

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.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
 Previous  1, 2
Page 2 of 2

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.065 seconds.