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dog5691 · Joined: 19 Nov 2009 Posts: 3 2.15 Dollars($)

signed refinance agreement with bank and canceled within 20 hours of signing,they said i have to pay for credit report...appraisal..(that never took place) and other incidentals....they want to keep my $500.00 deposit...i live in the state of florida...i notified them with a phone call...an email.. sent a fax and sent an overnight letter to cancel

Niicss · Posted: Thu Nov 19, 2009 4:20 am Post subject:

With the Right to Rescission, you can back out of your loan within a period of 3 days. Moreover, you won't lose your money if you had canceled your loan within this time period. In my opinion, you should speak to an attorney and take his help in this regard.

gmakerley · Posted: Thu Nov 19, 2009 10:38 am Post subject:

hold off on the lawyer - you'll pay for that. contact your lender once again and point out the law. the law requires that the lender refund any monies that you've spent, and they can't collect from you any other fees, either.

you have command in this transaction - use it.

jveenstra · Posted: Thu Nov 19, 2009 3:39 pm Post subject: Refund

What George said.

Besides that they have 20 days to return all funds to you

gmakerley · Posted: Sat Nov 21, 2009 2:34 pm Post subject:

john, this poster wrote the same complaint elsewhere (i knew i'd seen it before), and it turns out the circumstances are not what we thought to be the case. there was no closing. the application fee here is non-refundable and that's the element that's at issue. of course, as i noted in my response on the other post, if an appraisal fee was included in the upfront money and the service wasn't performed, then the lender needs to kick that money back to its applicant.

sometimes it takes us a while to dig, but once done, it's profitable to do so.

gmakerley · Posted: Sat Nov 21, 2009 2:35 pm Post subject:

oops...even better...here's the link to the other post:
http://www.mortgagefit.com/postdeal/about31026.html#135683

gmakerley · Posted: Sat Nov 21, 2009 2:38 pm Post subject:

oh yeah (i can't quit!)...

for those who don't know this yet...please don't post the same question more than once. it confuses those of us who try to assist with answers to queries, it confuses those who are looking for information to help them in their own situations, and it confuses everyone sooner or later. it's a whole mess, in general.

thanks, in advance.

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days of right of refusal to cancel refinance contract