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Hello me and my husband built our house doing most of the work ourselves (got construction loan through midcountry bank out of minnasota)started jan. 2008 finished construction july 2008 our loan was suppose convert from construction to fixed 30 after completion however because of the housing problems they decided to have another apprasial done on the house after we completed. What started as $209,000 was now $191,000. we only used $165,000 to build and the house is beautiful but midcountry did'nt like what was going on in the Florida market so they would only offer us a 3 year balloon now keep in mind when we closed pre construction they got all closing costs up front for both the construction and the 30 year fixed. We accepted the 3 year balloon Crying or Very sad

When interest rate came down to 5% in May of this year we went to wells fargo filled out the app. gave them all the paperwork they requested and were approved. we spent $350 on another appraisal to find out our house is now only worth $160,000 which naturally we knew we would have to put a chunk of change down at closing however the processor told us that he was going to add $10,000 more to the appraisal wells fargo told us $6,000 was all we would need to bring to the closing table we agreed got the funds together and waited. They checked our finances in the bank I don't know how many times contacted my husbands employer several times did credit checks multiple times wanted verification for every dime we deposited into our checking account. after all this approx. 3months of this they said they got a new processor on the loan and that we needed $14,000to close that the other processor was wrong in what he did. we agreeed to the dollar amount and were ready to close but they were'nt they now wanted a a co-signer we got my mother who lives with us to cosign. finally we got word on WED. this week that we were going to close today Friday we still hadn't recieved an exact dollar amount to bring to the closing table until yesterday when they informed us they want $17,0000 claiming that the additional $3,000was for extentionS that they had been filing without our knowledge is there anything we can do or anybody we can talk to would this be acase for an attorney should I go to the media PLEASE SOMEBODY HELP BEFORE I LOSE MY MIND Evil or Very Mad

Thank you

Guest

If the delays were NOT your falut then the branch and fulfilment sights should be paying for the extensions. Ask to speak to the branch manager or to the area manager. From personal experience the time when you initiated your loan was crazy and processing took forever no fault of our customers but I never passes the extensions on th them. Best of luck.

Posted: Fri Oct 23, 2009 7:53 am Post subject:

thank you

jameshogg · Posted: Fri Oct 23, 2009 11:54 pm Post subject:

Hi tuxedo,

If the lender had been paying for extensions that they had been filling, then they should have informed it to you. It would be a better option in my opinion to contact an attorney and take his opinion regarding the whole issue.

Thanks

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5 months refinance with wells fargo