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Why is my refinance taking so long?

Hi,

I am trying to refinance my condo which I have lived in for just over 3 years. I have great credit and have never missed a payment.

I completed the paperwork months ago. But, I have two friends who have refinanced their single family homes and did not have any problems. I have talked to other condo owners and it seems other people are having the same problem.

Why is condo refinancing taking so long?...If it's happening at all?

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'm sure you've had this same conversation with your loan officer. what were you told? it may be, by the way, that your condo complex doesn't meet guidelines. if you can't get a straight answer from the loan officer, you're going to have to escalate to a higher authority within the lender's office.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Actually, I am working with an independant mortgage broker and he keeps telling me he is waiting on the bank. My building is less than 30% renters and should meet any criteria. Like I said, I finished all the paperwork and my broker told me I have been approved.

I just wanted to know why single family homes are getting refinanced and condos are not. My parents just refinanced without a problem, but my brother and I, both condo owners, started the process before my parents with the same broker and are still waiting. My broker keeps saying it is the bank. Just wanted to see if anyone knew why this is so difficult.

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smo65d11's picture
smo65d11 | Joined: March 25, 2009 11:29 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is it possible that the condo association is in litigation regarding anything? If they are, I believe all loans, sales, purchases etc are stalled until the matter is resolved in court.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

that might very well be the situation, smo...

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Good luck! My husband and I have excellent credit score and have been trying to refi since 12-12-08; today Chase, who has the mortgage turned down our refi. I even call the office of the President of Chase a month ago and the executive staff stopped returning my calls a month ago. This is a second home for us our first home is paid off. Our community was started just before the economy went south and now the nothing is selling! This is a big surprise since nothing can be financed.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Diane!

Welcome to forums!

Did the lender give you any reason as to why he will not refinance the mortgage? Do you have equity in the property? If you don't have equity in the property, then the lender would not refinance the property.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was told by Bank of America that I am approved for 4.5% and everything has been done for my single dwelling house but the rep says they are so bank logged that I will have to wait. My lock is up June 1st. What to do?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

push them very hard, jane. ask for a free extension of your rate lock - you have naught to lose in that case. if all is done, they ought to be able to close your loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a wells fargo mortgage broker to do my refi. I gave him all our finacials. he said everything seemed in order he will look at our best options present them to us and we make a decision. So we went ahead locked in our rate in which we paided to lock it in and got our appraisal done. we got our appraisal done in March 09 it came back with workalbe numbers. so In early april I reviewed the options choose one let and let him know he said it could take up to 8 weeks. I said ok i understand the demand ont eh market. 6 weeks later I call him everyday for almost two weeks. finally he returns my call and we are in june now when he returns the call. Tells me my appraisal is only good for 120 days and it will have to get reappraised The market value has dropped significantly in my area and interest rates have gone up. I may not be able to refi now cause of his lack of pruudence is there anything i can do?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi welby,

I don't think you have much to do in this case except from going for a re-appraisal. If you do not re-appraise the property, you may not be able to refinance it. However, you can always contact an attorney and take his opinion about whether or not you can take any actions against your broker.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am of a similar mind as adonis, at least as far as his initial statement. i don't think there's anything that will be available to you as far as forcing the issue with the loan officer or wells.

though it might sound quite reasonable to try to take legal action, i don't think any such action would be successful.

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brian3's picture
brian3 | Joined: June 9, 2009 12:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have heard the large banks like Wells, Chase and BOA are so backed up on in house files that they are taking 90+ days to process and close them. We have loan officers from the area who bring time sensitive deals to us to close. We are an independent mortgage banker. We close deals with our money and then we sell them to the large investors or to fannie mae directly. I would recommend trying one of the mortgage bankers in your area who work in this fashion. As long as they have available money to close it should not be a problem. In my opinion its bad business of those large banks not to manage their clients expectations......good luck changing that though!

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Brian...90 days? come on now

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Eric, if my partner did not have a friend from Wells who has already handed us three time sensitive loans to close I would probably not believe it myself. Check out some other forums, its not just these people having problems getting their loans closed.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are going into our 7 month of the refinance process we initially started with Wachovia and they rolled our loan to Wells Fargo because of the takeover, we get no straight answers from anyone. They all seem to push the blame on the next guy. What a mess. We are doing an FHA loan we were told you need 2 appraisals but Fannie Mae only allows 1 appraisal every 6 months is this true?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it's so true it's ridiculous. every loan is a nightmare waiting to happen, every processor is stressed to the max, every loan officer is stressed to the max, every lawyer, realtor, borrower are confused as can be.

i had a file sit in undewriting for 30 days before the file was cracked open! thanks be to God that it was a very clean file, and from that point to closing is only 2 weeks - it will close tomorrow. this for a paltry $99000 loan - what a glorious payday that will be.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

These banks we're so overwhelmed from the drop in rates it created a large bottleneck affect. Before the rates dropped business was slow and banks we're in the process of layoffs and branch closings. All of a sudden the rates dropped and mortgage apps went through the roof and banks we're not simply prepared. The lender should extend the lock at no addt'l charge b/c of their delay. Don't worry the loan will get done it's just a matter of waiting for it. Patience is a virtue. When rates hit 50 year lows this is what you get!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

FHA did require 2 appraisals if you were taking cash out over 85% Loan-to-Value. Since the cutoff for FHA cashout is 85% eliminating the need of another appraisal. Fannie and Freddie appraisals are only good for 120 days so if you have a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] thats taking longer than that then you may have to get another appraisal if you're in a soft market (basically everybody). They shouldn't charge you though for the second if its due to the lenders delay in processing.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Same thing is happening with my co-op refi thru chase...i locked in early march and got a high appraisal in April, well over what i thought it would appraise at. my credit score is over 750 and income is totally sufficient. every week my loan officer says she's hopeful that we will close this week. She's been saying that for 8 weeks. What is going on? I'm worried that I'm just going to loose my lock-in money and that nothing is going to come of this. totally frustrating.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kristin,

You should contact your loan officer and ask her to speed up the process so that your rate lock does not expire. If your rate lock expires, you will have to go for a new rate lock and as interest rates are increasing now, there are chances that you would be charged a higher interest rate.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm in the processs of refinancing with BOA also. I was initially told that it would take 60 days, I called at the 60 day mark wondering what was going on because I hadn't received a closing date, my laon officer called back (with an attitude) saying they were backed up 90 + days. I'm at 75 days and I still haven't heard anything back!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I also have applied with BOA for Condo refinancing ... it is 65 days now, I am still nowhere close to end. I have very good credit score, appraisal came very good, LTV is 70%, Income over $250K, Loan close to $ 460K In other words, it is an ideal application. But still no end in sight, only got extension of lock -in rate. BOA, better wake up before all consumers avoid them.
Ram

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ram!

Welcome to forums!

65 days is quite a long time. It is surprising to me why the lender is taking so much time to process your refinancing request. It would be better if you could look out for other lenders to refinance the property.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sussane, If you read forums, 65 days is not a long time. In NY/NJ area they are taking 90 -120 days

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i was at a closing yesterday afternoon (purchase). our contract was signed (short sale) on 4/27 and we were ready to close before the end of june - not too bad, considering...the bank's side (current owner/lender) wasn't ready - it took them another week-plus to get ready. fortunately, my borrower knows it wasn't us.

in speaking with the closing attorney, she mentioned that she'd closed one in june that had originated 8 months previously. she didn't say it was wells or chase or boa, but it wouldn't surprise me to find out it was yet a different lender. times are tough, and our investors are the culprit when it comes to understanding what all the delays are about.

quality control has become quality obsession - there's not enough time in the day to do all the tracking cross-checking they want done on a file any more. it's out of hand.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well, I have been in the process of trying to refinance my home with Chase since January. It is not nearing the end of July......

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I meant NOW nearing the end of July.

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wango's picture
wango | Joined: July 23, 2009 09:35 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

My wife and I locked in our rate of 4.75 on Feb 01, 2009 here we are July 23, 2009 and the underwriter is asking for our financial information again for the third time. We've already paid $400 for our appraisal (which the had completed Feb 16, 2009) and now who knows what's gonna happen. It seems every time my wife returns their call, they act as if it's an inconvenience.

We are not upside down and we have got quite a bit of equity in the house ($200k) and they hold our current loan... So can someone explain why it would take this long? Do I have any legal recourse?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi wango,

I think you should speak to the lender and check out what the issue exactly is. You can even involve a lawyer in this whole process. He can contact the lender on your behalf and will let you know about the exact cause of the delay.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

james, they have been speaking to the lender. that's why they came up here to ask our opinions as to what might be going on and when they might expect to get resolution. having a lawyer involved at this stage of things is not going to be beneficial - all they'll do is pay legal fees and still be in the same state, i think.

wango, you definitely deserve straight answers to your questions. if i am you, i will ask to speak to the highest-level person available and insist that i be put through so as to find out what is happening with your file.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We started the refi process back in March and still have not got our refi. So it is going on 150 days! When we received escrow papers about two months ago, it said an escrow account was required. We specifically told our mortgage consultant we did not want an escrow account since we don't have one currently. I have tried to contact him but so far he has not called me. So I am wondering if an escrow account is required by Wells Fargo? My mortgage payment doesn't adjust until next year so do you suggest I go elsewhere? (Wells Fargo holds our loan)

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dblou,

As far as I know, if the mortgage company has asked for an escrow account, then you will have to go for it. Moreover, an escrow account will help you to pay obligations such as property taxes and insurance premiums. Thus, you would be able to pay them off from this account. As far as refinancing with other lenders are concerned, that would be your discretion.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

most lenders will require that an escrow account be set up for taxes and insurance. part of that depends on the loan to value ratio, and there are many circumstances in which you can ask to have that requirement waived; but it typically will cost you .25 point for that privilege.

the key may be the loan to value; what is your loan balance and what is your appraised value?

that you don't have to do anything immediately is in your favor, perhaps. you can shop around and find another lender if you're adamantly opposed to the escrow account.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Here is my experience with banks, 3 years ago they would give you $500,000 loan with $50,000 income, NOW with $ 500,000 income they give you tough time for $50,000 loan.
I have EXCELLENT credentials: income, credit score and excellent LTV. Applied with BOA for [url=http://www.mortgagefit.com/refinance.html]refinance[/url] in first week of May, with 60 days lock in. They extended twice for 15 days, third time they charged me 1/8% for 15 days extension. My closing happened on LAST day, it took total 105 days. What did I do different, religiously called my Loan officer every morning for LAST 20 days ( he was very helpful ), last one week argued each and every objection with reviewer and underwriter. Literally, I spend 6 hours a day either on phone or email or faxing them documentation to each objection. I had documented all my correspondence with name, date and time. For all those refinacing, if you go with big name bank they will kill you with back up for each line item. It becomes tougher for condo or coop who do not meet fannie mae guidelines. ( like % sold, % deliquent, less than 10% of budget reserve etc etc ).
Good Luck to you all.
Ram

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been waiting for a refinance since December 24. I have impeccable credit and still have 50% equity in our home. Chase/WaMu appears to be refinancing based upon urgency/need. But 7 months is ridiculous. I have lost over $600 because of their delays

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Steve,

It's really surprising that your lender is taking so much time to refinance your loan. In my opinion, you should contact your lender and confirm as to when he could refinance the loan for you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mr. Ackerly,
Thank you for your response. We still haven't heard from our lender, Wells Fargo regarding the impound acct on the MHA refi. Our loan to value is about 95%. House is worth between $230000 - $245000 and we owe $221300. We normally pay for property taxes with our income tax refund and my husbands quarterly profit sharing from his job which we save throughout the year. We are not able to come up with the money monthly (which is about $475 a mo) so that is why we don't want an impound acct.
Our current loan is a 7 year arm 4.625% which adjusts next June. It is tied to the one year treasury with a 2.75 margin. Since the one year treasury is low right now, our payment will probably be lower when it adjusts. But in the following years it has the potential of being higher as the one year treasury goes up again. So we have about a year and a half before we need to to anything.
The way I see it, if the impound acct. is required, then the refi is not an option. So should we forget the refi and leave our current loan as it is, or should we maybe consider a loan modification which could lower our payment a little and would include property taxes?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dblou!

Welcome to forums!

I don't think you've defaulted your loan payments. A lender would give you a loan modification only if you've defaulted on your loan payments or if you're on the verge of default. You can inform your lender about the fact as to why you do not want an escrow account and check out if he is ready to negotiate with you.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'd suspect that a t-bill based variable rate mortgage isn't going to get modified any time soon - as you noted, rates are low and your new rate will also undoubtedly be lower at adjustment time. modifications are done for those with difficulty, and you don't express any such difficulty, as sussane also pointed out.

and i guess i'd agree that refinancing now is out of the question due to the escrow situation. with your ltv as high as it is, no lender using common sense is going to allow you to avoid the escrow account. mortgage insurance companies (assuming there's mi available on your loan) won't even consider considering insuring a loan that lacks an escrow for taxes in this environment (or undoubtedly well into the future as well).

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you very much. I had not considered that we probably would not qualify for a loan modification with a t-bill based loan. Actually, we are having some difficulty but no financial hardship at this time. We are able to pay our bills but nothing left over after that. Still, we are grateful we still have our home.
We will see what we can negotiate with our lender, otherwise we will let our current loan stand.
One other question: Do you think it is safe to say the one year treasury will be low not only when it adjusts next year but also the following year (June 2011)? If it stays under 3.00 then it might still be affordable for us (right now it's at about .49).
Thank you

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Jimmymackin's picture
Jimmymackin | Joined: August 17, 2009 11:59 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dblou,

If you look at the history of the 1 yr T bill you will that it is at one of its lowest points in history....noone can predict what will happen 6 months down the road nevermind in 2011.... And if property values continue to decline you may no longer be a canidate for a refinance.

Unless you have plans of selling the property, I would seriously consider converting over to a fixed rate. Remember if you close at the beginning of the month you willl skip the next two mortgage payments...you can use that money to build a reserve account to cover your escrows....just my 2 cents

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I are refinancing with BOA and we started this process in April, now it's August and still nothing. No one will tell us anything and one loan officer told me in June that I was in underwriting. What is the real story, is this going to just never happen or what is the average wait now for refinancing?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kimbo,

It should not take so much time for the lender to refinance the property. In my opinion you should contact the lender and ask them to speed up the process so that you are able to refinance it asap.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are so frustrated-we started our refinance in March. Paid for the appraisal and now here we are almost 6 months later with nothing being done. We continue to get the run around from everyone at Wells Fargo. We are doing an FHA and have some equity so we are taking some money out to pay off credit cards. Does anyone know if you can switch to a different lender midway through, or are all lenders experiencing the same delays? Our appraisal will expire in 15 days and no one will give us ANY answers. Does anyone have any advice that maybe worked for them?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Kori,

You should first contact Wells Fargo and request them to take swift actions in this regard. If you've equity in the property, then you can definitely speak to the other lenders and check out if they can help you with a refinance. Alternatively, you can also contact the lenders of this community and seek a no obligation free mortgage quote.This will help you know the rates and terms prevailing in the market.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've been trying to refinance my home since May09 through BOA, they keep telling me they are backed up and do not have enough people to help process the paperwork. I do not think I have enough patience to go through with this now, I am not even sure if it's even worth it! Now they want me to get flood insurance and I am not even in a flood zone!

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Des!

Welcome to forums!

Did you inform the lender that you are not in the flood zone? You may inform him and check out if he still wants you to have a flood insurance. I can understand how frustrating you must be feeling as you are not getting the refinance.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I checked w Allstate and they said that FEMA has updated their records and I am in a flood zone now. Now Allstate won't give me a quote into i get an updated survey. As u may already know these surveys are not free, and BOA has said they will work in the amount into the good faith estimate and nothing will come out of my pocket. So now not only do i have to get flood insurance, I also have to get a new survey..... I understand the banks have to do wha they need to do in order to approve only qualified people who can afford to [url=http://www.mortgagefit.com/refinance.html]refinance[/url], by the time this is all done, with all these fees they are adding, i may not be able to afford my new mortage payment, i would rather be safe then sorry and just stick to the mortgage payment i have now.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit score is 810. I have a fully funded emergency fund, & a fully funded retirement fund. I have over 50% equity in my home. My refinance has been pure Hell with Wells. I have to submit all my paperwork twice (several documents 3 times). It all started 8 weeks ago. There is no closing date in site. Wells has no clue the stress this has put me through (have had a head ache for a month now) how it is putting my whole life on hold. After all of this is said and done - my one goal of life is going to pay off Wells and be 100% debt free. NEVER AGAIN!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:33 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit score is 810. I have a fully funded emergency fund, & a fully funded retirement fund. I have over 50% equity in my home. My refinance has been pure Hell with Wells. I have to submit all my paperwork twice (several documents 3 times). It all started 8 weeks ago. There is no closing date in site. Wells has no clue the stress this has put me through (have had a head ache for a month now) how it is putting my whole life on hold. After all of this is said and done - my one goal of life is going to pay off Wells and be 100% debt free. NEVER AGAIN!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:33 | Post subject:

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