Why is my refinance taking so long?

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!

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

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 refinance, 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.

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!

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!

Rocelle,

Your story is very common. Wells is a nightmare. I can put loans through them but choose not to because of all of the problems. It is as if they do not want the business....very strange.

Also, I will bet that you are paying at least a 1% origination fee with them.

it seems like every loan everywhere is nightmarish. depending on the product, there's a new guideline just about every 24 hours; and we can't alert a customer fast enough to forestall additional delays as a result.

i was going to attend a closing on friday afternoon on a file i originated in september. they're on their 5th (!) extension. when i got to the lawyer's office fashionably late, he advised me that the closing will be tomorrow instead, as my (previous) company couldn't get the paperwork out in time to meet the friday closing date.

thankfully, my borrower was able to make reasonable arrangements with movers, etc. so it's not a big hardship; but she's gotta be the exception to the rule.

just think...it's only a little more than 3 more weeks until 2010, and this crazy year of 2009 will finally be over.

I'm glad to see that I'm not alone. I've been trying to refinance my condo with Wells Fargo. I started with them in May. Since then, I've gone through 3 appraisals, sent in my financials twice, and have laid out over $2500. I was told numerous times that a closing was imminent. This week, I found out that my condo has not been approved yet by the bank and they don't think it ever will. So now I'm back to square one. And the kicker to all this, is that $950 of the money I laid out is not refundable. It was paid to set up a CEMA so I can transfer my existing loan from BOA. So not only did I not refinance, but I'm down $950.

what in the world cost $2500 to you? that's a ridiculous number for someone to have to pay out and the loan hasn't even been approved yet! what are they thinking?

I paid $600 up front for an appraisal fee, plus $1000 for a "good faith" deposit. Then later I paid $850 to process the CEMA and $100 to my condo association.

Apparently, I'll be getting the $1600 back and I'm fighting for the rest but unfortunately I signed some forms for the CEMA saying the fee is non-refundable so I'm not sure if that'll happen.

i thought you were referring to loan processing or application or appraisal fees only. you had me alarmed with that number. why would you need to pay the association $100? did they have to provide you with a budget or something? that seems extreme, no matter what they did.

Hi GS!

Welcome to forums!

If you've signed a document stating that the fees are non-refundable, then you won't be able to get a refund of those fees.

Sussane

hey just for the heck of it, to follow up on my story about the closing that was delayed...

i learned on the day after the closing that the loan had not yet been funded! that's right...the closing department sent out a closing package of about 170 pages (crazy!); the attorney, client, realtor, selling attorney, seller and i were all in attendance at the closing, and checks were passed back and forth. but wait...those checks are no good because they didn't fund the loan!

they finally did, but it was over 24 hours later - either later that next day or on the subsequent day. i don't want to burn bridges, but prospect mortgage didn't make any fans on that closing.

and oh yeah, i have a loan that went to contract in march that is still in underwriting today...should have closed long ago.

yes, the bottom line is this: everyone is in a holding pattern.

i started my refinancing just before x-mas 09 and its noq 3/20/10 and im still having issues closing. i own a condo and i believe there are issues with the condo association.