Posted on: 28th Jan, 2011 01:15 pm
I was to close on a refi going from 5% to 4.25% This started back in oct of 2010, we were to close on 01/28 at 07:00pm and at 04:10pm they said they had a problem on their end and can't close due to the title company did not have there paper work in order, he said he will close at the end of next month but can not guarantee that the rate will be 4.25% should I just look for someone else and is there any recourse due to I feel they are not being upfront with me and it's like pulling teeth to get info
It's not unusual in the last couple of years for lenders to be inefficient, unable to close on the anticipated closing date, etc.
Inasmuch as this outfit is still telling you that a closing can take place, i.e. telling you that your loan is still alive and kicking, I don't see how you'd have any recourse whatsoever.
Of course, it's puzzling as to why they'd tell you "the end of next month" is when they can close.
If all is in order save what the title company did, then that ought to be resolved in reasonable fashion so as to allow you to close within a week or so.
I agree - they're not exactly being honest, it appears.
Inasmuch as this outfit is still telling you that a closing can take place, i.e. telling you that your loan is still alive and kicking, I don't see how you'd have any recourse whatsoever.
Of course, it's puzzling as to why they'd tell you "the end of next month" is when they can close.
If all is in order save what the title company did, then that ought to be resolved in reasonable fashion so as to allow you to close within a week or so.
I agree - they're not exactly being honest, it appears.