Replies (11)
- Dave Skow, "daveskow"
- Contributions:1358
Contact lender and escrow compnay in writing asap ....send all parties the signed right of recsiion notice asap
Other than the appraisal fee , you will likely have no other costs
Other than the appraisal fee , you will likely have no other costs
- Norm D Plume, "Coolidge or Chaos"
- Contributions:2306
yet another reason to allow more time for refinances and if it takes us longer than the lock to process we just extend the lock at no extra charge.
- pope411
- Contributions:6
Thanks for the replies, I'm not sure I can send the Right to Rescission since it past 3 days. Do I just send it in and see what happens?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:4274
If you send it in to escrow and the lender it would be very surprising if your cancellation was not honored. That document is taken very seriously. Once the dust settles would to know who the culprits are. Source of deposits is a pretty common condition but not at this stage of the transaction.
- Dave Skow, "daveskow"
- Contributions:1358
the right of recission form should have something that tells you that you have until midnight of a specific date .......have you past this date ?
If you have passed this date - due to the dealy you describe - you still might be able to nix the deal ...I would send the form in PLUS email AND call all parties to notify them to cancel ....Ask them to confirm if they can do this or not ( in writing preferably )
If you have passed this date - due to the dealy you describe - you still might be able to nix the deal ...I would send the form in PLUS email AND call all parties to notify them to cancel ....Ask them to confirm if they can do this or not ( in writing preferably )
- pope411
- Contributions:6
The docs were signed May 30th, the 3 day window expired June 2nd so we are long out of the 3 day window. We thought all was well during those 3 days, as we weren't getting any news from our broker. It wasn't until June 4th when the requests for more info kept coming, which was the day we were told we would fund.
The biggest headache is old lock expired May 24, so we planned our vacation for June 3rd thinking that allowed plenty of time and now we are dealing with all these daily hoop jumping requests while on the road.
Thanks for the replies.
The biggest headache is old lock expired May 24, so we planned our vacation for June 3rd thinking that allowed plenty of time and now we are dealing with all these daily hoop jumping requests while on the road.
Thanks for the replies.
- Paul Mondello, "Paul Mondello"
- Contributions:2384
This is not legal advice:
Stop thinking about this mess until you get home from vacation. When you get home, send in the rescission form with a signed and dated statement such as the one you have made here, don't give them the bank statement, dispute any upfront charges with your credit card company and start over. Chances are you will end up getting a better deal in the long run (even if you do eat the appraisal fee etc.).
Enjoy the rest of your vacation and contact Justin Sheftel when you get back, he will take good care of you.
Validating larger then a few hundred bucks in non labeled/regular bank deposits is done by the underwriter because:
1) To make sure any funds to close and cash reserves are indeed the borrowers
2) Homeland.Security spyglass
- pope411
- Contributions:6
It turns out the docs we signed in May are no longer good this far into June so the lender is drawing up new docs for us to sign this week. What I cannot find out is does that mean the old docs are already canceled I can get out now and how would I go about getting out of this and moving on?
- Go Huskers
- Contributions:638
The May docs had a first payment date of July 1, 2012. After around the 7th or 8th of the month they will have to redraw those for June with an August 1st payment date. They will also have to restructure the loan so the answer is yes, you can get out of it by simply not signing.
I would suggest you sign the rescission if you have not already as well and return it.
Lastly, please do everyone a favor and post who this person you found on Zillow is.
I would suggest you sign the rescission if you have not already as well and return it.
Lastly, please do everyone a favor and post who this person you found on Zillow is.
- pope411
- Contributions:6
Sorry I never followed up on this, but the docs did expire and we decided to not re-sign them. So we were able to get away from the deal and just ate the appraisal and some other costs. We went back to our local broker and got the same no cost rate and are now happily all taken care of. What a difference a broker who knows what they are doing makes!
Thanks for all your advice.
Thanks for all your advice.
- Go Huskers
- Contributions:638
So what did you say was the name of the original lender?
How To Cancel Non-Funded Re-Fi After Signing Docs & 3 Day Window Has Passed?
So then we signed docs and wired our due-at-closing money to escrow and were told it would fund Monday. However every day since then has been a new nit-picky thing to sign, almost feels like stalling and having us chase our tails. Even though we are on vacation, we provided those within hours. Now however the lender wants our latest bank statement showing how $900 got into our savings, which we explained was from a tax refund. However the problem is our bank won't issue a bank statement until another week which will show this transfer and they won't accept a screenshot of our online banking activity. So now they want us to wait another week or two until we get the statement, which are mailed because it is a small bank.
This broker's incompetence and the Lender's fee dragging has me wondering what it takes to cancel this whole thing, get our wired funds back, and move on to our previous lender who had no such problems. I'm willing to eat our appraisal, but are there any other penalties?
Thanks.
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