Refinancing from HELL!!!

[LindaG4458]

I am so angry I could spit! Is anyone else going through the Refinance from Hell? We thought using the current mortgage holder would make things easier - No way! It has been one mess after another.

With things the way they are, I really didn’t mind sending all the forms and confirmations that were required with the application. IT WOULD HAVE BEEN NICE IF SOMEONE ACTUALLY LOOKED AT THEM! Here in rural NH it is not unusual to live in one town and be serviced by the post office in another. The Conway post office is only one mile from our house; the Madison post office is seven miles away. The postal service decided that we would be served by Conway. Forms listed residential and mailing addresses. Anyone want to guess where the forms were addressed? Right, and they are not delivered, they are returned to sender about two weeks later. It’s been all down hill from there.

The credit union says that they are inundated with financing requests. I know that is true. But, after we filed a complaint with the president of the CU, he said that they could either handle things correctly and increase the rates or keep the rates low for the customers. They opted to keep the rates low.

The final straw was this afternoon. We received our property tax bill yesterday and paid it today. There was not supposed to be any escrow on our loan. At the closing they requested 7 months tax escrow. We questioned it and were told that new forms would be provided to override the current ones so we should sign them and provide the funds. They would issue a refund when the new forms were filed. We received a letter in the mail this afternoon that the lawyer had also paid the tax bill and paid too much money.

We can’t be the only ones with this big a mess. I thoroughly understand how the foreclosure mess happened.

 

[Deb in IA]

Wow, I guess we have been pretty lucky.

We have refinanced several times, most recently last week for a 3.5% fixed rate 15 year with no points.

We've had to have an appraisal, and give them copies of our IRS filings, W-2's, and last pay stub, but other than that, it was pretty painless.

 

[golfgal]

My in-laws have been going back and forth on the sale of their home/purchase of a new home since JUNE. It's been one stupid thing after another. They are at their wits end. DH went down there yesterday after the latest fiasco to help them along. He read the mortgage company, title company, realtor, the riot act (nicely) over their incompetence--stuff that should have been caught in JUNE is now coming up as a major issue. They were supposed to move in early August, then early Sept, then mid Sept, then Early October, then late Oct, then early Nov, then THIS WEEKEND. They were given the all clear on Monday morning, got phone call from them yesterday afternoon-ANOTHER problem popped up. Still in limbo whether they will move this weekend or not. If it doesn't close this week it will be 10 more WEEKS and the buyers for their home have NO PLACE to live after this weekend

Some friends just bought a house, moved for a job transfer, have been homeowners for over 20 years, have a credit score over 800, coming in with 40% down, no contingencies and it was STILL a nightmare for them too.

The government wonders why no one is buying homes.

 

[stm61]

we refinanced a few years back and they mortgage company managed to screw up our credit so much we may never buy anything again! Part of my problem is my property is very large, at least according to the mortgage companies. In reality, it's actually on the smaller side for my rural area. The second strike is I live in a mobile home. Never had a problem when I bought the combination, but 2 years later it's a problem Anyway, we started with one rep, he got fired, the dept. manager took over. He wasn't any better then the first guy. I kept hearing "next week" or "any day now", just like a previous poster. If I hadn't already paid for all the surveys I would have just walked away. By the time we finally went to settlement I was on a first name basis with the owner of the company! And he didn't straighten out the mess either The original mortgage company didn't get paid off for 3 months, so we were reported as 3 months in arrears If that didn't do enough damage, I just found out they never paid the engineer at closing, so now that's on our credit report also I'd love to refi for the lower rates, but I'm afraid to see what our current score is!

 

[LindaG4458]

If I hadn't already paid for all the surveys I would have just walked away.

That's how we felt, too. We would have lost several thousand dollars if we had pulled out of the deal. It was under discussion more than once.

edited to add: Out of the blue a few days ago we had a telephone call from DH's old boss. DH told him our tale of woe. He told us that the next day he was being installed on the CU's board of directors! A second former financial guy from the company is also going to be on the board. Tonight DH called his old boss and told him the latest. It seems that, in front of him, the head of the mortgage department was told by the president of the CU to do something to refund our escrow funds. Obviously that didn't happen. Wish I could be a fly on the wall when old boss speaks to the president again!