Comments on: Mortgage Refinancing Delays, Frustrations, Rejections: Rights Radio Visitors Speak Out

By: Dr. Joyce Starr

Dr. Joyce Starr — Tue, 24 May 2011 14:58:19 +0000

Dear Deidre,

It’s a good question, but we don’t provide legal advice. Perhaps a reader/attorney can respond.

By: Deidre O"Bryant

Deidre O"Bryant — Wed, 11 May 2011 22:00:19 +0000

Refinanced with Mortgage Capital Association Inc. – been going through this ordeal of loan funded not funded, loan funded. Loan eventually funded and they sent me a closing check of the settlement cost, then they never paid off the old loan. How can they do this, what are my rights against this company? Can they just cancel my loan even if I already signed the contract and received my cash out check?

By: Dr. Joyce Starr

Dr. Joyce Starr — Mon, 28 Feb 2011 19:36:57 +0000

Dear Phillip,

I am so terribly sorry that you lost your home. Thank you for warning others about Chase.

By: Phillip

Phillip — Wed, 23 Feb 2011 16:09:10 +0000

Chase bank bought my loan from Washington Mutual, they have refused to even discuss a refi on the loan. Their position is that I must pay it all on time or get out of the house. I left.

By: Dr. Joyce Starr

Dr. Joyce Starr — Mon, 15 Mar 2010 18:53:12 +0000

Gayle, if someone with your credit history can be treated in such a manner, just imagine…. Thank you!

By: Gayle Fox

Gayle Fox — Thu, 11 Mar 2010 16:59:13 +0000

My refinance application was submitted and 5% locked for 60 days with Bank of America (BOA)12/08/10. I have a spotless credit history, credit score 808, sizable assets on deposit with BOA and was told the process would be complete within 60 days. If I was the cause of a delay I could be penalized: If the bank was guilty they would be penalized. I have complied with all requests for documentation in a very timely manner (cumulative time for all of my responses 10 days). I’m still getting excuses from the loan processor. It has been over 90 days now with no light at the end of the tunnel. I even contacted the President, Barbara J. Desoer, nothing. Her email is Barbara.J.Desoer@bankofamerica.com. When is enough?

By: Dr. Joyce Starr

Dr. Joyce Starr — Mon, 01 Mar 2010 00:24:19 +0000

Mike, readers will be stunned to learn that a bank can reverse itself after closing, not to mention the $600 certification they required after the papers were signed. There is no explanation, because it’s wrong! Political-speak to the contrary, the bank did its best to deny you the savings. You provided a public service by sharing this information.

By: Mike

Mike — Sun, 28 Feb 2010 17:10:34 +0000

When refinancing in early 2010, I supposedly locked a rate of 4.75. After 2 weeks of no word from the bank…I finally learned that the rate was not locked and it fell through…..1 month later…the rates returned and I stated emphatically to lock the rate again. This time it was done, and I signed the papers and paid the closing costs at the closing on a Wednesday. What relief to save $100/month in payments and throw in some extra on principal. Again, this was a done deal……until Friday, I received a call stating the bank buying the loan from my bank stating I lived in a flood plain. Holy Cow(substitution) I’m thinking, how is this possible after closing. The next week, I produced a FIRM map from FEMA that showed my house was not within the flood plain. They stated I needed a Elevation Certificate from a surveyor for a mere $600. I’m thinking of getting a lawyer because I would like to think I have some rights here. Totally bewildered in Peoria, Illinois