Question by nikki22: Refinancing disaster – mortgage consultants please help???
I recently purchased my first home in February (in Mass) and at that time the lender told me that he would refinance me in 6 months to a lower rate on certain conditions, in which I have his promise in writing. I have recently contacted him to begin the refinancing process, in which I have met all the lenders conditions/criteria, and he is now telling me he can’t do it. Can someone please help me as to what step I can take next. I have contacted the supervisor of the consultant who wrote the loan and the original consultant and his supervisor are now giving me the run around. Can I report them to a investigation bureau? After all, I have their promise to refinance in writing………
Best answer:
Answer by Styll
(Maine) shop around…try sticking with something reputable like a credit union/bank… i see Credit unions tend to be lower… anyway you could go see an attorney but not sure what the upside would be…allot of money and hassle later you might be proved right…but that wouldn’t change your rate…anyway shop around…there are still good brokers/deals to be had…try asking someone you know who’s notoriously frugal where they’d go…
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I would take all the information you have in writing and go to the BBB. Also talk to a lawyer. I don’t know if you can do anything or not that way, but it is worth a try. The other thing you can try is taking to you local paper. They love that kind of stuff and you can really let everyone know what happened to you so that it can’t happen to them. Also the broker may try to make it right at that point.
There is another side of this coin we are all not being told. Why will the broker not do the loan now? Maybe the lender they use has changed their program guidelines and now you don’t qualify for whatever you and your loan officer discussed six months ago. Maybe the rates are not lower now and with the new payment amount you don’t qualify. Maybe they snuck a pre-payment penalty in on you when they did the loan and now there is not enough equity in the property to payoff the existing loan, cover closing costs and the prepay?
I am just speculating here. What specifically did the loan officer tell you when he informed you that you can not qualify? Did they send you a denial of credit sheet explaining why you were denied credit? There should be some more communication going on here than what you have shared; if not then get on the phone with the LO and find out SPECIFICALLY why your not able to qualify now.
If you would like me to look over your situation for you and see if I can help drop me a line. I have over 100 lenders I work with so there should be a program for you.
Kevin 866-562-6838 x 106
kruorock@firstratelending.com
I mostly agree with the last response from Kevin..
We, as mortgage consultants need a little more information to truly give you a suggestion or advice…
As for filing a lawsuit, i really think you will be wasting your time..Just because the loan officer said he would refinance you again, and even if he put it in writing, in the end it is the LENDER that either approves or denies you…
So, you would probably end up spending alot of time and money in court, and not get anything accomplished…Im not saying dont talk to an attorney, but i wouldn’t get your hopes up thinking that they can help…
What i can tell you is that just because that lender cant help you dosen’t man no one can…
The thing is that EVERY LENDER IN AMERICA HAS DIFFERENT GUIDELINES IN WHICH THEY CAN LEND MONEY.. I myself work with over 100 different investors, so if you dont fit the criteria of one, we’ll find one that will lend to you..
What i suggest is to give me a call, and allow me to give you an analisys.. From there you will know exactly what you qualify for, and if it would make sende for you to move forward..
My name is Jason Fry, i work for Providential Bancorp, a nationwide mortgage lender. You can reach me at 312-264-6448, or email me at jasonf@providential.com..
Best of luck, and look forward to assisting you!
Jason Fry
Providential Bancorp
312-264-6448