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Mortgage Company Is Dragging Out Refinance Process?

Home & Contents Insurance Discussion

Mortgage Company Is Dragging Out Refinance Process?

Postby Abracham » Sun Oct 08, 2017 9:47 pm

My mom has been in the process for about 6 months now and has gotten no where because she just sits on hold for hours. she has made payments up till 2 months ago, now they have stopped paying the home owners insurance and still she has had no luck getting through to a person, what are the legal rights of my mom and is the mortgage company doing anything legally wrong?
Abracham
 
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Mortgage Company Is Dragging Out Refinance Process?

Postby Etu » Sun Oct 08, 2017 11:00 pm

If she stops making the mortgage payment, the mortgage holder will forclose on her. At the very least, her credit rating will be ruined.

It sounds as if she should be checking with another company about refinancing her loan. It is a simple rule of business, if someone doesn't treat you right, don't do business with them.
Etu
 
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Mortgage Company Is Dragging Out Refinance Process?

Postby Ramon » Mon Oct 09, 2017 10:33 am

Not enough info to really help you

common right now for delays

is there a consumer agency in your community or state?? contact state attorney general. .


she should be able to reach a person. . . is she too impatient waiting?

why did she stop paying??
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Mortgage Company Is Dragging Out Refinance Process?

Postby Bradbourne » Mon Oct 09, 2017 12:45 pm

Something is wrong..
It takes my company from 3-4 weeks to close on a refinance.
If she has stopped paying & is 2 months behind now, her loan will be denied anyway.
She has no legal rights & they've done nothing legally wrong.
Oh and they've stopped paying her homeowners?? I'm assuming you mean her escrow account with her mortgage company that she is no longer paying? They have to "receive" the money to pay it, if she's behind they will just "force place" insurance on her at a very high rate that covers them only- not her.
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Mortgage Company Is Dragging Out Refinance Process?

Postby Min-Ki » Tue Oct 10, 2017 1:35 am

Your mom has no legal rights. She stopped making payments and they do not have to do a refinance, its up to the lender if they want to.
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Mortgage Company Is Dragging Out Refinance Process?

Postby drud32 » Wed Oct 11, 2017 6:40 pm

If she hasn't paid in two months, they aren't going to refinance her mortgage.


She has no right to a "speedy refinance".
Likely what she is attempting to do is a MODIFICATION, which she ha sno entitlement to at all.


If she actually is trying to refninace, then she can go ahead and choose another lender if she doesn't like the way this one is doing it.
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