Loan application paperwork question
Tony
sense to me. I wanted to see if anyone else has ideas.
I am refinancing my home with my current mortgage holder. We initiated this
process over the telephone and I gave them a credit card to cover the
appraisal costs in early August. At that same time they indicated they'd
drop the application paperwork to me in the mail.
Fast forward a month. During this time my paperwork never comes in.
Repeated calls to the company don't get me a return phone call. Their
excuse at this point is that they've moving offices and things have gotten
hectic (along with the refinancing boom). As a part of this they mailed my
paper to themselves (instead of me) and didn't realize they were missing it
until yesterday--3 days before closing. I am not happy with their handling
of this and just want to get this process completed.
Yesterday I go to their office to pickup the application paperwork (since I
don't really trust them to overnight it to me). They tell me we're still
all set for closing; the paperwork is just a formality. I need to return it
to them before closing and all will be fine.
Last evening my wife and I reviewed and signed the papers. The company had
highlighted all the areas we were to sign and stamped the date line next to
the signature 8/6/02 (which is when they apparently first had the papers
prepared). I became a bit concerned about signing a contract with a date on
it almost a month prior, so when we signed the papers we wrote in 9/3/02
over the existing date and crossed the stamped date out. We only did this
on the various signature lines, no other dates or information was changed.
Today I dropped off the paperwork. I received a call late in the afternoon
from the branch manager telling me that I shouldn't have changed the dates.
He said he wasn't sure if we could still use the paperwork. He said he'd
have to call his boss (in another state) and find out what to do. He said
that if they had to redo the paperwork we'd have to delay closing. I don't
want to do that since we've already delayed it once based on the initial
promise, and if we do delay, I'm concerned I'll have to make another
mortgage payment on the old loan prior to closing.
Does it make any sense that my adjustment to the date I signed would be this
big an issue? I just didn't feel comfortable signing a document that would
have had that incorrect info in it. (I didn't see the document until 9/3.
To sign it with a date of 8/6 seemed like not a good idea. Especially since
I plan to complain to the national company about how badly the local company
has botched this.) Is there any reason that this change would be that big a
deal?
Tony
Jonathan Kamens
>Is there any reason that this change would be that big a deal?
Sure. The rate you're getting on the refinancing could have been
available when the paperwork was first prepared but not available now.