We recently did a refinance and it funded on Nov 30 and then it apparently has not been completed I am assuming. The company has not sent me anything in regards to this refinance and my other lender has not gotten paid. We did everything they asked for with this loan, what is my rights? Should they not be notifying me of any issue? I have not heard from anyone and I have called and emailed. Appreciate your advice.

Thanks

P.
Puyallup
Washington

Answer:

Hi P.,

I'm not a lawyer, so I really can't address your legal rights.

However, I can answer your question from a practical manner, explain the mortgage process after funding, and hopefully it will help you understand what may be going on with your loan.

The first call I would make is to the escrow company to ask about the loan payoff. Once the loan has funded, the escrow company is responsible for the loan payoff. Being Dec 22, and the loan funded on Nov 29, you've got a cause for concern.

Reasonably speaking, you won't be able to reach the escrow company until Tuesday morning, and I would call them first thing Tuesday morning (Dec 26). The escrow company should be able to tell you exactly when the payoff was made, and provide details to help you verify that funds were received. If the escrow company did indeed send the wire to payoff the previous loan, then the onus falls on the previous lender to explain why they haven't paid off your loan when the funds were wired on, I’m assuming, Nov 29.

Start with the escrow company and begin to work backwards to track down the payoff. Also, I would contact the broker or loan officer who assisted you with the loan, they should be able to help you as well.

If all else fails, feel free to give me a call, I'll be happy to discuss the matter with you and see if there is anything I can do to assist you.

Dan Mellis
Trusted Home Mortgage
Phone: 425-605-0948
Fax: 425-484-6559
Email: Dan #at# wearetrusted #dot# com
Website: http://www.dnmfunding.com/