Are you thinking of refinancing the mortgage on your home? With interest rates remaining at their lowest levels in decades many homeowners are living the nightmare created by the housing bubble that burst in 2007. Due to record foreclosures our government has made it their business to make the refinancing process nearly impossible to bear.
I have been living in this nightmare for more than 3 months and the paperwork seems to never end. We moved into a new custom home in the summer of 2010. As rates continued to drop we began to look into the possibility of refinancing. After contacting several brokers we settled on one who told us we should be able to complete the process in 3 weeks. Oh how time flies. In the last 3 months we have signed and resubmitted our paper work on 3 different occasions. Then our appraisal (that is a story for another day) came in way below what we thought was the market value of our home and the bank tried to raise the rate we were quoted. After arguing to no avail for two weeks we agreed to pay the additional .2% and go ahead and close on the new mortgage. That was two weeks ago. Our broker advised us not to pay this month’s mortgage, stating there was no way we would not be closed before the late payment went into effect. Well next Tuesday is the last day we can make a payment without being late. Guess what we still have not closed. More excuses and more lies.
Oh by the way even if we close on Monday it will take the new bank 6 business days to pay the old bank off. Who do you think is going to get stuck with the late payment?