Is there a time limit for a mortgage company to complete a refinance? We approached Countrywide in early
January because my wife was becoming disabled and we were heading toward a financial crisis. We were counseled to do a refi, which we were told would take 60 days. Well, our repeated requests for updates beginning in March were answered by, "The processing center is really backed up, right now. It will probably be two more weeks." ... Three and a half months after our initial request, we asked again. We were told that the refi had been disapproved the week before, because - by then - the financial crisis had hit, and we had made four payments late. Had the loan gone through in a timely fashion, only two would have been late, and we would have been able to catch up. We were really counting on the refi to help us reorganize. Do we have any options here? They're suggesting we do a modification, but the Consumer Reports site lists all kinds of problems with that. ... Thanks for any advice you can offer.
Sorry to hear about your problems, but I think you best recourse is to contact a local lender in Bismarck. Wells Fargo does a lot of refinancing, as well as other local banks like Dakota Community, Gate City and Capitol Credit Union. Local market is still strong for financing versus the national market. Good Luck.
I'm sorry to hear about your situation. At this point, I would suggest you immediately contact your lender directly to see if they can help you out with a modification. Visit this website for more information about contacting your lender. This program was put in place to help homeowners in situations like yours.
http://makinghomeaffordable.gov/modification_eligibility.html
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