Refinancing Nightmare
hello all.
We contacted our local bank to see about refinancing. We were told an interest rate and term and since it was so low, we decided to proceed. The gentleman on the phone asked for a credit card number, but assured us that we wouldn't be charged anything if the appraisal didn't go through. Two days later we got our documents and the rate was higher than what we were told, the term was different and there were fees in the escrow we told him specifically to remove (we pay our homeowners association dues out of pocket, but they were still included in the escrow). For two days, we called him to ask him about the discrepencies and we never got an answer. We then started calling around and found a lower interest rate. We e-mailed him and told him to just forget it. WE never signed anything-NOTHING. But they are claiming we owe them 500 dollars. The apprasal was never done, we never signed anyting-do we have any recourse? Thank you.
Did you sign something agreeing to pay them?
Sounds like one of those radio ad companies.....
Get another loan officer who doesn't charge upfront fees.
The ONLY thing you should pay for up front is the appraisal should you proceed with the deal.
Contact the Texas Dept of Consumer Affairs.
If you never signed anything, you should be fine.
I would also call the office of the president of the bank as a courtesy. Be nice, get the name of the person.
Then follow up with a letter.
That will help show that you tried to work it out.
Good luck.
Another reason to stay away from a bank - always use a mortgage broker. We need you happy so you give us referrals. Banks don't care, you're a number to them. Just finished a deal with a lady who was upset with Bank of America who treated her like dirt and dragged their feet on her file causing her and the sellers tons of stress. You were smart to look around for someone else.
They can't charge you for services not rendered. It sounds to me like they did NOT already order the appraisal because nowadays with the HVCC compliance rules in play we are all putting in a customer's credit card number when the appraisal is ordered and they are then charged for it. If they didn't charge your card then they didn't order the appraisal. If they didn't order the appraisal then services were not performed and the only thing they legitimately could charge you for is the credit report they pulled. $20-25 max.
You need to go down there and set them straight.
They can't charge you if nothing was done. I could see them requesting the $500 for an appraisal, but if it wasn't done, then they cannot charge for it. If they still tell you owe them $$, ask them to put it in writing what the charge is for. Did they ever provide you with a Truth in Lending form?
I would consult a real estate attorney.
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