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Asked by Montey, South Atlanta, Atlanta, GA Sat Jan 31, 2009

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Answers

7
, ,
Sat Jan 31, 2009
BEST ANSWER
I suppose the lender or the appraiser could bill you for the cost of the appraisal and maybe the credit report, but that's probably about it.

If you werent comfortable with the terms of the loan or the lenders explanation of them then you were right to walk away. The worst case is that you keep the loan you have and you still have a roof over your head. The only bad part is that 3 weeks ago was about the low point as far as rates, and they have gone up since then so good luck finding rates THAT low.

That's not to say rates aren't still low and it won't make sense to refinance. Talk to a local,reputable lender who can help you work out your options.
1 vote
Solomon Gree…, Agent, Duluth, GA
Sat Jan 31, 2009
Wow, I cannot imagine a direct lender being involved in this kind of business. I would consult with your own buyer's agent on this matter. Most agents have a list of reputable agents available to service their clients. What you described would only have to happen one time with my lender and they'd be off my list quickly.
1 vote
Fred Glick, Agent, Mountain View, CA
Sat Jan 31, 2009
You're good. If they lied, you should walk!
Web Reference:  http://fredglick.com
1 vote
Bill Eckler, Agent, Venice, FL
Mon Feb 2, 2009
Montey,

"To walk or not to walk................"

It's your choice, but as others have said, you may have a financial obligation for the services you requested for processing the loan application.
0 votes
Hank Miller, Agent, Alpharetta, GA
Mon Feb 2, 2009
Montey -

Please see your other post, I answered there

Hank
0 votes
Lee Taylor, Agent, Decatur, GA
Mon Feb 2, 2009
Montey,

You might be a lost cause, but...

What are the reasons for an "inspection" upon refinance?

If you can terminate, then you should pay the appraisal fee of about $300-400 and move on, with explicit proof of written termination.

You need to consult with one or two more reputable lenders before you commit to this particular loan.
0 votes
Tori Lawson,…, , Fayetteville, GA
Sat Jan 31, 2009
Montey,

Who are you working with? Is it a direct lender or a Broker? Are you currently under contract on a property? Are you represented by a REALTOR? What stage are you currently at?
Web Reference:  http://www.torilawson.com
0 votes
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