I have been asked to resign loan documents because when I first signed them it was november 2012....what does resign/renew documents mean?...?

Asked by May, Brooklyn, NY Wed Mar 6, 2013

and do I have to or can I get out of contract if I do not sign? Thank you in advance.

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4
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Mar 6, 2013
May you most likely committed yourself to signing any documents necessary after the closing if the lender noticed that they may have missed some at the closing table. It's very important that you have the lender send the documents to the attorney who represented you with your purchase and have him/her review it.

Sometimes lenders need for you to resign loan documents again because of their inability to transfer the loan to the secondary market. There are tons of reasons why this might be happening. Do yourself a favor and make sure your attorney reviews these documents before you even think of signing anything. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
2 votes
Jeannette Ba…, Agent, Brooklyn, NY
Thu Mar 7, 2013
Great answers, Basically what that means is the papers expired on the mortgage documents, nothing really too big. However I did have a client who bought a house and many clients liked this. I had a client that went through what you're going through; there experience they were in contract with the homeowner and if they backed out of the deal for expired loan documents the owners threaten to sue them and take there down payment in the event they did and kept the down payment. Another client was in contract and sometimes the deal beacuse of paperwork took to long the loan papers expired the seller wanted to back out but my clients loved the house and all they had to do was sign the papers, the seller couldn't back out and my clients were very happy in there new home a month later. I'm sure if you check with your mortage banker/broker they can help or even your lawyer. If you ever need help or know of someone that is looking to buy, rent or sell feel free to call me Jeannette Batsikas 718-635-2421
0 votes
Great!!! answers everyone!...thank you ....and thank everyone who replied. and yes Mrs. Batsikas I surely will....smile,
Flag Thu Mar 7, 2013
Mitchell Fel…, Agent, Brooklyn, NY
Thu Mar 7, 2013
Dear May:

You need to speak to your attorney about this to find out your legal rights. Do that as soon as you can. Quite often if a buyer receives a mortgage commitment and the deal does not close within a certain time period after the commitment is received (usually within 30 days), the commitment can expire and then you would have to resubmit the loan application to get it re-approved. When that happens the bank will need recent pay stubs and bank statements just to make sure that nothing about your financial qualifications changed since they issued you the first commitment. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Mar 6, 2013
The Fees have probably changed since November.
The Insurance may have increased.
Anything prorated may be different.
In Novenber, they were collecting 2 month's property taxes.
If you close in March, they will collect 4 month's taxes.
So the total will undoubtedly be higher.
0 votes
I just received an e-mail from attorney that stated that they want me to resign bank papers...not loan paperwork....does that make a difference ?
Flag Wed Mar 6, 2013
Wow! thank you so much.....and if that is the case when they send me new paper work to sign...can I refuse? and its a...Condo contract to be more clear,,,,
Flag Wed Mar 6, 2013
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