Posted by Charles (OH) on July 02, 2004 at 06:44:42:
Thanks for the reply.
The difference between the two notes is that they want to change the terms from an interest only to a fully amortized loan (a difference of about $400/mo.)
Whereas I could possibly afford the increase in payment, I choose the interest only program to have extra money to renovate the house (it was in pretty rough shape when we bought it.) With these changes in terms I would not have purchased this particular house in the first place.
Need Advice - Interesting Problem - Posted by Charles (OH)
Posted by Charles (OH) on June 28, 2004 at 14:48:26:
I have found myself in an interesting situation involving a lender. I recently closed on my primary residence with this lender about 60 days ago. I just received a call from them asking me if I could sign a new note, because they cannot sell the current loan that they gave me (My current loan has excellent terms, so I can see why they would have trouble finding an investor to sell it to.)
My question is can they force me to sign a new note? Or do they have to service the note themselves?
Re: Need Advice - Interesting Problem - Posted by John Merchant
Posted by John Merchant on June 28, 2004 at 16:25:04:
Well, while they might not be able to force you to sign anything further, I think I’d be inclined to listen to their proposition, and see what they’d give for what they want.
'nudder words, tit for tat, so at least see what they’ve got in mind as it may benefit you.
Re: Need Advice - Interesting Problem - Posted by Charles (OH)
Posted by Charles (OH) on June 28, 2004 at 18:18:10:
Thanks for the replay, I was thinking the same thing.
So far they have offered to refund the original appraisal fee and give me credit for free loan fees on a future refinance. This is a fairly large loan, so these concessions amount to less then 1% of the loan balance (definitely, not enough for me to give up the great loan terms I currently have).
Re: Need Advice - Interesting Problem - Posted by River City
Posted by River City on July 01, 2004 at 12:15:57:
Review your closing documents to see if you signed a statement that says that you will sign whatever documents are needed for them to sell the loan on the secondary market. Also, keep in mind, that if your loan closed like it was underwritten and approved, that this statement more than likely would not pertain to you. If they requested certain documentation from you and forgot to get that documentation and cannot sell the loan without it, then the statement would pertain to you. If they made a poor judgement call on their part, then, it’s the pits for them.
What are the differences in the new Note and the old Note? Is one loan a fixed rate mortgage and the other an ARM? Are they requiring that you add to the downpayment?
I would want to know the specifics of why they can’t sell the loan before I signed a new Note.
Be sure to let us all know what happens in this, as I am very interested.
Re: Need Advice - Interesting Problem - Posted by Alen Miller
Posted by Alen Miller on November 16, 2004 at 03:41:58:
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