very odd situation

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loanman4u

43 Posts

Posted - 05/01/2008 : 11:35:04 PM

I may need someone else's input on this:
My personal home re-fi apparently funded and has not yet been sold to another investor just yet. However my old lender for my home Downey has been paid off.Once again I'm not too sure on what will happen this is an fha loan but I was wondering if it will get bought or not. Also since I wasn't to sure about the loan anyways does anyone think it will unwind and go back to Downey (original lender) or what will happen? Kind of odd my home loan is in limbo. Your input is truly appreciated. Also will I now have a 1X30 since they paid the month of April and I did not if it does unwind? This loan is in Ca and was funded last Tuesday.

KHufford

6490 Posts

Posted - 05/01/2008 : 11:46:40 PM

You need to be waaaayyyy more specific as to what you are talking about, I have a few ideas, but you are being very vague. Call me tomorrow if you like I can walk you through the issues.

jvanpetten

2658 Posts

Posted - 05/02/2008 : 03:25:19 AM

Didn't you have a thread about cancelling the loan after the 3 days?

It is not in limbo, the new lender is who is on your mortgage. Some do not sell at all, Taylor Bean & Whitaker is an FHA lender that comes to mind right away that doesn't. Why would you have a 1 X 30? It was paid in April, unless you were due for March.

quote:
Originally posted by loanman4u

I may need someone else's input on this:
My personal home re-fi apparently funded and has not yet been sold to another investor just yet. However my old lender for my home Downey has been paid off.Once again I'm not too sure on what will happen this is an fha loan but I was wondering if it will get bought or not. Also since I wasn't to sure about the loan anyways does anyone think it will unwind and go back to Downey (original lender) or what will happen? Kind of odd my home loan is in limbo. Your input is truly appreciated. Also will I now have a 1X30 since they paid the month of April and I did not if it does unwind? This loan is in Ca and was funded last Tuesday.

TheBigGuy

396 Posts

Posted - 05/02/2008 : 07:35:36 AM

Seriously dude. You are a Loan officer????

Your loan is not in limbo, it closed and funded. Prepare to make your payment on June 1

slants

4301 Posts

Posted - 05/02/2008 : 08:16:52 AM

quote:
Originally posted by jvanpetten

Didn't you have a thread about cancelling the loan after the 3 days?

It is not in limbo, the new lender is who is on your mortgage. Some do not sell at all, Taylor Bean & Whitaker is an FHA lender that comes to mind right away that doesn't. Why would you have a 1 X 30? It was paid in April, unless you were due for March.

quote:
Originally posted by loanman4u

I may need someone else's input on this:
My personal home re-fi apparently funded and has not yet been sold to another investor just yet. However my old lender for my home Downey has been paid off.Once again I'm not too sure on what will happen this is an fha loan but I was wondering if it will get bought or not. Also since I wasn't to sure about the loan anyways does anyone think it will unwind and go back to Downey (original lender) or what will happen? Kind of odd my home loan is in limbo. Your input is truly appreciated. Also will I now have a 1X30 since they paid the month of April and I did not if it does unwind? This loan is in Ca and was funded last Tuesday.

I think he means if his refi does get rescinded and the payoff funds to Downey is returned, then the April payment which was paid through the closing will still be outstanding now in May.

loanman4u

43 Posts

Posted - 05/02/2008 : 09:36:03 AM

I think he means if his refi does get rescinded and the payoff funds to Downey is returned, then the April payment which was paid through the closing will still be outstanding now in May.

Yes,slants that is what I meant and was curious about. Is it considered late since the new lender made the payment not me? Also what happens to the loan since Downey may not buy it back..

loanman4u

43 Posts

Posted - 05/02/2008 : 09:36:45 AM

jvanpetten

2658 Posts

Posted - 05/02/2008 : 09:43:42 AM

Go see your attorney, I think you need one. You have put yourself between a rock and a hard place. You should have cancelled during the three days.

rdcurry

406 Posts

Posted - 05/02/2008 : 10:28:33 AM

is it me ? or did everyone go out drinking last night and they are all hung over this morning ?, cause no one is making sense today.

slants

4301 Posts

Posted - 05/02/2008 : 10:46:35 AM

quote:
Originally posted by rdcurry

is it me ? or did everyone go out drinking last night and they are all hung over this morning ?, cause no one is making sense today.

I think you need to have read his previous thread to understand this one. He is trying to rescind a refi after his 3 day right of rescission had already expired and the loan had already funded. Previous lender has already been paid off and presumably new loan already recorded.

slants

4301 Posts

Posted - 05/02/2008 : 10:51:54 AM

quote:
Originally posted by loanman4u

I think he means if his refi does get rescinded and the payoff funds to Downey is returned, then the April payment which was paid through the closing will still be outstanding now in May.

Yes,slants that is what I meant and was curious about. Is it considered late since the new lender made the payment not me? Also what happens to the loan since Downey may not buy it back..

Not an attorney, but my common sense says yes payment will be late unless Downey agrees not to record it as late. Downey will return the wire if they feel there is liability on their part to interfere with your cancellation. My personal opinion is that if an attorney can present legal grounds for a cancellation (misrepresentation...) all parties will be more apt to cooperate to avoid liability.

rdcurry

406 Posts

Posted - 05/02/2008 : 10:57:59 AM

it's not just this thread...

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