Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 9 years ago

mortgage company is dragging out refinance process?

My mom has been in the process for about 6 months now and has gotten no where because she just sits on hold for hours. she has made payments up till 2 months ago, now they have stopped paying the home owners insurance and still she has had no luck getting through to a person, what are the legal rights of my mom and is the mortgage company doing anything legally wrong?

7 Answers

Relevance
  • 9 years ago
    Favorite Answer

    They are not going to refinance her loan.

    She stopped paying her mortgage, she just ruined her credit. She does not qualify for a new loan, she has proven that she will not repay it.

  • 9 years ago

    Something is wrong.. It takes my company from 3-4 weeks to close on a refinance. If she has stopped paying & is 2 months behind now, her loan will be denied anyway. She has no legal rights & they've done nothing legally wrong. Oh and they've stopped paying her homeowners?? I'm assuming you mean her escrow account with her mortgage company that she is no longer paying? They have to "receive" the money to pay it, if she's behind they will just "force place" insurance on her at a very high rate that covers them only- not her.

    Source(s): 25 years mortgage lender.
  • Ranger
    Lv 7
    9 years ago

    If she stops making the mortgage payment, the mortgage holder will forclose on her. At the very least, her credit rating will be ruined.

    It sounds as if she should be checking with another company about refinancing her loan. It is a simple rule of business, if someone doesn't treat you right, don't do business with them.

  • 9 years ago

    If she hasn't paid in two months, they aren't going to refinance her mortgage.

    She has no right to a "speedy refinance". Likely what she is attempting to do is a MODIFICATION, which she ha sno entitlement to at all.

    If she actually is trying to refninace, then she can go ahead and choose another lender if she doesn't like the way this one is doing it.

  • How do you think about the answers? You can sign in to vote the answer.
  • 9 years ago

    Your mom has no legal rights. She stopped making payments and they do not have to do a refinance, its up to the lender if they want to.

  • 9 years ago

    when she is asked to hold, she is being ignored NEVER EVER hold for more than 5 min

    with anyone, anywhere.

    go to another mortgage company and go to a bank

    drop that mortgage company like a dead bug

    it is unlikely the mort company is doing any thing illegal but unethical, you bet! immoral, you bet

    Source(s): RE broker
  • 9 years ago

    Not enough info to really help you

    common right now for delays

    is there a consumer agency in your community or state?? contact state attorney general. .

    she should be able to reach a person. . . is she too impatient waiting?

    why did she stop paying??

    Source(s): real estate investor
Still have questions? Get your answers by asking now.