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Sarah Said:

I am owed money out of a refinance, getting run-around and need to know who I need to talk to and get it back?

We Answered:

While there may be little your State Rep can do except pressure the companies, your State's Attorney General's office should be able to do much more, as well as provide you with a good synopsis of your rights and who handles banking matters. Call the AG's office as soon as you can and also ask who regulates the banking industry in your state.

Colleen Said:

Did I pay too much in fees for refinancing my home loan?

We Answered:

Did you refinance through your bank or through a mortgage broker? This would make a big difference. Also was it just to get a better rate? I can tell you off the bat that the processing fee and underwriting fee are charges that a bank or broker would charge for themselves. The insurance and escrow fees are inevitable and are things that are required to be paid regardless. The application fee sounds like a bit of a rip off to me. I think they charge you that so you won't want to go anywhere else. Next time, you might want to refinance with someone who isn't going to charge you this. They just want to make sure you feel like your stuck and won't go looking around for a better deal. Altogether $2800 isn't that bad. Some people charge a LOT more. You did ok.

Alexander Said:

We inherited a house from a friend that was free and clear we then refinanced?

We Answered:

Not so fast.
Did you get an OWNER'S policy when you inherited the property? If you did then YOU are the insured and therefore protected.

However if the title insurance you paid for was when you refinanced the property, you most likely only paid for a LENDER'S policy which insures your lender (not you). In that case, the title insurance only comes in to play if the insured (lender) suffers a loss, which usually happens if you default on your loan and they take it back with the old loan in first position.

Ask the title company if they issued an OWNER'S policy to you for the property.

But back to the 1969 mortgage.
It's 40 years old. In most states, it would be "expired" by statute. This would make a technical cloud on the title, but unenforceable as a lien.

Andrea Said:

I refinanced my home with a new company. The title company went out business. Monies have disappeared.?

We Answered:

Ouch! Thats a nightmare of a situation and I wish you well.

Have you tried contacting your local Senators office and requesting constituent services? Generally they can assist in really odd situations and help you resolve the issue. The biggest problem is that you will have late payments tacking on because of that old mortgage.

Seriously what a hassle. Unexpected pain in the ***. Good luck.