On 6/9/05 I closed on a condo here in Phila. I did a 80/10/10, 10 % my funds, 80% MTA and 10% heloc. The day of closing at the table I was informed that the heloc was 12%. Until this point I was quoted 7%. I was pissed but thought here I am at the table I should just swallow the extra points (interest only) and refi when the title seasoned in a few months. yesterday I get 2 frantic phone calls form the lender( Lendingtree) that the note was never recieved at the office. (I distinctly remember signing the note at closing because the title agent had two seperate piles of documents.) The two different people from the the lender (one is the funder the other the processor) literally are frantic about me FedEx ing the note and the right to cancel and having me sign IMMEDIATELY. What happens if I don’t sign? They demand their money back and I get a HELOC form my bank at a more reasonable (prime + .25)? What kinda trouble can they cause me?
JB,
Identify your town’s law-shark who understands real estate and ask him for advice before you talk to the internet-lenders again. It sounds as if they tried to take advantage of you and made a mistake. Maybe their mistake will provide them some justice.
Good luck,
Ray
lendingtree? boooooo 8)
Double booooooooo
i had a bad experience with them as well
I think we officially rec’d our Triple Boooooooo