Note documents

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?

Howdy JBJR:

You can not get into trouble except the title company can not close the sale. They must have all funds and documents to actually give you ownership. They can cancel the sale and send back the money to the bank and to you and not record the title. You need to work fast to get different financing, probably too fast to get it done quickly, at least here in Texas for sure. How soon could you get a new HELOC where you are located. Sounds like you were ripped off by Lending Tree or whoever they sent you to as they are just Brokers.


Hey Ted:

I closed on 6/9/05 so all funds were disbursed already, the sale was recorded etc… I am going Monday first thing to Bank America to get Prime + 0% heloc I hope…I was just wondering what Lending Tree could do to me…