We refinanced our home with Long Beach and we signed our loan documents on Feb. 27. All funds were to be wired on Mar. 3.
Today is March 10 and they still haven't wired the money. They were to pay off my existing mortgage, one of my creditors and wire the remaining amount into our bank account. Long Beach decided to question our appraisal on the day the funds were to be wired. They had 3 weeks to bring up questions prior to us signing our documents.
Our appraiser sent over a detailed answer to their question and all they have to do is sign off on it and release the funds but they have yet to do that. Even if they think our house is only worth a dollar it is legally "too bad too late". If they have a dispute they should have never prepared the loan documents for signing.
Now, they are in breach of contract and every time I try to call someone from Long Beach, I get transferred to a voicemail. My mortgage broker has repeatedly tried contacting them and even threatened that we will pursue legal action, and still no response. I can not believe the incompetence of this company and that they would even dare breaching the contract with the amount of money involved. Apparently, the thought of legal action against them doesn't even phase them. It's unbelievable.
I'm going to print this along with my complaint to the better business bureau and include it with my payment every month; that's if this ever gets resolved. I wonder if they would let me withhold money from them without any consequences.
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