After following all the instructions and requests for information regarding the refinancing of our mortgage we were advised (verbally) that our application was approved. We then received a call from the loan officer saying that our title company was delaying the closing.in fact the title company was their own.
We then found out through a third party who was also applying for refinancing with this same company that the funds were no longer available from the bank that the mortgage company was using and that the refinance was off.
I called the loan officer who told me the same situation as did the other party. He apologized for the circumstances involved but indicated there was nothing he could do to secure the rate to which we had been locked.
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