Manhattan Mortgage told me numerous times that I was getting a refinance without fees or costs. This is the only reason I refinanced. Manhattan Mortgage told me the lender required 13 months of escrow to close the loan. After the refinance was complete, I noticed that my escrow account at the mortgage lender was low. I went back through the mortgage documents and found, at the last page (in an added column), a subtraction of the escrow amount without any explanation.
This amount apparently went to the Mortgage Broker as a fee (since the amount subtracted was equal to the amount I was missing). There was not one statement, word or comment about what happened to this money. The escrow amount on the HUD-1 settlement statement was for the 13 months of escrow. The forms I signed for the application stated "no fee loan". The HUD-1 Good Faith form stated the escrow required in the appropriate field. There was not one place on the entire document that stated that the escrow money would be collected and diverted back to the mortgage lender leaving your escrow account empty. How can this be done?
Yesterday, (8 months after closing the loan), I received a letter from Manhattan mortgage including a document that shows my loan fees and required my signiture at closing.in this letter, Manhattan mortgage states, "an important document was missing during your loan processing". Along with this letter is a request to sign this form and back date it to my closing date. This is quite an illegal practice and I was evidently lied to and the law broken in an effort to charge me against my knowledge during this loan process.
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