A summary believe it or not...
1. Was contacted by a representative of Full Spectrum in early March and sought the refinancing process. The Rep said that it would be a 15-20 day process. I had doubts because of a previous experience. I told him to find out everything he needed and I would provide it all at once in order to avoid delays. I knew that if I hadn't been at the same job for a year or more he would need an explanation. I had it ready, he said he didn't need it. From previous experience with mortgage refinancing, I knew what he would be asking for and had it ready when he came back and indeed requested it. He called me to tell me that he was able to get my interest rate down to 5.25 instead of 7.25, realizing that they were going to lower my interest and tack 5 points on the loan. He was like a cheerleader about this and i didn't fully understand what points were all about until later.
2. The approval process and closing date dragged out to the end of April at which time a notary brought the papers to our home for signing. The good faith estimate was not even in the ballpark of the first batch of final closing papers.By this time, I was desperate to close the loan because we were now 6 weeks past due on my mortgage and past due on my property taxes. We had focused paying off other bills that were not included in the refinancing amount. The title company had not included the interest amount of the payoff of our mortgage on the good faith estimate and that made our cash back (most of that was going to be used for a new roof) and left out a large credit card balance that was to be paid off from the initial loan request. We signed papers at our house and noticed the HUD was incorrect on the cash back figure and that they had escrowed taxes and insurance when we did not want it. We called the rep and he told us that he would send us a corrected HUD via fax and email. He did.
3. After closing the last week in April, and expecting our checks to arrive on the 4th day after signing, we were told that the loan would not fund on time because there was a problem with our papers. Our rep and the assistant branch manager with Countrywide would not tell me what the problem was specifically after many requests. We were told that our 3-day right of rescission would begin again after re-signing. Finally, weeks later, I learned later that the e on the word "Date" was not printed fully on one of the pages that we signed initially so it had to be re-signed.
4. After re-signing the papers and initialing a change of date on the rescission paperwork, we were told the loan would fund after the second 3 day rescission was up. The loan did not fund, instead, we had the rescission paperwork returned with another change that we were to initial. The right to rescind process started over for the third time. A new HUD statement reflecting what we had discussed on the telephone during the initial closing at the end of April was sent to us after requesting it from them twice. (the second HUD)
5. The rescission paperwork was again sent (4th time) with changes for us to initial that took the document back to the same as it was the first time we signed it during closing. (before all the initialling changes)
6. Meanwhile, the clock is ticking and another house note is due on our original mortgage that we are refinancing. I asked both reps about the finance charges, interest and late fees that were accruing because of the delays. They both stated that they would reimburse me when I gathered it all together and provided documentation. My property taxes have now become delinquent and I am in a possible foreclosure status. (Things I could have made plans to take care of had I known this closing would be so screwed up.) Three reps now at Countrywide represent to me that I should receive a credit for interest on the HUD of approximately $860.00 and be charged a per diem of about $33.00 on the payoff of my old mortgage rather than a full note because my first payment due date on the new loan could not be changed and I would still be due for June 1. We had made the branch manager of this company aware via phone conversation and email what we were going through and asking for help. We have received many promises that they are working on it.
7. The loan now supposedly funds and on the third HUD (which I had to request twice and remains unsigned) I am charged additional interest for the time that Countrywide/Title Company had screwed up my closing, plus a full house note instead of a per diem charge. There is also two charges for intangible and docs that were never there on the other two previous HUD's or the Good Faith Estimate. The cash back is substantially lower than previously stated. (Cash back went from approximately $2,500 to $900.
8. The branch manager at Countrywide told me that she would be paying out of Countrywide's pocket for the mistakes if she couldn't get the title company to correct them. She was having trouble deciding on the method of unfunding the loan, etc. Something to do with how their computer systems works, in order to get the funds due us and making the loan proper.
9. We received another check from the title company for $800, a portion of the cash back that we were due. I asked The assistant branch manager twice via email, what portion of which mistake on the HUD this represented and never received an answer.
10. I received an email response from the asst branch manager saying that she no longer works for Countrywide/Full Spectrum and that I should contact her boss, that he would take care of this. I have tried to reaching him several times. His lone response to me athe second week of June is "He is working on it because they had been out of the office last Friday". Another promise with no action.
11. I have told them that I am going to seek recourse and start whatever reporting process necessary to make sure they get their act together and that I receive the money they are charging me for already. They still owe me money from the cash back figure, the late charges and finance charges that are still accruing and in my opinion an additional interest credit as my loan has not been fully funded as of yet.
Trusting Soul
Destin, Florida
U.S.A.
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