During the loan application process there was a third party involved. Between them and the loan officer the loan was set up as a re-fi (vs. An initial purchase) with cash out payments not going to any of my personal debts. One cash out was $105k (Private Mortgage was all it said on the page), another was $42 k to someone I did not know or owe monies too, and the third was to me for $25k (supposed to be $20k). (First off, why am I getting the lessor amount? And where is the lein or proof of debt from these people?)
The loan officer was told this was NOT a re-fi prior to closing, and I was not aware of any payouts except the $20k to me. While scanning the documents at closing, I noticed the seller was not there and the mortgage was set up as a re-fi. I objected and was told by the lawyer (this was held at Ameriquests' office in Tucker, GA) that the documents would be corrected and sent to me in the time allotted to "bow out" of the deal, and enough time would be given to stop the checks cut if the loan was not correct. She kept the pages for correction out of my closing documents.
The checks went out. Mine was cashed. Still no complete closing documents. I closed on April 30th of 2004. On May 14 I emailed the L/O (loan officer) stating this was not a re-fi and I was awaiting the proper documents. No response. So I emailed him again on June 26th. Still nothing. So I requested a copy of the appraisal (not included in the loan documents but I was charged for this in the closing costs) and was given an appraisal from another lender on the same property, (this was in August).
I finally get a hold of the L/O and he meets me at the office door and asks what's wrong. So I ask him how he could re-fi a property for me that I never had a vested interest in. So we review the Title Committment letter I said at closing was incorrect. It said I was vested via warranty deed since January and was filed with Fulton County Courthouse in February. He also points out the quit claim form as supporting documentation. The quit claim was dated 2004. I went to the Fulton County Courthouse and pulled the book number and went to the page number given on the Title Committment letter. I WAS NO WHERE LISTED on that sheet.
So now, not only can I not sell the property, but I can't re-fi it either. I'm looking for a lawyer so if anyone has any suggestions, contact me ASAP! They (Ameriquest) are still expecting me to pay a $1400/mo mortgage payment on a property I don't legally own or they'll start the process which will result in the destruction my credit. I'm now out 4 months of payments plus closing costs.
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