I recently had an opportunity to refinance my first mortgage for a great rate of 6%.in order to do so, HomEq, holder of my second mortgage had to accept, as it does on with my first mortgage a suborninate position.
When contacted by my attorney, HomEq informed us that they would not even begin the process of review without a check from me for $250.00 dollars, NON-REFUNDABLE! Following their requirement I immediately sent them a check for the $250.00. They began their process on January 3. My window, locking in on the 6% rate for refinance was to come due on the 14th of January.
Giving this time frame, both my attorney and I personally pleaded with HomEq reps to move the process along so that I would not lose my opportunity to re-finance at 6%. We were both met with a wall of disconcern, and told by both customer service reps and a supervisor/manager, that my request would be handled in the order in which it arrived. I made again, a personal plea for assistance, and told the customer service rep that I would lose the 6% refinance rate if they didn't help move the paperwork. Actually, all we needed was a verbal ok, and a closing date could have been set. The refused!
End result of all this is that my window date of January 14th has come and gone. I have lost the opportunity to refinance at a probably "one time only" rate, and to add insult to injury, I am out the $250.00 "review fee." Needless to say, I feel I have been "ripped off" in spades.
Robert
Torrington CT
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