question about a mortgage settlement/closing?

Deal Score0

hello sorry for the repeat, will not let me in to check answers,I was just wondering if any of you have heard of this. I have been battling for about a year with my mortage company, i even had to get the iowa attoney general involved. Two years back the company inflated a appraisal by 25k making me now upside down on my home, the attoney generals office agreed. The company did claim fault and is voluntering to refinance both of my loans, pay closing fees. At closing the final short to close was about 37k. on the HUD-1 they showed the payoff of the 1st and 2nd loan. the company apparently provided a wire transfer for the 37k. Any one hear of such a thing any thing to be causious on.
Thank you

1 Comment
  1. Reply
    May 2, 2011 at 3:59 pm

    The HUD-1 should reflect that $ 37K as a credit to you, otherwise your bottom line would’ve required $ 37K from you. It’s possible they simply did a net amount off their own payoff, or that that was how it ended up being reflected on your settlement statement.

    The closer at the title company should be able to show you clearly and confirm that you’re ok, that everything was paid off accordingly, and that you have nothing further to worry about.

    Congrats on the refi, that must’ve taken a monumental effort. Another reminder to the rest of the world that just because your broker says they can get it, doesn’t necessarily mean you should take it. If it sounds high, you’d know better than most.

    Leave a reply

    Register New Account
    Reset Password