QUESTION

I recently refinanced my mortgage and the loan closed. 3 weeks later the new bank called and stated there was a problem.

Asked on Jun 12th, 2013 on Real Estate - New York
More details to this question:
I recently refinanced my home and the loan closed and was funded. My old mortgage was paid off and closed. The new bank states the refinance should not have closed and is threatening to terminate my loan. All paperwork was signed and I have always made my payments on time. Can the bank lawfully terminate my refinance mortgage? The bank offered to pay for repair and sent a technician to evaluate the repair. I believe the cost to repair is too expensive to the bank and they stated I have to have the repairs performed and pay for them out of my own pocket. The issues were not a problem with my prior bank and had I known this was going to be a problem I would not have refinanced. I am worried I will loose my home.
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
Talk to a lawyer. If you represented you would do something, and did not, that could be a problem.  If the bank erred, you should be OK.  Is it an FHA loan?
Answered on Jun 23rd, 2013 at 9:23 AM

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