QUESTION
Who do I contact when big banks make mistakes that I cannot fix?
Asked on Feb 02nd, 2013 on Real Estate - Colorado
More details to this question:
Citi did refi in 2008 and we had 2nd with Wells which we told them.. Proper paperwork not filed with Wells in 2008 so they got 1st place. Both Wells and Citi said they would work this out last November when I spoke to both after being declined refi. Now in February I am told I need to fix by paying off 2nd. Banks made errors and I have to pay or they will not help. Not very fair lending practices.
1 ANSWER
3 Awards
Cynthia,
Banks do make errors and they are generally reluctant to fix the problem without significant force. If there was no subordination agreement then Wells now is the 1st lender. I presume that Citi is the one upset by this even though it is a problem of their making. With what is Citi demanding that you pay off the Wells loan?
You loan contract will control here, depending upon if it states that it must be a first position loan.
Lenders are under scrutiny, I recommend that you get some professional help rather than fight this on your own. There are a lot of facts that need to be discussed, many more than we can cover on email.
I offer a free initial consultation, call me.
Don Eby
Answered on Feb 06th, 2013 at 11:47 AM
Call Don at (303) 688-0944 or email at Reception@RobinsonandHenry.com This information is provided AS IS; and does not create Client Relationship.