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Old 06-03-2008, 12:24 PM
 
7 posts, read 30,818 times
Reputation: 10

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We are in the process of closing on a re-fi in NJ. The title company that my broker wanted to use because of convience and location wants to charge us over $2000.00 for their fees.

Myself and the broker felt that was very high for a one family home. These fees on top of others have us coming out of our pocket with over $3000.00 to close.

Mind you, we have been going thru this process for over 3 months just getting the approval and all. I will not go thru all the details but it was a nightmare. My husband and I have credit scores about 650. We do have about 15,0000 in outstanding debt but all the hoops and loops the mortgage company put us through was crazy!!! We were approved and disapproved about 4 times. The underwriter who was underwriting the loan first left, so the process had to start all over again. So yada, yada. Here we are now down to the day before closing and the HUD statement is produced with the fees and the one that sticks out is from the title company. They want to charge this huge fee due to the fact of when we attempted to re-fi last year, the mortage company pulled out on us on the day before closing, so that re-fi never went thru.

Their comment was if we don't close with them, we will never be able to close and so what we would have to make a mortgage payment this month anyway!

This was done on May 30th at 4:30 pm. The last day of the month.

The title company feels that they can tack those fees from that closing. My questions:

1) Are we responsible for title cost when a loan doesn't close?

2) And can a title company put a lien on your house if we choose not to use them?

We have found a another title company willing to charge almost 900 less.
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Old 06-03-2008, 12:44 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,094,482 times
Reputation: 1007
depends....are you paying any state taxes/stamps?

you can shop around for a title company just like you do with a mortgage company
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Old 06-03-2008, 12:52 PM
 
7 posts, read 30,818 times
Reputation: 10
We pay state taxes. I thought the same thing that you could shop away.

So the lien threat is not valid?
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Old 06-03-2008, 01:13 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,094,482 times
Reputation: 1007
1. Never had a borrower pay after they didnt close with them.
2. Speak to a real estate attorney from your state.

Also, I would be weary of the lender if they were the ones that referred this title company!


Quote:
Originally Posted by shbroc View Post
We are in the process of closing on a re-fi in NJ. The title company that my broker wanted to use because of convience and location wants to charge us over $2000.00 for their fees.

Myself and the broker felt that was very high for a one family home. These fees on top of others have us coming out of our pocket with over $3000.00 to close.

Mind you, we have been going thru this process for over 3 months just getting the approval and all. I will not go thru all the details but it was a nightmare. My husband and I have credit scores about 650. We do have about 15,0000 in outstanding debt but all the hoops and loops the mortgage company put us through was crazy!!! We were approved and disapproved about 4 times. The underwriter who was underwriting the loan first left, so the process had to start all over again. So yada, yada. Here we are now down to the day before closing and the HUD statement is produced with the fees and the one that sticks out is from the title company. They want to charge this huge fee due to the fact of when we attempted to re-fi last year, the mortage company pulled out on us on the day before closing, so that re-fi never went thru.

Their comment was if we don't close with them, we will never be able to close and so what we would have to make a mortgage payment this month anyway!

This was done on May 30th at 4:30 pm. The last day of the month.

The title company feels that they can tack those fees from that closing. My questions:

1) Are we responsible for title cost when a loan doesn't close?

2) And can a title company put a lien on your house if we choose not to use them?

We have found a another title company willing to charge almost 900 less.
Quick reply to this message
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