Urgent help: Builder Lien on my house

[momtothree]

Originally Posted by vraj

Finally, got a chance to talk to the title company. They said they're working on fixing it. So by next week this issue should be resolved. Fingers crossed!!
But I still end up paying fee for the delay��

Thank you all for your suggestions.

I think your mortgage lender needs to waive that fee. If not, you just might be able to file a small claims case for any fees you had to pay against the builder for not removing the lien when you asked him and thus causing a delay for not removing it originally AND when you asked.

[Jkgourmet]

Originally Posted by momtothree

I think your mortgage lender needs to waive that fee. If not, you just might be able to file a small claims case for any fees you had to pay against the builder for not removing the lien when you asked him and thus causing a delay for not removing it originally AND when you asked.

The fee that the lender wants to charge is for extending the rate lock. Totally within their rights. I think they have already waived it once because of other delays.

Who knows whether the builder or the escrow company or the attorneys screwed up the title. At this point, I think the hassle of taking them to small claims court is unreasonable, especially given the OP's obvious language barrier.

And, as I stated earlier, this whole refi sounds like bogus BS from the lender. If the OP can get somebody to help him understand what he is REALLY going to pay to save 0.6%, I'm betting he would send the whoever made a mistake on the title a thank you note for inadvertently stopping the refi!

[momtothree]

Originally Posted by Jkgourmet

The fee that the lender wants to charge is for extending the rate lock. Totally within their rights. I think they have already waived it once because of other delays.

Who knows whether the builder or the escrow company or the attorneys screwed up the title. At this point, I think the hassle of taking them to small claims court is unreasonable, especially given the OP's obvious language barrier.

And, as I stated earlier, this whole refi sounds like bogus BS from the lender. If the OP can get somebody to help him understand what he is REALLY going to pay to save 0.6%, I'm betting he would send the whoever made a mistake on the title a thank you note for inadvertently stopping the refi!

I didn't realize it was a rate lock extension fee, reading fail. I was going to ask if it was truly no closing costs too.

OP, have you gone here and did the math on these calculators to see what you are saving?

Refinance Calculator - Calculate Your Savings from Refinancing

You might also be able to put google translate on this page in case you don't understand something on this page too.

https://translate.google.com/?hl=en&tab=wT

[vraj]

Originally Posted by Jkgourmet

NOW I think you're being taken advantage of - by the mortgage broker. I don't buy that this is costing you nothing. I believe you're going to find out that the principle balance changes from what it is RIGHT NOW to what it is when you sign the papers for the refi.

Well, I HAD to go through builder preff lender and I got higher rate at that time.

Seriously - I strongly suspect this is not a good refi deal for you.

Can you tell me why it doesn't make sense?

But I'm glad the title thing is getting fixed.

Thank you for your help.

[Jkgourmet]

Originally Posted by vraj

Well, I HAD to go through builder preff lender and I got higher rate at that time.

That's hard to accept. As far as I know, No one can force you to use builder financing. Maybe you got some incentives to use them. But the rate should have been comparable. Again, I'm wondering i you are able to fully understand the terms due to the language barrier. (I'm not being rude - I lived in Mexico for awhile and I don't speak Spanish. I'm sympathetic to the challenges.)

[quote=vraj;39722316]Can you tell me why it doesn't make sense? [/qoute] Because NOTHING is free. There are costs associated with doing a refi. The lender has to make money. The broker has to make money. I will go out on a limb and say that I'm 98% sure that the costs are there, someplace. And I used to be a mortgage salesperson (some years ago).

Simply put, I do not believe the commission to the sales person, the cost of new title insurance, the costs of documentation, the cost of the appraisal, etc. etc. etc have just disappeared into space to save you 0.6%. That's THOUSANDS of dollars of related expenses. IF this refi were through the same bank that is your current lender, they might be able to minimize some of those costs.

Again, I'm not being rude. But I think you should start a new thread on the details of your current loan and the offered loan, including rates, costs, balance of loan, etc. etc. etc. ON THE MORTGAGE FORUM. There are some great, helpful folks over there who are current mortgage brokers. They know way more than I do and will help you evaluate this. If you scan your Good Faith Estimate on the refi, I bet they spot those costs very quickly.

Originally Posted by vraj

Thank you for your help.

My pleasure. Congratulations on the new house.