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Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6850
Experience:  Licensed attorney helping individuals and businesses.
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In May, I signed up with Network Funding to refinance my

Customer Question

In May, I signed up with Network Funding to refinance my home plus 40, 000 to pay off all debts. I'm selling the house this year so this $196,000 mtg. would be paid off at that time. This has dragged on, 2 closing dates came & went but finally, we closed on Sept. 12th when the company rep came to my home. The company & I both signed all the papers. Today I received checks to send to all my creditors but 2 hours later was called by the company & informed the loan should never have been closed & they were putting Stop-Payments on the checks & I should send them back. Now my Sept. bills are late (1st time ever) since all the due dates have passed as I was told not to pay anything since I would be receiving payments for the bills within a week. The reason given for their action was I had used one of the credit cards but this card was never supposed to be included in the payoffs anyway.
Is this action even legal---I thought a contract was binding.
Thanks for any advice--- Pam *****@******.***
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  P. Simmons replied 1 year ago.

Hi, My name is***** am an attorney with over 16 years experience. Hopefully I can help you with your legal question.

Expert:  P. Simmons replied 1 year ago.

I am sorry for this dilemma. But not sure I understand your specific question. They did not fund the loan why?