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Ask Attyadvisor Your Own Question
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 6715
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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GA-We closed on a 203k loan in the beginning of March.

Customer Question

We closed on a 203k loan in the beginning of March. The only reason we did this loan is to be able to purchase a new home and renovate and maintain a constant place to live for my 2 young children.
The initial 203k worksheet that I discussed with my loan officer included 3 months of payments to be escrowed in the loan. However, this company was completely deficient and only was able provide closing documents within the 72 hours of mandatory review period prior to closing under time of the essence. 72 hours later was the deadline to which we would be in breach. I consulted with my loan officer about the escrowed payments to which he assured me there were in there. Upon closing, the 203k worksheet in our mortgage docs was blank, which meant nothing to be as I don't know it was meant to be completed or not. After closing, we started receiving collection notices for our initial payment, which we routinely routed to our loan officer, who already responded through email and escalated to his manager that we have escrowed payments and to please advise how the payments from the loan are made. however, a few weeks later, the manager alerted us that we do not, in fact, have any money in escrow for this purpose. now we are forced to make 2 mortgage payments that we cannot afford.
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
to also clarify, my realtor, lawyer, and seller's lawyer can attest to the deficiency of this lender the lack of information and transparency as to the status of the loan as well.
Additionally, I would like to add that this loan rate had to be extended and they charged us a rate lock, which I have email confirmation that we're not to be charged for, but were. We are currently in contest to get that money back from the lender.
Customer: replied 1 year ago.
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Expert:  Attyadvisor replied 1 year ago.
Welcome and thank you for your question. Can you tell me the State that your question pertains too? Was the escrow amount supposed to show up on the title company closing statement(HUD1/RESPA).
Expert:  Attyadvisor replied 1 year ago.
I am concerned that your attorney agreed to have you sign documents that did not reflect the actual loan terms and escrow amounts that you agreed to. Was this information set out on a good faith estimate or other documentation that you signed prior to closing on the loan?
Expert:  James-cssm replied 1 year ago.
Hi Lisa,
We received your customer service inquiry, however, we are unable to respond to you because we do not have your email address. Please contact customer support at***@******.*** and provide us with your email address and a link to this question page so that we can help you. Thank you, ***** ***** Customer Support Team.

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