{"id":280,"date":"2010-07-02T17:21:21","date_gmt":"2010-07-02T17:21:21","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=280"},"modified":"2010-07-02T17:21:21","modified_gmt":"2010-07-02T17:21:21","slug":"refinancing-your-present-mortgage-make-sure-that-the-lenders-and-closing-agents-are-financially-able-to-perform","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=280","title":{"rendered":"Refinancing Your Present Mortgage–Make sure that the Lenders, and Closing Agents, are Financially Able to Perform"},"content":{"rendered":"

In today’s edition of the Boston HERALD, there is an article about a Borrower in Illinois, who recently refinanced his mortgage with a mortgage lender. The check which the refinancing Mortgage Lender sent to the person’s then mortgage lender “bounced”, and the former mortgage lender is now foreclosing on the property because the Borrower has not made his mortgage payments to the former Borrower since he completed his refinancing. There are two other similar cases, in different jurisdictions.<\/p>\n

This type of situation is disastrous for the homeowner, and care should certainly be taken to prevent its re-occurrence. At the very least, the Borrower needs to be extremely vigilant with his or her former mortgage lender to make sure that the former loan has been paid in full. This full payment should be effected no later than ten days after the refinancing is completed, and it behooves any person doing a refinancing to check this out. If there are any problems at all after this contact has been made, I would recommend at speedy call to the Consumer Protection Office of the Attorney General; of the state in question, and also a call to the division of the State Banking Commission to make an immediate complaint.<\/p>\n

In Massachusetts, where I have been practicing real estate law for more than forty years, there has been a recent incursion of mortgage companies who do refinancings without using licensed attorneys. This certainly saves the company a fair amount of money, which savings may,or may not, be passed along to the customer. The big difference is, in Massachusetts, when the attorney is responsible for clearing the title, the attorney uses his or her clients account trust funds to pay-off the old mortgages. If the checks which the attorney sends are dishonored, the attorney has committed a crime under Massachusetts law, and can be imprisoned, or fined. An attorney who bounces a check also has committed an ethical violation and will almost certainly be sanctioned by the Massachusetts Board of Bar Overseers.<\/p>\n

My advice to all real estate professionals is to be very careful when you are refinancing, or your customers are refinancing. The price the gentleman in Illinois is now paying is extremely steep, and he did nothing worng, other than verifying the successful termination of his former mortgage.<\/p>\n","protected":false},"excerpt":{"rendered":"

In today’s edition of the Boston HERALD, there is an article about a Borrower in Illinois, who recently refinanced his mortgage with a mortgage lender. The check which the refinancing Mortgage Lender sent to the person’s then mortgage lender “bounced”, and the former mortgage lender is now foreclosing on the property because the Borrower has … Continue reading Refinancing Your Present Mortgage–Make sure that the Lenders, and Closing Agents, are Financially Able to Perform<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[29,1],"tags":[191,192,193],"class_list":["post-280","post","type-post","status-publish","format-standard","hentry","category-mortgages","category-uncategorized","tag-mortgage-lender-financial-problems","tag-refinancings","tag-verification-of-payment"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":292,"url":"https:\/\/blog.topbev.com\/?p=292","url_meta":{"origin":280,"position":0},"title":"Post-Closing Checklists–The work is not done until it is done","date":"July 2, 2010","format":false,"excerpt":"As a Massachusetts real estate attorney, my role in the closing is different from attorneys in almost every other state. Not only do I conduct the closing, and attempt to explain matters to the parties involved while I am doing same, my firm also researches the title, writes the title\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":887,"url":"https:\/\/blog.topbev.com\/?p=887","url_meta":{"origin":280,"position":1},"title":"Behind in Your Mortgage: A Few Principles to Guide You","date":"February 29, 2012","format":false,"excerpt":"There are some rather complicated areas involving who is in front of whom in terms of real estate transactions, and you need to know these, especially if your mortgage payments are in arrears.","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":185,"url":"https:\/\/blog.topbev.com\/?p=185","url_meta":{"origin":280,"position":2},"title":"Short Sale Rules for Lenders–Our Real Estate Community Needs to Unite and Speak Out","date":"June 24, 2010","format":false,"excerpt":"Recently, in connection my my representation of an individual who was far behind in his mortgage, I encountered the following scenario. The borrower (my client) has not made a mortgage payment for more than two (2) years. The house has been on the market for 18 months. Because of my\u2026","rel":"","context":"In "Short Sales & Foreclosures"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":266,"url":"https:\/\/blog.topbev.com\/?p=266","url_meta":{"origin":280,"position":3},"title":"Frustrated by the Apparent Insourciance of Massachusetts Mortgage Lenders- -Make your Sales Agreements “Bulletproof”","date":"July 2, 2010","format":false,"excerpt":"In the near recent past, most real estate purchases in Massachusetts had one thing in common. They closed on or before the date set for closing in the sales agreement.\u00a0 The writer, a Massachusetts title attorney with more than forty years of experience, has recently seen a departure from that\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":177,"url":"https:\/\/blog.topbev.com\/?p=177","url_meta":{"origin":280,"position":4},"title":"The Blase Mortgage Lender–How Much Longer Can we Put Up with This?","date":"June 24, 2010","format":false,"excerpt":"Recently, I was representing a young couple buying their first home with an FHA mortgage. The Purchase and Sale Agreement was signed in early March. The closing was set forth for late April. Plenty of time for the Lender. The written mortgage commitment issued in late March with standard conditions.\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":911,"url":"https:\/\/blog.topbev.com\/?p=911","url_meta":{"origin":280,"position":5},"title":"Short Sale Review Time Shortened by the FHFA","date":"April 23, 2012","format":false,"excerpt":"Any improvements made to the short sale process will be welcomed. The shorter review process will reduce the stress that both the seller and the buyer must endure. The additional status communications will provide information to the parties as they wait for the final approval so they are not waiting\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=280"}],"version-history":[{"count":3,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/280\/revisions"}],"predecessor-version":[{"id":764,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/280\/revisions\/764"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}