3 Day letter of recession

[thegoat]

I refinanced a second home condo in Florida 12/07. According to my closing documents, a 3 day letter of recission was a requirement to close. I even contacted the title company and they closed on 12/14 and funded the loan on 12/17.

I have contacted title company for a copy and they dont have it. I called WAMU on 2 or 3 occassions and they dont see it either. I just spoke to a WAMU rep on the phone and she told me that they are not required to keep a copy of this past the 3 days, presuming that since I did not request a recission, they don't need to keep the document...that doesn't make any sense.

I asked her why the bank doesn't keep a copy in the archives in case, someone like myself, states they never received it. She said that it's not necessary.

Nobody has it and it was required to close.

Who's right? Who's wrong? Are they in violation?...Please help I'm desparate. Thanks!

[mateo03]

I can help you ... . My name is lamo

[faith]

[QUOTE=thegoat;102694]I refinanced a second home condo in Florida 12/07. According to my closing documents, a 3 day letter of recission was a requirement to close. I even contacted the title company and they closed on 12/14 and funded the loan on 12/17.

I have contacted title company for a copy and they dont have it. I called WAMU on 2 or 3 occassions and they dont see it either. I just spoke to a WAMU rep on the phone and she told me that they are not required to keep a copy of this past the 3 days, presuming that since I did not request a recission, they don't need to keep the document...that doesn't make any sense.

I asked her why the bank doesn't keep a copy in the archives in case, someone like myself, states they never received it. She said that it's not necessary.

Nobody has it and it was required to close.

Who's right? Who's wrong? Are they in violation?...Please help I'm desparate. Thanks![/QUOTE]


TheGoat
Please be careful. I am not sure if I have already responded to your thread but in case I have not, here's some tips on how to prevent mortgage scams and know the types of mortgage scams.
How to prevent Mortgage scams

Do's and don'ts
Don't fall for promises like "We'll save your credit"; "We'll buy your house 'as is'"; or "We'll get you a new mortgage with low monthly payments.

Don't sign away ownership of your property (sometimes called a "quit claim deed") to anyone without the advice of lawyer you trust. "When people get behind on their loan payments, they get a bit desperate, but the answer is not putting someone else on your title," says Oakland real-estate attorney James Hand.

Beware of any home sale contract where you aren't formally released from liability for your mortgage. Also, make sure you know what rights you're giving up and that you agree to giving them up.

Don't call for assistance from one of those ubiquitous signs on telephone poles that advertise help. Chances are, that's not where help lies.
Do proceed with caution, if a company or person:
Describes itself as a "mortgage consultant," "foreclosure service," or something similar;
Collects a fee before giving any services;
Advertises to people whose homes are listed for foreclosure, including anyone who sends fliers or solicits door-to-door; and
Says you should make home mortgage payments directly to them or to their company instead of your mortgage lender.

Don't sign anything that has any blank spaces. Information could be added later that you didn’t agree to. (Yes, it happens.)

Never sign a contract under pressure. Always know exactly what you're signing. Take your time to review the paperwork thoroughly — ideally with a lawyer who only represents your interests.

Cast a jaundiced eye at deals that sound too good to be true. Lately, some scam artists promise they'll wipe out or pay off your home's debt for you (so-called "debt elimination"). Some flustered homeowners bite. Just remember the free lunch rule: There isn't one.
A final thought: Remember, if you can't fix your finances, selling your house (on the normal market, that is) may not be the end of the world. Sure, you'll be a renter again. But given how much homes around the country have appreciated in the last several years, chances are you've made some money, which you can use to get back on your feet.

Don't panic. Get full information on the foreclosure process in your state. Make sure you know ALL deadlines — for court, for document filings, etc. States usually have associations that can offer free advice. For who to turn to for advice, click on your state http://www.hud.gov/local/

Mortgage Scams 1. Straw buyers –in this scam , the scammers who is a father and a daughter convinced the homeowners to use their social security numbers who has good credit score. They convinced the homeowners to buy a condo unit using their social security numbers at a price more than the house is worth with a promised that they will get good profit. The scammers get $100,000 for each home that was sold, the unsuspecting homeowner was paid $10,000 for using their ssn and a debt more than the house is worth. FBI in San Diego are now investigating this case.

2. Equity Stripping" or "Bailout." In this scam, the con artist "rescues" the homeowner by helping her get rid of the house. In one way or another, the scammer convinces (or tricks) the homeowner into surrendering the title to the house by promising that she can stay on as a renter and then buy back the house once things have been "fixed."
In the end, the homeowner can't afford to buy back the house and the rescuers bleed the house of most (or all of) the equity. Result: the homeowner usually loses the house anyway.

3. Phantom Help. Here, the supposed rescuer charges very high fees for basic phone calls and paperwork that the homeowner could have done himself. Often, the scammer promises to represent the homeowner to his lenders in an effort to "work things out," but never follows through.
Even worse: the scammer will insist that the homeowner IGNORE notices and phone calls from the lender or its agents, almost guaranteeing that the house will enter foreclosure. By the time the homeowner knows he's been conned, it's usually too late.

4. Bait and Switch. In this scheme, the scammers masquerade as legitimate housing counselors, armed with mounds of legal documents -- often for new loans that are going to "solve" the homeowner's problems. In reality, the owner signs forged documents that give the scammers ownership of the home. To make things worse, the victims still owe money for the mortgage, but no longer have the asset! In one instance, a scammer attached documents to a clipboard, and placed Post-It notes next to the various signature lines. "His victims -- some of whom were elderly, or didn't speak English well -- were usually overwhelmed by the documents and also couldn't exactly see what they were signing thanks to the clipboard."
One of the things the scammer allegedly got them to sign was a "grant deed" that passed their home's title to a third party.


Source of tips: National Consumer Law Center; U.S. Department of Justice's U.S. Trustee Program

[bkause]

Mortgage transactions on Second Homes or investment properties are not subject to a recission period.