Chase called me over a month ago and offered me a harp refi on a house I bought in 05 with 20% down (LOST) and it was my primary till I was forced to relocate to another state in 09...I've been renting out it since and have been subsidizing my mtg pmt. by 450.00. It was going fine as I saw it and the entire time was feeling the two points I was loosing would cover the subsidy and all will be good in the end.
We agreed the since the water bill was in my name it would be considered a second home and at the 25th hour they hit the brakes over language in my homeowners policy that mentioned rental loss coverage.
Now they wanted an "INVESTMENT" loan that I wrangled over that for a few days and then was looking at .625 more interest that raised the pmt by like 4.00..ok no biggie right?
I asked In WRITING (email) to preview all the final docs bfr we ordered the mobile notary and was sent the good faith estimate for a 4th time.
The lady showed up with a stack of papers way thicker than my PREVIEW papers and at the bottom was this 1-4 family rider that gives chase exclusive rights to ALL my possessions in the house and the rent pmts.
I refused to sign that INVASIVE document and chase refused to fund on the 30th as promised.
So now we sit at a stalemate!
I would be ok with this IMAGINED investment loan sort of but not really if I was NOT forced to submit to their unfair demands regarding this document.
In my mind I should have right to own a secondary home and do what ever I please with it as long as I've always made the pmts. on time and in GOOD FAITH! (am I CRAZY?)
I want my original loan with the 2 point less in interest. Is that too much to ask?
If I knew what my rights are in this matter, it would help me get through this and move forward.
Knowledge is power!
The house is in the Phoenix valley.
and and all replies will be greatly appreciated.