Questions about loan paperwork

[fehrll]

I am just amazed at what a resource this site is. I have had a thread going in the "Tell Your Story" forum for a few weeks now and it has helped me a lot to come to terms with what is going on.

I just started browsing this forum today, and I have a couple questions....

1) Be bought our home in May 2005 - Financed through Fremont Investment and Loan on both teh 1st and second. Both were sold to ASC. We refinanced in March 07 with IndyMac on the 1st and National City on the 2nd. We have copies of our paperwork. But I would like to see what they have to see if there are any differences in dates, signatures etc. Can I just call and request this? Do they legally have to furnish this to us? I want to know if anything was changed or conveniently not sent to the new banks.

2) I hear if the promissory note is missing this is bad for the bank to try to foreclose. How do I find out if THEY have THEIR copy?

3) The 3 day rescind disclosure - I am now looking to see if we have this for the original loan and the re-fi. If we are missing it on the original with Fremont can we go after them for what we paid to them? How about ASC?

Both times, we unfortunately used a broker we thought we were getting the shaft both times but as 1st time homeowners we thought that this was the way it worked.

Our accountant looked at our re-fi mortgages this last tax season and said that we got the shaft big time.


Thanks again for this amazing forum!

[Cat Damiano]

A purchase does not have a 3 day right to rescind, only a refinance does.

If you want to get a copy of the original documents, you would need to do a QWR (Qualified Written Request)

Put together a QWR (Qualified Written Request)

In that letter demand your Life of Loan History, Copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, Copy of Initial Loan Application and Final Lender Loan Application, all Disclosures and all Loan Documents in your file, Copy of Appraisal.

There is a blank copy of the request in the Homeowner's Tool Box to the Left of the Forum

Make sure you send it certified mail return receipt required to addresses below:

Indymac Bank
Coporate Headquarters
888 East Walnut Street
Pasadena, CA 91101


IndyMac Bank
Home Loan Servicing
P.O. Box 4045
Kalamazoo, MI 49003-4045

[fehrll]

Thanks Cat -


The IndyMac loan is a re-fi. I will get the QWR out in the mail tomorrow.

Do you by some chance have the correct address to send a QWR to National City Mortgage? They hold our 2nd which is also a re-fi.

BTW - I was scanning through our loan paperwork earlier, and noticed that the loan app (which went on stated income) has my husband's monthly income as $12500!!!!

NEVER has he made that much a month....would be nice though!

[Cat Damiano]

The problem with the whole stated income, and you will be able to see this when you receive the copies of the docs that you signed at closing, is that those same figures are most likely on the application that you signed at closing as well...........


National City Mortgage
3232 Newmark Dr.
Miamisburg, OH 45342

[ezuspan]

So Cat if the broker/loan agent inflated your income at the application level and you didnt correct it are you out of luck?

[Cat Damiano]

I wouldn't necessarily say you are out of luck.............you would need to check if those figures were on the docs you signed at the closing............then that would indicate that you agreed........

[ezuspan]

I guess that answers my questions on my first. I didnt pay close enough attention and the loan agent on my 1st inflated my income. I maybe made $4k a month and my app says I made $6500k a month. I am in the limbo stage with CW waiting on what they can do for me. My investor on my loan is WFB. Should I just wait it out or should I try to get help for the inflated income? The loan agent is no longer with CW because of fraud. So inflating my income falls right in his pattern....

[Cat Damiano]

See where it goes first.............chances are if you have that on the docs, there are most likely more violations...............so at that point you may want to have the docs reviewed for violations..........