Refinancing panic earlier today ;-D

iVillage Member
Registered: 12-05-2004
Refinancing panic earlier today ;-D
1
Mon, 09-26-2005 - 5:41pm

I have been waiting for the paperwork from my mortgage company, regarding my refi loan (I'm joining my first and second mortgages at a lower interest rate to save money and pay my debt off sooner). We've done the application and credit check, but we still needed to sign the paperwork and submit income and asset documentation. So today, I went to our P.O. Box, and I had a large envelope from my mortgage lender, along with a normal sized white envelope, also from my mortgage company. I didn't check the names on the envelope....just figured if they're in my box, and they're both from my mortgage company, they must be for me.

Well, I opened the small white envelope first, and I just about hyperventilated. It said, "You have been denied a mortgage loan....", and I thought, "Huh?? They said we were ok!!" It went on to say that my credit score was too low, my debt to balance ratio was too high, etc etc, and I was in shock. My 7 year old son even unbuckled himself and leaned up to put his arm around me to comfort me and kept saying, "Whatever it is, Mom, it'll be ok. We can call Dad about it.", and I just sat there about to cry. So I put that envelope down and opened the larger one, mumbling about how I thought everything was settled and that we'd be approved, and I pulled out papers that said, "Welcome to our Family!! We're so pleased to assist you with your mortgage needs!", and at that point, I was totally confused. How could I be denied and also approved at the same time??

It was then that I noticed that although the envelope was addressed to my P.O. Box, it had another woman's name on it, and in small type at the top of the paperwork enclosed, was listed this same lady's name. She had used the same loan officer, and he must have been working on our loans on the same day and just sent her paperwork to my address. Wow, what a scare. I really want this refi to go through with minimal trouble.

I called him and let him know about the error so he could let the other customer know about her loan status. I offered to send him back her paperwork, but he asked me to shred it instead, and he'd be in touch with her. So that's what I did.

But wow....to think I was approved, and then apparently not approved, and then approved again...I'll be glad when this whole thing is over! LOL! :-D I hope I never have to buy a home or refi another loan again. LOL! :-D I think I'd rather have all my teeth drilled. LOL!! :-D

Pat

iVillage Member
Registered: 06-23-2005
Tue, 09-27-2005 - 2:23pm
Congratulations on your approval!! I probably would have had heart failure if I'd opened that other letter. We just refinanced and I KNOW I'd rather see the dentist than worry about all that again.