Monday, April 13, 2009

Slight Wrinkle

There is a slight problem with our loan. So please pause the butt wiggling for now.
We closed the loan on Thursday night at 7 pm. The problem came when the very nice lady told us we owed another $2410 on top of the $750 we already paid. This was news to us and took me quite a bit of time to iron this out. I also found out that it's a HUGE no-no to not disclose that we would owe even more at closing. So I scoured the original paper work and there was no mention of it until we got the new papers at closing . So we borrowed the $2410 from DJ, we have that much but its in a bunch of my "funds" and I would have to completely start over with the budget. So it was just easier for him to lend us the money and just pay him back the $3-4 in interest that he lost. And considering how tight he is, he was more than ready to help the family and quite gracious.
So long story short(too late) and almost my entire Friday later, (I was on the phone so long that the first cordless phone went dead and the 2nd one was on its last leg) the problem was even though WaMu is a part a Chase they haven't quite meshed yet. So our loan started out as a previous customer refinance with Chase but was changed because Chase doesn't consider WaMu customers as their own yet. I have to say that everyone was beyond spectacular with getting this sorted out. And it boiled down to an escrow problem. The $2410 was to cover what was needed. On a side note, they have nowhere enough in the escrow account to start off and I did try to explain this but that's a whole other mess. Anyways, per Chase's company policy, any money from our other loan would be put towards the principal. Meaning DJ's $2410 would be used for escrow and our escrow account from the WaMu loan would go towards the principal. And right about now you are wondering why we signed it in the first place and gave them the money before we had this ironed out. Good question! I knew that we had 3 days to withdraw from the offer. And we so desperately want to get away from Fifth Third that we figured this was the best route. And we also need the money from skipping a payment to pay for the transmission. Anywho, it looks like WaMu will be cutting us a check for the money in escrow. Even though they are now one company and Chase's company policy is what will govern, internally they aren't one and WaMu will continue to follow their guidelines. So I have been promised that we will be getting our money back. Chase did say that if for some reason they intercept the money, they will amend our loan to refund $2410 at no cost to us(meaning another $750 processing fee).
I'm thankful that it seems to be working out and that everyone was so helpful. But we won't know until the funds are disbursed and I have the check in hand. Fingers crossed and hold the back end wiggle until the end of the month.
Thanks for Reading,

No comments: