I ultimately was not asked to testify at this hearing. The judge ruled that the process had to be put on hold until the first mortgagee could produce the original documents. The second mortgagee did have the original signed documents. The second mortgagee was a local bank that the borrower went to subsequent to obtaining their first mortgage. They answered no because they were three banks down in the chain as the loan was sold from one to the other. The judge first asked the attorney for the first mortgagee if they had the original mortgage in their possession. The first mortgage lender got into the act as well.Īt the hearing, the first mortgagee who was in Mississippi, testified by phone. There were 2 mortgages on their property and the second mortgagee was asking for the Court to grant summary judgment to protect their position. Some time ago I was asked to attend and be prepared to testify at a summary judgment hearing for a client I had assisted obtaining a first mortgage that was in foreclosure. I have had direct experience with this issue and can only speak from that perspective, not from a legal standpoint. The customer should always be the focus of what is best in any transaction.
#SYNERGY ONE LENDING CASHOUT REFINANCE PROFESSIONAL#
In this era of the internet and false promises being made on a generic basis, there is not substitute for dealing with a local professional with a solid reputation and multiple referral sources. If a consumer is dealing with someone who is not able to communicate in a timely fashion they should take pause and consider going elsewhere. The "no news is good news" concept should not be acceptablet. The worse thing for any consumer is a lack of communication from the service provider. Having the ability to articulate the process and offer options is also key. In my business it is important for a loan officer to have a complete and firm grasp of the process.
Poor customer service and lack of expertise. The worse thing for any consumer is a lack of communication from the service. This additional equity in the property will help in how the take out mortgage is priced based on the additional equity. For instance, if the buyer executes the REC for a purchase prices of 300K, puts down 20%, 60K and in 12 months is ready to take the REC out, an appraised value of 325K is to the benefit of the buyer. The buyer also benefits in recognized equity in the future despite what they may have purchased the property for. A Deed is held in escrow by a third party facilitator and is recognized as "ownership"even though the Deed is not recorded until the buyer completes Conventional financing in the future. This is a contract for purchase in the future. Here in New Mexico we use a REC form, Real Estate Contract. This gives the buyer time to correcttheir financial situation and prepare for a refinance in the future. The potential benefits to the buyer is that if they do not qualify at the present for Conventional financing, this is a way with a down payment, one can "purchase" a property.
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