Legal Question in Real Estate Law in Virginia

Obligation to go to Settlement for Refinancing

At this point, I have signed/submitted application to refinance my mortgage through my current mortgage lender (for a lower interest rate), it has been approved, and I have selected/provided information to a title company (and they have forwarded information to the mortgage lender). I have found the lender, for the refinancing, to be extremely nonresponsive to both me and the title company, to the point where the lender claims not to have received information from the title company, even when the title company has fax confirmation sheets to prove the information was provided (of which I have been provided copies.) I am coming up to the end of my interest rate lock. That, and other concerns about the lender, may make me NOT want to settle if the terms turn out to be not what I had expected. My questions: (1) can I choose not to settle (and, obviously, continue with my current mortgage arrangements) and (2) will I be exposed to any liability to either the lender or the title company if I choose not to settle? I have already paid the lender $900 in fees (charged to my credit card), which I would expect to be very difficult to get back. I'm trying to determine if this would be the extent of my liability. Thanks, appreciate it.

Asked on 11/28/02, 7:33 pm

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
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Re: Obligation to go to Settlement for Refinancing

Without having your application to refinance in front of me to review, I cannot say with 100

per cent certainty, but you're probably correct

in surmising that your only liability would be the forfeit of the fees that you've already paid if you decided not to go forward with the refinancing.

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Answered on 11/29/02, 10:13 am

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