Title Fees When Refinancing Are Unfair

It has been a while since I refinanced a mortgage but for some reason today I am in the mood to air my annoyances and would like to hear if others have had similar experiences.

While we were refinancing a mortgage a few years ago there was a deja vu of sorts: same title company, same mortgage company, same woman at the title company, same notary so my wife and kid didn't have to tag along etc etc as when we originally bought the property.

There was one similarity that struck me as odd. The title search and insurance fees. I may not have thought them as odd had I been in a different building, room or even a different chair from the original mortgage a few years prior. But this started me wondering why a title search is even necessary on a refinancing? Title insurance too? If somebody had made a claim to the title of my property I should have already known about it or at least my mortgage company should have been contacted.

I complained and they took the fees off the closing statement.

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I went through Brookview Mortgage in Mt. Clemens, MI on Denton Street. David Belcastro, was the loan officer. He promised me that if I had sold my home, taken out the taxes, and insurance that his uncle owns a warehouse to where the houses that he sales are beautiful homes, but for a cheaper value. He stated that if I sell my home his uncle will sell it for me at 1%. He paid a friend of his, who's an appraiser to place my house at a higher price. I don't know how they determine the price, but by the neighborhood and area. My home was appraised at 117,000 but he refinanced my home at 109,000. He told me that as soon as I finished signing the papers, he would take me over to the bank to get out 5 to 7,000.00. I didn't want cash out, but he made it known that he could get me 5 to 7 thousand out without my paying out of my pocket. He stated that when I sold the house, they could add it to the mortgage amount. I asked him how, he said my house was appraised at 117,000 but he refinanced it for 109,000.00. He never did. He lied to me as well as to a few other people to which I have there home numbers and addresses. He stated for every person that you refer me to, I will pay you $300.00. Neither one of us received a dime from him. In fact he is not accepting any of my calls. He knows that its me and he has someone send me to his voice message. His boss name is Lynn and he wasn't any help either, he told David that he shouldn't speak to me or have any other contact with me. I felt that there was nothing that I can do, but for some odd reason I think there is something that I can do. They also recorded my social security number wrong and have never changed it. I have 4 to 5 witnesses to the affect of how this gentleman worked.

Posted by: Teresa L. Stringer | August 31, 2006 12:43 PM

Keep up the great work on your blog. Best wishes WaltDe

Posted by: WaltDe | August 31, 2006 04:27 PM

Varying Degrees of L'attitude by Kevin McDonald

Some guys restore old cars. Some guys build model airplanes. I tinker with my blog template.

Title Fees Are Unfair

Title Fees When Refinancing Are Unfair

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