Lender wants to do something odd with my refinance closing

[Anonymous]

Anonymous wrote:I wouldn't assume it's sketchy. It sounds like he made a mistake and doesn't want to delay your closing. I would want the agreement in writing. I'm not a realtor or a lender though.

It's questionable whether this type of agreement would even be enforceable because it violates the law.

[Anonymous]

Ended up going through with closing. Broker cut the check up front to cover the difference. We'll see how it turns out but for now I'm not too worried.

[Anonymous]

Walk away

[Anonymous]

Anonymous wrote:Ended up going through with closing. Broker cut the check up front to cover the difference. We'll see how it turns out but for now I'm not too worried.

I think you'll be fine with the check. It's unlikely they would put a stop on the check.

[Anonymous]

The guy made a mistake or has some side action and is trying to paper over it by paying you quietly out of a different pot of money. If your check clears, that's one less thing to worry about, but I would review all the paperwork you signed ASAP for any other discrepancies.

Remember you have a three day right to cancel if you find anything. Actually, you could just cancel, refi with someone else, and pocket his 4k. How is he going to come after you without admitting what he did?

[Anonymous]

I flat out tell him that I either get an accurate HUD or a letter in writing detailing the agreement. His verbal assurance is worth as much as the paper it is written on and I do not give $4000.to anyone not related by blood without as document detailing the agreement and repayment. If he cannot close on the original agreement or offer me a letter detailing how I am to be compensated, then I will consider him in breach of contract and responsible for any losses due to his error. I will use the original HUD as proof of what was contracted but not delivered.

[Anonymous]

Anonymous wrote:I flat out tell him that I either get an accurate HUD or a letter in writing detailing the agreement. His verbal assurance is worth as much as the paper it is written on and I do not give $4000.to anyone not related by blood without as document detailing the agreement and repayment. If he cannot close on the original agreement or offer me a letter detailing how I am to be compensated, then I will consider him in breach of contract and responsible for any losses due to his error. I will use the original HUD as proof of what was contracted but not delivered.

I think the he HUD went away. There is a CFPB form in use now

[Anonymous]

If he doesn't want it documented...how in the hell is he going to have the refinance company issue a check?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I flat out tell him that I either get an accurate HUD or a letter in writing detailing the agreement. His verbal assurance is worth as much as the paper it is written on and I do not give $4000.to anyone not related by blood without as document detailing the agreement and repayment. If he cannot close on the original agreement or offer me a letter detailing how I am to be compensated, then I will consider him in breach of contract and responsible for any losses due to his error. I will use the original HUD as proof of what was contracted but not delivered.

I think the he HUD went away. There is a CFPB form in use now

Correct. The HUD-1 is now known as the closing disclosure or CD.

[Anonymous]

I don't see the problem for OP. He/she got the check, has probably cashed it by now, didn't mention an issue with the loan rate or terms. What's the problem?