Question by bthanh: Can I get my Home loan application fees back?
I was offered a modifiction of my current loan and was assures verbally that no documents were required. I okayed the deal and paid the $ 450 application fees. When I got the loans, i found out I needed to sign a form to provide them permission to access my tax returns. I feel lied to and was told I can cancel, but I can not get my application fees back. I feel thats not right since I asked about the documents upfront and If i had been told they needed my tax returns, I would not have gone with the deal. Can anyone give me any advice on how I can get my money back. I feel really cheated.. please help.
I have to add that the reason is that i was a victim of fraud before and it was right after i did a previous refinance. Also my other loan was modify without any intricate forms signed, just a form with the new terms and i was done.
I have now found out that this is not a modification as he explained , but was a refinance which wasn’t disclose correctly to me. As for proof of income, I offered in its place the last 2 years paystub and they can verify my job if needed. So i’m not trying to get out of not providing proof of income. I think the problem is that he gave me the impression that it was a modification when it was a refinance. now i understand the need for so much document, which he said he didn’t need in the beginning since it was a modification.
also he charged me well over $ 14000 for the points.. does that seem exuberant?
Best answer:
Answer by Landlord
There are no fees for modification, it is free….so it depends on who you gave the money to, it should not have been your lender.
What do you think? Answer below!
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Speaking of cheating, it sounds like you’re trying to get a loan without sufficient income (if you don’t want them to see your tax returns). Why should they loan you money if you won’t tell them how much you make ???
They’re talking about a 4506T form. It’s an IRS form that you usually sign at closing. We have them on every single loan here. It’s not really a document you have to provide, like pay stubs or bank statements. We seldom actually get the tax returns, it’s mostly a formality.
It seems to me you’re cutting your nose off to spite your face. Wasn’t the modification going to benefit you by lowering the rate or extending the term so you’re payments would be lower? I think you should just sign the thing, close the modification and enjoy the more comfortable new payment.
Why would you think you’re gonna get a home loan without providing proof of income? Everyone knows that and no, you will not be getting your money back.
Verbal assurances mean nothing. It’s what is in writing that counts.
You need to find a new banker/broker to work with. The guy lied to you and tried to take advantage of you. The $ 450 application fee is recoverable but it may have been an a appraisal fee. If it was for an appraisal you will not get that fee back but you will get the appraisal and can use that with your new banker/broker to get your refinance done.