Mortgage Forum

Joel Fraser

My husband and I purchased a home in December 2007,after he returned from an 18 month tour in Iraq. The purchase was smooth sailing with a great deal at a great rate. (6%) In March of this year we received one of those stream line VA loan advertisements. It offered 5% 30 year fixed, skip two payments and a refund on the escrow. Of course we jumped on it! We started the ball rolling only to run into a road-block of sorts. It seemed that our mortgage company ( Country Wide) did not have the loan guaranteed by the VA. We were instructed by our refinance company to call Country Wide and find out why the VA did not have a case number for us. We had one, however according to the VA, it was invalid. We were bounced back and forth between the VA and CountryWide about a document that no one seemed to know the name of. We had this going on for about 6 weeks, until I finally was instructed by the originator of the loan that (below is the e-mail). Apparently there was a issue with the Notification of Value that theunderwriter was suppose to handle before closing. The underwriter that was responsible for this is now on Maternity Leave and the Area Underwritingmanager is out until June 30th. I have sent a email to the RegionalUnderwriting Manager but have not heard back on what she can do to resolve.I will do everything I can to get this resolved for you. I apologize thisis not something that was ever shared with me and normally it does nothappen. Needless to say, we have missed out on the lock after 5 months and the rates are more now than what we are paying. I have talked to the regional manager of Countrywide only to get much studdering. He says that because the rates are what they are there is not much he can do. I did send him the lock agreement that we had made with the refinance company, however he did not offer much in the way of compensation or any indication of resolution. After three weeks of voice msgs we are at a loss as to what to do next. We feel cheated due to someone else's error. What can we do next? We really don't have the money to get an attorney. Any advice would be appreciated!