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Can a loan be modified after disbursement has been made?

by wandayoungmetz833 from Pittsburgh, Pennsylvania. Nov 6th 2015 Reply


Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 68 contributions

Would need many more details to give you an accurate answer

Nov 6th 2015
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Hi, what happened is on some of the loan docs, creditors and payoff amount show differently than closing agent paid off by thousands of dollars, and some were just forgotten and not paid, after initially being told consolidation was the reason for the refi

Nov 7th 2015
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Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 68 contributions

Does your loan application match the disbursements on the HUD1?

Nov 7th 2015
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Joyce, no they don't. creditors were include on loan Docs, that don't appear on HUD1, somehow creditors and amounts differ, for instance on the loan app it shows to accts for Sams Club with different acct # and amounts, somehow when funds were disbursed 2 checks for the same amount was disbursed to the 2 different accts and 1 account that was listed on loan app was simply not paid.

Nov 9th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Typically No.. if there were errors, the time to address them was before you signed all the loan doc's.. Part of the closing agents job is to go over the HUD-1 or Closing Estimate line for line showing you exactly how your amount was calculated as well as what is being paid off from the loan proceeds. As far as the amounts being different, typically the closing agent's job is to get payoff's from your creditors, but these payoffs are obtained 1 to 2 weeks before loan doc's are actually produced. If some of the payoffs were to go to credit cards, but you continued to use the credit cards after the closing agent obtained the payoffs, then that would be out of their control. You can contact your closing agent and request a "sit down" and go over the HUD-1/Closing Estimate and see if you can figure out where the discrepancies were, but unless you can prove someone committed loan fraud, i'm pretty sure your going to be stuck with your loan. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 9th 2015
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Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 68 contributions

William has a good idea, however since we are not licensed in Pennsylvania we could not have done your loan either. Being from Pennsylvania myself I am aware that there could be up to three separate contractors that worked on your loan to close it..the title insurer, the closer and the processors may not be located in one company. So best thing is to go back to the actual party that conducted the closing for you and see how many separate parties were involved in that aspect. Hopefully you will have been lucky and it may be only one or two, but I have seen as many as three. There is a place to start. Then you can begin to evaluate any discrepancies. But first find out who did what.

Nov 9th 2015
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