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Can I get My Money back

I came to a lender about 4 months ago looking for a refi, they said that I need to get a subordination on my home equity first, they have attempted to do this 3 times with no success. I have already paid 600 dollars for this, and requested my money back...with no response. What is left for me to do? by jimmylmm from Miami, Florida. Dec 20th 2010 Reply


Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

It depends on what the $600 was for. Give me a call to discuss. 563-324-9937 Todd Tholl

Dec 21st 2010
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Casey Persinger (casey@thelowpricelender.com)
#31 ranked lender in Utah - 30 contributions

If the $600 was to subordinate your second mortgage in other words if that money was a fee charged in order to have the lien holder in second position to "re-subordinate" then no you will not receive your money back.

Dec 21st 2010
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Matt Baker NMLS#190779 (MattBaker)
#31 ranked lender in Arizona - 75 contributions

Typically that is a fee that the suborindating lender charges. They typically call that a processing fee for review of the required paperwork. I would contact them, they should only charge you one fee for the review of the paperwork. If they requested conditions or items for clarification then additional fees shouldn't of been charged. Call them asap and see if you can fight it to get your money back. The first mortgage lender will not be able to help you.

Dec 21st 2010
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Rick Pelleriti (RickPelleriti)
#362 ranked lender in California - 59 contributions

I find it odd that they would try 3 times. Typically, the cost varies from $125 to a high of $250. In the business we call it a "resubordination." That would be a condition to get your loan approved (1st mortgage).If it got declined, you should know why. There would be no need to try again, unless you would start over with a new lender.

Dec 21st 2010
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