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WAMU - Chase Refinance approved, have papers but no closure : 6 month process, won't return calls Phoenix Arizona
Long time customer of WAMU, my 3rd re finance; rates dropped Jan 09 and applied for 30 yr fixed @ 4.875%; had existing interest only loan with WAMU @6.75%. In the past, easy to deal with, good service. Via phone, info taken , loan officer asked for credit card # and informed me of $875 fee if I backed out or loan refused. Credit score 800 and over 50% equity in home, figured no problem.
Documents submitted end of Feb. Called loan officer twice and emailed to check if she received them. No response. Numerous phone calls and emails next 6 wks to check loan status, no response until after lock period expired in April, then loan officer called. Stated lock expired but loan approved. Told her I expected her to honor the original interest as stated as I followed all instructions they gave, told her she never returned my inquiry calls. She claimed I never called....told her I had sent emails and had copies if she cared for me to send them to her or her supervisor. She was angry, then spoke to someone, then agreed it was approved at original lock rate. Gave me a phone number and name of doument person to contact.
In 2 wks, received notice of application approval and committment letter from WAMU. During this time, repeated phone calls unanswered from me to new loan officer; even her supervisors voicemail was full. Got a hold of her in person and she said just needed verification of employment...a phone call. You would think that would be easy....23 yrs. the same employer....
Nothing happened; another 4 wks of me calling, no reponse. Walked into my local now Chase bank and spoke with the loan officer there. She was standing in for the usual one who was on vacation. She was sympathetic (and probably trying to keep my voice down,somewhat empty bank!) and made phone calls, wrote emails. The regular loan officer did call me the next week, asking if I heard anything!! By June, disgusted, I walked in again, she made more calls, got me the name of new loan rep, spoke with some guy who said I should just start over with the process.....I don't THINK so! I also got a call from an appraiser saying he needed to appraise for a loan; called the loan officer and she said hold off for now.
This is Jully and I haven't heard Squat! My contention is they are dealing in bad faith; if I drop the application, I don't want them charging me $875. They have caused me to lose out on lower interest rates by stringing me along, and losing money paying off the principle.
I would like some advice on where to go from here. I would like the loan, my first desire. If they won't honor it at that rate, I was wondering if I have legal recourse?
Thanks
Fracturedbones
encinitas, California
U.S.A.