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| Missing
paperwork causes mortgage troubles |
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Refinancing
can be a very difficult process to get through. It’s
time consuming and requires a lot of paperwork and help
from professionals.
If you add missing paperwork into this already troublesome
equation, you may never want to refinance again.
More and more people have found it hard to refinance their
home because of missing paperwork or title problems.
“Mortgage migraine: Missing paperwork,” a
July 25, 2006 article in The San Diego Union Tribune
by Holden Lewis follows a couple who have experienced
problems similar to the situation described above.
Holden writes that one of the reasons people are having
so much trouble with paperwork is because of the peak
in the industry a few years ago.
“Many observers blame today’s title troubles
on the refinancing boom of 2003 and 2004, when lenders,
title companies and county recorders were overwhelmed
with more paper than they could handle.”
This is not a problem that just a few people are seeing,
but a huge majority of homeowners are having trouble with
paperwork.
“By the American Land Title Association's reckoning,
36 percent of real
estate transactions require some type of corrective
action. Usually a document is missing, or a new or corrected
document needs to be filed. The repairs are done in the
background, and in most cases the consumer doesn't know
about it.”
Holden notes that there are a few things you can do to
have an easier time closing on a refinance.
“It's up to professionals to fix title problems.
But you can do a few things to increase your odds of having
a trouble-free closing: Avoid the busiest days for closings,
keep in touch with your lender, settlement agent or both
and hire a fixer.”
These are just a few of the easiest ways that you can
avoid a headache with your
mortgage needs. The simplest way to avoid any unnecessary
problems is to not close on the last day of the month
in the afternoons.
The last day of the month is going to be the busiest for
brokers and lenders because they are trying to settle
a month’s worth of paperwork. By simply planning
a closing mid-month, or at another relatively slow time
in the month, you can avoid a lot of trouble.
The author also suggests hiring a company whose sole job
is to make sure all of the paperwork is in order, so no
surprises creep up in the very end.
“Howard Gold, a real
estate attorney in Wellesley, Mass., started a company
last year called National Homestead that promises to search
a home's title and fix any problems, well before the closing
date, for $295. Now, that's exactly what the settlement
agent does. Gold says his service is different because
he guarantees that title problems won't delay closing,
even if another lawyer or title agent handles the closing.” |
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