Legal Question in Real Estate Law in California
Hi, my name is Tammy N. I am in California. I have question about refinancing my mortgage conventional loan 230K. I refinanced my house with NO COST NO FEE on August 2012 with Pacific Bay Lending, and then they transferred my loan to Wells Fargo. 5 months later when the rate was dropped so low, I called the broker who did my first refinance and asked her to refinance my house again. She refused and said I had to stay with the lender for 6 months and that was the agreement between she and the lender. However, there was no prepayment penalty on my contract and nothing said that I have to make at least 6 payments to the lender. So, I went direct to another lender and asked if I could refinance again giving them the fact that I just did 5 months ago. Their answer was yes, so I did. Now my previous broker forwarded me a letter from the first lender Pacific Bay Lending asking me to pay back the costs because they offered me at NO COST NO FEE on my previous refinance including title, notary, escrow, appraisal, commission paid to broker�.everything for the total of 3K. What should I do? Thank you so much for your help!
2 Answers from Attorneys
You need to have all of the relevant refinance documents that you signed reviewed by an attorney. You may have signed something agreeing to keep a loan with a particular entity, or there may be a prepayment penalty in the deed of trust that you signed.
Another option would be to complain to the appropriate regulatory authority, perhaps the California Department of Real Estate, or whomever licensed the broker.
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