Legal Question in Real Estate Law in Georgia
VA Streamline Refinance
We have a good faith estimate and was scheduled to close on a VA streamline refinance on our 1st mortgage in July. The mortgage company called us and said that we would not be able to close because the company that holds our 2nd morgage was backed up and would not be able to subordinate our loan by the closing date. In August and September we were again told the same thing. However, in August we were called and told that our estimate would have to be reconstructed to a higher interest rate because we did not close in time and the interest rates had risen. Several weeks ago, a new case worker took over our file and revealed to us that the subordinating package was not sent to the 2nd mortgage holder until late August. I confirmed this with the 2nd mortgage company. The mortgage company is now trying to schedule an appoointment to close in October. Is there anything that we can do to hold them to our good faith estimate quote? Especially since they over booked themselves and was not able to meet our orginal closing date?
1 Answer from Attorneys
Re: VA Streamline Refinance
Unfortunately, probably not.