Legal Question in Real Estate Law in Idaho
Closing on Refinance
Here is some background information:
I have recently started the process of refinancing our mortgage. I was told today that we must come to the Title Company to sign papers. I asked the load officer before the process started if there were any papers to sign and he told me no, which made sense since we already are paying on the mortgage. I was also told that if we did not do the signing within this week we would have to pay a 1% penalty plus $100 to the Title Company.
The reason for my question is that a personal matter has come up which makes going to the title company this week very inconvenient. We have paid a deposit to lock in the rate and now we are informed that if we break the lock there will be a penalty.
My question is this: If I go in and sign without my wife and say the next day, she signs some sort of notarized affidavit, can she sign the papers at home? After which, I could bring the signed papers to the title office the next day.
Is the loan officer legally required to inform me of the penalties if the rate lock is broken? If he does not, what recourse do I have? Thankyou.
1 Answer from Attorneys
Re: Closing on Refinance
1. the document you signed with the title company governs whether they can charge you with interest or a penalty.
2. the loan officer apparently lied to you b/c there are always papers to sign to refinance. What you are doing is exchanging one loan for another.
3. Without reading the documents you signed with the title co, I cannot advise you as to whether or not they can charge you the penalty. It sounds like the penalty may be the rise in the percentage rate you are charged for the loan. However, without reading the contract with the title co, I cannot advise you on this issue.
4. Generally you and your wife must sign before the loan officer but you might be able to hire a notary to come to your house and have your wife sign before the notary. Check with the title co.
5. the penalties would be ststed in the contract you signed with the title ins co.
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