How do you know when your lender has taken advantage of you during your home refinance loan?

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This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 8 years, 3 months ago.

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    Anonymous

    We closed on home refi. loan on 5/26/10 it couldn’t dispurse because of the 3 day right to rescind until 6/2/10 due to the Memorial holiday…so it pushed us into June. Our lender made us pay prepaid interest for 5/26/10 – 5/31/10 PLUS the whole month of June 6/1/10-6/30/10. Which was a hefty $ 2,000. We just received a letter from our lender saying thanks for doing business but we sold your loan to xyz company on 6/8/10. Okay..I know they sell their loans. That is fine ;D QUESTION being…why did we have to pay our lender for the whole month of June for prepaid interest when they knew they were selling the loan and wouldn’t have it long? Why do they get to have those thousand of dollars when they don’t even hold the note anymore? It doesn’t make sense that they can have all that money during a month when they don’t even have the loan??Shouldn’t we get a refund back or something? And is this right ?Thank you so much!!
    You are right…payment due Aug. 1. I do understand we have to pay prepaid interest. I just didn’t understand why the lender who originated the loan was going to keep the interest for June. Now… I understand that they shift that money over to xyz lender. Thank you for clarifying ;D

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