From: "Jeff Strickland" 
Newsgroups: alt.org.natl-assn-mortgage-brokers
Subject: Re: Closing company bounced loan payoff
Date: Wed, 28 Jan 2004 12:13:03 -0800
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You need a lawyer.

What state are you in? In California, you should contact the Department of
Real Estate, in other states, I don't know who you should call, but it will
be an equivelent department. Title should have paid the old lender, and then
forwarded any remaining proceeds to escrow to dispurse to the broker and
then to you.

Something horribly wrong is happening, and as a consumer you should not be
exposed to any of this.




"Jane"  wrote in message
news:uxQRb.488$F23.358@newsread2.news.pas.earthlink.net...
> We refinanced our home in December, everything seemed to be fine.  We got
> our payoff statement from our mortgage company and the coupons from the
new
> mortgage company.  We have made a payment to the new mortgage company and
> then we got a letter from the old mortgage company, stating the payoff
check
> was not honored and they reinstated the old mortgage.  Now what, they are
> planning on putting this on our credit report and are demanding payment
> including late fees, reinstatement fees etc.  We now officially have two
> mortgages and both are demanding payment.  We don't have the money to pay
> both!  We contacted the closing company and they are apologizing and say
> they are having financial problems, shouldn't the old mortgage company be
> going after them not us, since we had a signed deal with the closing
> company?  They said it would be a couple more weeks before they would get
> their financial problems resolved, but they said that two weeks ago.
>
> Jane
>
>