We paid a 350.00 non refundable fee to start our loan process. We have excellent credit and over 50 % equity in our home. We have had our loan with WaMu for 7 years. We started the process in January 2009 with the loan closing date was not till April 23. We were told every thing was "good" for our refinance to a 20 year 4.75%loan. We provided all documents requested, We did not hear from our loan officer until April 16th, Again everything was "good".
On April 22nd we received a call saying he needed a road maintenance agreement, which I scrambled to get. Then He said he needed something called "By law"s attached to it, I never got an exact description of what it was. He said he would file for an exception and an extension . He did this the day AFTER the closing date and sent an email that said the loan was denied because the loan was too old.I copied every email correspondence and typed a letter with documents showing how our loan was handled [ or not handled] The next letter I get is one saying the loan was denied for "insufficient value or collateral-unable to verify identity." This is not what we were told from our local bank. We really feel that this was due to the incredible amount of loans they are trying to process and ours was not a priority since they had nothing to gain by reducing our rate and they had offered a low fee loan which is another story in and of itself. So they got our $350.00 and continue to hold our 6.125 % loan. We were taken and I want to tell as many people as possible after all they took my tax dollars too!