Posted by River City on August 22, 2003 at 08:35:28:
First of all, there is no reason for the broker to “jerk” you around. If anything, this will hinder the broker’s getting paid. When you did your last refinance, the lender probably got your second lien holder to subordinate their lien to the new first. Look on page 1 of your HUD-1, right column, about half way down, and see if it indicates the second lien was paid in full at that time. Then, look in your title policy and see if it reflects the second lien. If it does not indicate a second lien, you should contact the title company that issued the policy.
I’m working with a mortgage broker to refi my house that I live in, I refinanced the loan back a little over a year ago, but now since the interest rates are lower, I want to do it again. Anyway, the mortgage broker I’m dealing with now says there’s a second mortgage from about 5 years ago showing up on my title that was never released, and I’m asking how is that possible, if I refinanced last year? Isn’t that what a title company is for? To search the title and find out what’s on it, and give you a free and clear title? Is the title company responsible for this, or is the mortgage broker trying to jerk me around?