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Post Statistics: 409 Views, 2 Replies
Latest Post: Wed, Aug 19 2009 3:19 PM by Alan Craft
  • Tue, Aug 18 2009 12:11 PM
    • Anonymous
    Is My New Lender Required to Disclose Information in Demand Statements?
    If I'm refinancing my home mortgage and and my new lender is also paying of 3 other loans including my commercial loan, is my new lender required to disclose to me the information they received back on the demand statements they sent to the other lenders, especially if there are prepayment penalties involved with paying off my commercial loan.
     
  • Wed, Aug 19 2009 1:54 PM

    Yes, you must be informed of the payoff amount.  This will effect your cash needed to close or cash out depending on what you are doing with the refinance.

  • Wed, Aug 19 2009 3:19 PM

    The answer is yes, they should provide them.  Have you asked them and they refused?

     - View My Profile
    Home Loan Consultant
    Integrity Home Loan
    alanc@inthomeloan.com
    (904) 493-1085
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