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I recently refinanced my home, and part of that was to also pay off some other loans. It has been over a week since the checks were sent out, and several of the vendors haven't been paid and phone calls get me nowhere, from the loan company or the vendors. What should I do? Attorneys aren't cheap!
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I would say that step one is to let the people who are supposed to be paid know, in writing, that they should be paid soon by the loan company. Second, if phone calls are not returned from the loan company, send them a lettter as well indicating that you will be reporting them to your state banking authority (or which ever agency is responsible for regulating them). If all else fails report them to the State Attorney General. It may be just that it takes them a while to get all of the paper work done, but they should at least return your phone calls.
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As much as I hate it, it would be worth your time to make the calls to the vendors which means, waiting for the operator to answer. It will take time, but in the end, you should be able to make arrangements for some sort of payment schedule. Most lenders will work with you (providing you have a good credit rating). Just explain the situation, then call the refinance company to see what the hold up is. Also, it takes time for payments to clear, usually a week to ten days.Comment
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Originally posted by naturalmanwa View Post
Please don't name the names of institutions - but
a) did you go through a bank, or finance company, or what have you, to re-finance?
b) did YOU send the checks out, or did you trust the institution to do that for you?
I guess I am asking a) because most banks and finance companies wouldn't horse around with that....and they WOULD call you back ...Last edited by usuallylurk; 06-12-2016, 03:52 PM.Comment
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Thanks to all who answered. Things worked out OK, it just took a little longer than expected!Comment
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