RPC writes:

Hi. We're closing on Monday morning, but I have no final closing amount
(today is Thursday). My lawyer says sometimes the numbers aren't
available until the closing. I believe this is not legal, the HUD-1 has
to be sent out at least one working day in advance, but what am I going
to do, refuse to close? I'd get a new lawyer if I thought anyone was any
better.

How can you close without knowing the final amount in advance? You
have to bring a bank check with you for the exact amount of the
closing expenses you owe.

-Sandra the cynic

We refinaced 3 times in last 18 months or so. 2 out of 3, we did not get
the final amount we need to pay even at the closing time - we were delayned
for about an hour in both times. One is waiting for the old lender to fax
the attoney the payoff amount, and the other one, the attoney waited too long,
and he simply get the final payoff amount from my account on my old lender
(Countrywide)'s WEB site, when I suggested him to do so.

Then they have to fill in the final amount in the HUD-1.

They ask you bring a bank check for the amount on the estimate form, and
then pay the remaining by check, or reimburse you by check if the bank check
is too much.

On the other closing, we got the final amount one day before. Only by phone
from the mortgage broker.

We have 3 days to void the closing for any reason after closing in Maryland.
We also need to sign a form states that both parties have the right to correct
the typo mistakes.



In article ,
Sandra Loosemore wrote:
RPC writes:

Hi. We're closing on Monday morning, but I have no final closing amount
(today is Thursday). My lawyer says sometimes the numbers aren't
available until the closing. I believe this is not legal, the HUD-1 has
to be sent out at least one working day in advance, but what am I going
to do, refuse to close? I'd get a new lawyer if I thought anyone was any
better.

How can you close without knowing the final amount in advance? You
have to bring a bank check with you for the exact amount of the
closing expenses you owe.

-Sandra the cynic

Sandra Loosemore wrote in
:

RPC writes:

Hi. We're closing on Monday morning, but I have no final closing
amount (today is Thursday). My lawyer says sometimes the numbers
aren't available until the closing. I believe this is not legal, the
HUD-1 has to be sent out at least one working day in advance, but
what am I going to do, refuse to close? I'd get a new lawyer if I
thought anyone was any better.

How can you close without knowing the final amount in advance? You
have to bring a bank check with you for the exact amount of the
closing expenses you owe.

-Sandra the cynic

My lawyer gave me a high estimate, and suggested that I get a check for
this amount. The difference would be refunded by the title co. writing a
check at closing.

As I said, I really should get a new lawyer, but it is late in the game.

The HUD-1 could still arrive tomorrow. I'm not holding my breath.

On 21 Aug 2003 17:47:38 GMT, RPC wrote:

Hi. We're closing on Monday morning, but I have no final closing amount
(today is Thursday). My lawyer says sometimes the numbers aren't
available until the closing. I believe this is not legal, the HUD-1 has
to be sent out at least one working day in advance, but what am I going
to do, refuse to close? I'd get a new lawyer if I thought anyone was any
better.


We didn't get the final closing amount (the amount of the check we
were to bring to the closing table) until we got a phone call in the
car while on our way to the lawyer's office where the closing was to
take place!

We were paying all cash with no financing involved and both the
builder's administrative person and the para legal at the lawyer's
office had problems because there were no forms involved with
information that were usually prepared by the lender - we had no
lender, hence no forms and no information!

To further complicate matters the number we got was wrong. There were
additional costs and credits for changes made between the time
construction began and the CO was issued - among the changes were
things that were required to be done by the local code enforcement
officer the morning of the closing relating to the interpretation of
what constituted a counter vs a peninsular and the potential need for
additional electric service with locations in the kitchen and the
adjoining family room (needless to say the decision made required
additional work by an electrician0. We were expected to bring a
certified cashiers check for the payment of the difference between
moneys already paid and held in escrow for the closing and the total
cost of the house. We had more than enough to cover the amount that
would be required in our personal checking account at a bank in th
location where we were buying the house but because a certified
cashier's check was required for a supposed "exact" amount we had to
stop at the bank en route to the lawyers to obtain the check -
complicating matters were was the fact that the closing was taking
place at 6:00 PM on New Years Eve!

On Thu, 21 Aug 2003 18:38:52 GMT, Sandra Loosemore
wrote:


How can you close without knowing the final amount in advance? You
have to bring a bank check with you for the exact amount of the
closing expenses you owe.


See my article in response to this question - we didn't know and used
a personal check to make up the difference!

On 21 Aug 2003 19:10:06 GMT, RPC just had to say:

: As I said, I really should get a new lawyer, but it is late in the game.

: The HUD-1 could still arrive tomorrow. I'm not holding my breath.

One thing you could ask is if the title company could provide you with
the incomplete HUD-1 statment.

On my closing, I was able to get the HUD-1 (as well as all the other
papers from the lender for review) ahead of time. When I got the HUD-1, it
did not at that time include any of the sellers numbers. It would at least
give you a chance to review most of the numbers.

The other option is to spend 4 hours at closing reading everything.
Remember that you are bound to all the statments you need to sign, so it
is best to read everything before you sign, even tho you will be rushed by
the title company and the seller.




-Mike Ekholm
--
Mike Ekholm, UNIX Sys Admin -
web: http://www.ekholm.org ham: kc0mpu irc: Nalez
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
UNIX - The Swiss army knife of software.

Mike Ekholm wrote:

On my closing, I was able to get the HUD-1 (as well as all the other
papers from the lender for review) ahead of time. When I got the HUD-1, it
did not at that time include any of the sellers numbers. It would at least
give you a chance to review most of the numbers.


I really irritated the closer on my last refinance by insisting that she fax all
60 pages of the closing paperwork to me at least 24 hours in advance, including
the final HUD-1. (Email would have been fine, but she couldn't PDF some of the
paperwork for some reason.) She couldn't understand why I cared.

The next day the closing took all of 12 minutes. She still didn't make the
connection when she said "That's the fastest closing I've ever done."

"Clark W. Griswold, Jr." wrote in message
...

She still didn't make the
connection when she said "That's the fastest closing I've ever done."

Some people are just plain dumb.