Lost appraisal fee

[oneofayykind]

I submitted an application to a lender for a refinance at the end of August. The approx close date of the loan was Sept. 15th though it was approx. I have been in contact with the agent selling me the loan but I keep getting the run around from him. He keeps telling me the loan is still in underwriting and every week the answer from him is probably next week. I'm at the point now where we are almost 2 months into this application and I have received multiple emails from him stating the loan is 100% approved we are just waiting for it to get out of underwriting. I can't continue to wait week after week and month after month. I have asked that his boss contact me but he never has and I have never talked to anyone else at his company. I have dealt with this person directly before for my last loan though he worked for another company then. How long do I have to wait? Is there a certain legal period where they must give me a close date by? Can they technically go on like this for months and months?

If they can't is it possible to get the $450 I shelled out for the appraisal? I know that 99% of the time you can't transfer your appraisal to a different lender which is why I'm asking.

Any advice and help is appreciated.

~Frustrated Borrower

 

[army judge]

You'll never get your appraisal fee returned. You could sue the company, but you won't win.

You might also never get the loan. More than likely funding has fallen through. Even in this economy mortgages don't usually take this long.

You can keep in contact with the broker, just to see if something breaks your way. Otherwise, if funding is still needed, try another lender.

 

[oneofayykind]

Well I just heard from the lender. Still in UW so we shall see. They still say the loan is 100% and should be clear to close any day now. I guess since there is nothing I can do to get the appraisal back I will just continue to wait...

In case there are others out there with loan applications going on 2 months...there is still hope

 

[army judge]

Money is very tight in many places.

I hope you get good news soon.