We received an interesting question from a reader in Florida. I thought perhaps some of our Florida Doomers might be able to answer her question:
I recently did a refinance on my home. Getting a good loan was difficult since I do not have much in verifiable income, but in assetsI have more than enough to cover the loan. The reasons for not touching this money rather than refinancing is that most of it is in an irrevocable trust and the rest in invested in where it draws more than twice as much as the interest on the loan. Obviously, there are a lot more reasons for this option, but my question has to do with what happens after the closing.
The last time I had a closing, the laws in Florida were different, and after all the papers were signed, checks were handed over to me right than and there. Some made out to me, others to the creditors.
I have been informed that in Florida, it now take at least 3 days from the signing until checks are issued. Meanwhile I have received my insurance papers stating the new lender as the lien holder, but to this day, I have received no funds, and none of my creditors have either. Is there a legal amount of time in which they have to turn over the funds? The closing was approximately a month ago and I feel like I am getting the run around. First they told me that had to verify that that I had access to the funds in the trust since that is my main source of income. They asked for this AFTER the closing papers were signed, and I told them they already had everything they needed. There is a paper trail showing how the money is leaving one account and going into another. I actually even gave them copies of the Last Will and Testament that set up this trust.
Is this normal, or am I getting a run around, and if so, who do I go to with complaints against the company? I am getting extremely frustrated at this point, and it is really hard to take it out over the phone.
