Refinanced- bank made a mistake in dispursement of funds???

[Wcross]

I had a mortgage from a private individual for a balance of 13,500 and was making payments on the 23rd of every month. I refinanced in order to have this loan reflected on my credit report and to not have to deal with an individual any longer. I recieved my closing statement today and the bank did not deduct the September payment I made so the lender(individual holder of the original mortgage) got an extra 400 dollars that was supposed to be mine.
I called the lender and they will contact the original lender to ask that they send me a check for the amount.
I am past the 3 day right to resind (sp) and I have three checks in hand, one for each of the two debts I rolled into the loan and a cash out check. Should I put a hold on cashing the checks until I resolve the issue? What recourse do I have?

Any advice from the lounge?

Crap like this always happens to me, always at the END of the business week so I have to stew over it all weekend.

[olddem43]

1. With a private individual you will have to hope they are honest.

If not, your recourse will probably be small claims court.

[unblock]

2. not a lawyer, but:

if you're past the 3-day rescission period, then you're locked into the new mortgage.

double-check to see what they were supposed to send the old mortgage holder to payoff your old mortgage. did they actually screw up, or did they actually do exactly what they were supposed to do? who was responsible for notifying them of your 9/23 payment?

if they did what they were supposed to, then YOU have to collect from the old mortgage holder. if they didn't do what they were supposed to, then THEY have to collect from the old mortgage holder.

good luck getting it sorted out.

[Wcross]

3. Thanks! No, the estimate at the signing was correct.

It seems like they had a delay but nobody told the guy/gal writing the checks. I hate it when things don't go as planned- more work involved!

[flvegan]

4. Call your closer/title agent, make fuss, let them deal with it.