Complaint / review text:
I am currently in the process of refinancing the primary loan and HELOC on my home into one loan. I am current on all payments and have always been current. I have already been approved for the new loan; the title company has been trying since June to obtain payoff amounts from Beneficial (holder of the HELOC) and HSBC (holder of the primary loan). Both Beneficial and HSBC state they have faxed the request but the title company has not received it and they do not even see an attempt by Beneficial or HSBC to send it (according to call logs). The title company is able to receive other faxes from other parties so it is not a problem on their end.
When we request proof from both Beneficial and HSBC that they have faxed it, both claim they are unable to provide requested proof. They will not fax the payoff to an alternate fax number unless we submit a new separate request which they state will take another 5 to 7 business days. We have submitted the new request, but this has delayed our closing 2 weeks and now it is being delayed another week (assuming we actually receive the fax for the new request). If the fax still does not come in, the closing date will be pushed beyond my interest rate lock period. It's already costing me a month extra of higher interest (had we been able to close on the new loan when the payoff was first requested) and could potentially cost me the new loan approval.
Our hands are tied as they will not rush the request, offer other reasonable options for obtaining the request, and they are stonewalling giving us the payoff amount we need to get out from under their control. There is nothing our new loan originator or the title company can do except keep requesting the payoff amount and then wait 5 to 7 business days before they will know if it needs to be requested again.