| 08/31/2023 |
No |
- Mortgage
- Conventional home mortgage
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- Closing on a mortgage
- Changes in loan terms during or after closing
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Web |
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To whom it may concern, I am writing this letter to formally dispute the prepayment penalty amount that was recently deducted from my loan payoff balance. As per my original loan agreement with Kiavi and in accordance with Ohio state statute ORC Sec. 1343.011, the prepayment penalty was to be calculated at 1 %. In correspondence with your closing company, you initially provided the correct payoff amount based on the terms specified in the loan agreement, which included a prepayment penalty of 1 %.
Subsequently, 10 days after closing, I was informed that the prepayment penalty was actually 3 %, and I was requested to remit the higher amount along with additional fees and interest.
I would like to emphasize that this discrepancy contradicts both the terms of my agreement with Kiavi and the Ohio state statute. As a result, I request that the incorrect prepayment penalty of {$6800.00}, which was deducted from my loan payoff, be adjusted to the accurate amount of {$2100.00} in accordance with the original terms outlined in my loan agreement and the Ohio state statute.
I believe in resolving matters amicably, and I sincerely hope that we can come to an agreement on this issue. However, should we not be able to find a suitable resolution, I may have no alternative but to pursue legal action to recover the undue charges.
I would like to bring to your attention that I never agreed to or signed any documentation reflecting a 3 % prepayment penalty. The amount I agreed to, both in my loan agreement with Kiavi and in compliance with Ohio state law, was 1 %. It appears there may have been a misunderstanding, error, or miscommunication that led to this discrepancy.
I am attaching copies of both the loan agreement provided by Kiavi and a copy of Ohio state statute ORC Sec. 1343.011 for your reference. As you can see, the terms of the prepayment penalty are clearly outlined in both documents, specifying a 1 % penalty for each of the first three years of the loan term.
If there are any additional documents or information required from my end to expedite the resolution process, please do not hesitate to inform me. You may contact me at XXXX or XXXX at your earliest convenience.
Thank you for your cooperation in addressing this matter promptly. I trust that this issue will be resolved in accordance with the loan agreement and Ohio state law.
Sincerely, XXXX XXXX XXXX XXXX XXXX
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| 12/05/2023 |
Yes |
- Mortgage
- Conventional home mortgage
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- Closing on a mortgage
- Closing disclosure or other related disclosures
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Web |
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On XX/XX/2023 we had an appointment for a home appraisal. Our XXXX said he's been in the business for over 25 years.
He said he'd get the appraisal back to us in XXXX days.
XXXX days later we received the appraisal report from our lender and I found so many inaccuracies and errors! Due to the low valuation, our lender said we would need to bring {$28000.00} to the closing table!
Before we renovated the home, XXXX estimated the XXXX to be {$200000.00} but the XXXX gave us a value of {$160000.00}!!! Almost {$60000.00} less!!
I knew something was wrong so I looked at all of the comp homes used in the report and there were homes on the XXXX XXXX as our home, but not used in the comp! He used homes that weren't even finished yet, homes with an incorrect address and just on a different renovation level for ours.
I wrote up a report and asked for an ROV. They reappraised the home at {$190000.00} which meant we still had to bring money to the closing table..about {$7000.00}.
However, I believe the home would have appraised for the amount they agreed to {$200000.00} which would have meant our equity would have covered our closing costs.
I'd like someone to investigate this company because it cost us about {$7000.00}.
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| 08/24/2022 |
Yes |
- Mortgage
- Other type of mortgage
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Web |
Servicemember |
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| 07/07/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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| 06/04/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
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