Posted by Dimpil on October 13, 2003 at 20:17:00:
Sometimes paper work doesn’t get filed.
Yet another true story from my exploits as a loan officer.
A guy wanted to refi his home. I said okay, took application, ordered title an appraisal. Appraiser called back and said, he could not find the guy as the owner, I said what? We check addresses, name etc. He said a bank owned the property. I called attoreny, attorney said he could not find anything on the guy owning the home. I told attonrey which bank owned the home. He looked again, and sure enough the bank had owned the home for 2 years. However the guy was paying a new morgage company every month.
Turns out the 1st bank was going to forclosed the guy got refianced before that could happend and it stopped the forclosure. New bank was happy as pie for 2 years thinking they had a lien on the home. Well they did not as 1st bank never filed the paper work to remove the forclosure notice and 2nd bank didn’t have a lien on squat and could have not foclosed if the guy chose not to pay them (well they could have but it would have taken extra time to get the paper work filed right from an a bank that’s not in business anymore).
So the moral is, don’t count on humans only making 4.25 per hour to file something at a crowed courthouse. Don’t even count on an attonrey making 600 per closing to file it right either!
No offense to people who make 4.25 an hour or to attorneys.