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.
Posted by IB (NJ) on October 09, 2003 at 10:08:22:
Does anyone know if all First Fidelity (FF) loans ended up with Wachovia Bank when FF merged with Howard Savings then with First Union and eventually with Wachovia? I have a seller who has an ‘open ended’ mortgage (definition of this please?) with FF that defaulted years ago but the bank never foreclosed. I’m assuming the loan is now with Wachovia. Is this a safe assumption? Thanks.
Yes it’s a good assumption and a good place to start. You need to have Wachoiva search to see if they infact own the property. I have not clue who would handle this at Wachoiva (I’ve dealth with BB&T on this before)ask your attorney for help also.
It’s going to be an experience. Please make sure you write down how you talk to, get things in writing. If you find Wachoiva does own the property, they just got some found money and puts you in a better posture to help them get some money!
Posted by IB (NJ) on October 13, 2003 at 17:18:25:
Hi Dimpil. I checked at the recorder’s office and didn’t see a deed showing the property was conveyed to the bank or any other party. The city is foreclosing on the property in the name of the seller. I checked out the original mortgage and saw nothing indicating a lis pendens had been filed (it’s usally written on the mortgage doc.) But I’ll check with the bank to see if they have any record of owning this property but I doubt it. Thanks.