Post by miyooper2b on May 11, 2016 18:05:19 GMT
DH and I paid off our mortgage about three years ago. In the 25+years we had a mortgage it change hands probably a dozen times. Never had any issues with any of the mortgage holders.
This summer DH wants to build a detached garage for his classic car. The car is currently housed in the garage at our office and we really could use the space so it needs to be moved. I didn't really want to build the new garage but DH loves that car, works on it frequently and takes good care of it. It's his only hobby and he works hard and deserves a dedicated place for all his tools and other car stuff that's close to home. We also need a new roof (insurance company is insisting we get a new one).
So about a month ago we head down to our bank and apply for a home equity line of credit. Loan officer says credit is great, appraisal comes back with good numbers, all looks good. Then last week the loan officer calls and says there is a problem with the title on the house. Apparently two of the former mortgage holders didn't file the proper paperwork to say we were no longer obligated to them after they sold our account to the next company. One is from 1990 and the other from 2002. She's tried to get a hold of them but of course they've been consolidated with other banks, some several times over, so finding our account has been very difficult. So I dig out our old paperwork and give her some more information about them. She calls today and is at a dead end. Our only recourse at this time is to file a bunch of paperwork with Sallie Mae and wait two or so months to get it fixed (the original loan was an FHA).
DH is pissed, he really wanted to have the car moved by the end of the summer. He's walking around saying we need to sue someone (and who would that be, honey?
?). The roofers want to start tomorrow. We've had so much rain and it's going to rain again by the end of the week and they want to squeeze us in before then. How in the world do you find information on a mortgage account from that long ago?? I'm sure the loan officer is doing the best she can. She's been very upfront and helpful and I can tell she's just as frustrated as I am. ARGH!!!
This is just a vent but if anyone has any ideas on how to take care of this, I'd be grateful for any suggestions. We are going to get a signature loan for the roof. I don't want to cancel because it will be a while before they will be able to get back to us.
This summer DH wants to build a detached garage for his classic car. The car is currently housed in the garage at our office and we really could use the space so it needs to be moved. I didn't really want to build the new garage but DH loves that car, works on it frequently and takes good care of it. It's his only hobby and he works hard and deserves a dedicated place for all his tools and other car stuff that's close to home. We also need a new roof (insurance company is insisting we get a new one).
So about a month ago we head down to our bank and apply for a home equity line of credit. Loan officer says credit is great, appraisal comes back with good numbers, all looks good. Then last week the loan officer calls and says there is a problem with the title on the house. Apparently two of the former mortgage holders didn't file the proper paperwork to say we were no longer obligated to them after they sold our account to the next company. One is from 1990 and the other from 2002. She's tried to get a hold of them but of course they've been consolidated with other banks, some several times over, so finding our account has been very difficult. So I dig out our old paperwork and give her some more information about them. She calls today and is at a dead end. Our only recourse at this time is to file a bunch of paperwork with Sallie Mae and wait two or so months to get it fixed (the original loan was an FHA).
DH is pissed, he really wanted to have the car moved by the end of the summer. He's walking around saying we need to sue someone (and who would that be, honey?
?). The roofers want to start tomorrow. We've had so much rain and it's going to rain again by the end of the week and they want to squeeze us in before then. How in the world do you find information on a mortgage account from that long ago?? I'm sure the loan officer is doing the best she can. She's been very upfront and helpful and I can tell she's just as frustrated as I am. ARGH!!! This is just a vent but if anyone has any ideas on how to take care of this, I'd be grateful for any suggestions. We are going to get a signature loan for the roof. I don't want to cancel because it will be a while before they will be able to get back to us.
