bank and big big troubles, they lost the deed

[mesue]

We started refinancing the house since the new interest rate is so much lower than our old one(10.5%) and going to save us money in March the payment was not due until the end of March and we were supposed to close then but the loan officer was so far behind he just got them ready today and the bank loan officer said just to tell them if they (the main bank) called that we were refinancing and they did call and thats what I told them now the second payment is due still has a grace period on it, but we went to the bank today to sign the papers and get everything took care and now they have everything ready but can't find the deed that they were holding to our property. I'm concerned that maybe they have already sent it to an attorney to foreclose or something, by the time we got home it was too late to call the main bank and see whats going on. I should not have left the bank without getting something to show that we were refinancing but was so confused by the whole situation of their not being able to find the deed of trust that I didn't especially since everything was supposed to be finalized today he told us to go home and find our tax ticket and bring it back, anybody know what all this means how much trouble could I be in? At the time we started refinancing we owed 27 payments, and thats what they are doing the paperwork on,out of a 120 payments. Anybody ever work for a bank and know if these things happens like this people getting foreclosed on during the refinance process?

[ahippiechic]

No help, just bumping!

[MsLynn]

Won't your tax assessor's office have a copy of your deed?? worth a shot. MAKE the bank find it, it was their error, and if they can't finalize anything without, demand they wave any late fees, and that it should not be counted against you as late payments.

[feliciac]

I know this won't be very much help, but you are responsible for your payments until the old bank receives the funds from the new bank. It is a courtesy that the old bank offers you when they allow you to not make payments during a refinance. But on the other hand, if things are being held up because the old bank lost paperwork, then you should have some recourse for that. Not necessarily for the payments that were due before they lost the papaerwork, but probably for the ones after they lost the paperwork. You should be able to get a copy of your deed from the county you live in either, from the tax office or the registrar of deeds (not sure what else that might be called).

[redrig]

I was looking for a map of my property and they told me to call the Registry of Deeds, and when I called them part of the preliminary recorded message was about how you could look up stuff online. Call the town hall and see if they know of anything similar

[hotwheelstx]

Sorry, not sure this will help but you can try it.................Call tax assessors ask them for the school, local, state, city tax dept. They should have a copy of your deed. You can also call the courthouse. Or if your house isn't over a certain age (varies from state to state) you can call the builers, contractors.

They usually can/will tell you where your deed count/city/state was filed and on record.

Also, go to the "higher ups" in the bank. Call the attorney that is working on the case. They (bank) do not send origionals shouldn't anyway. Ask attorney if he has the deed or can give you a copy of it.

The bank thru which you pay your mortgage is/should be held accountable.

Aunt used to work for a bank in the mortgage dept. I called her and asked. This is EXACTLY what she told me.

Also said that you have a right to obtain your own attorney if they can't come up w/a deed. It's their responsibility not yours. You only receive the deed to your home when your home is paid for.

I hope it works out.

[mesue]

The refinance process is with the same bank, they are just refinancing our loan at a lower interest rate but I called the main office to ask what our status was on our loan and they said we are 2 payments behind and still are obligated to make the same payemnts until the loan goes through so I'm still paying the high interest rates and refinancing the amount that I owe counting the payments I'm supposed to be paying. I told them their loan officer told me not to make the payments just to tell them that we are refinancing the loan when they called, anyway this morning I called and made a payment straight from checking account at my local branch where we are getting the loan through and also told the teller to call and let the main office know that the payment had been made and that there was still a grace period on the other one. If you believe in astrology then the stars are out to get me, the internet company screwed my account up and never notified me for a year that I was a month behind they say and now are threatening to turn off my internet, not one email or piece of mail from them they take the money out of my account, then yesterday paid my phone bill using my debit card speaking to a telephone person who got my number and was putting it thorugh and then hung up without giving me an approval # and called them imediately back they made a note of it and said to call back today to see if it went though since it takes 24 hrs to show up on their system and guess what its not paid, so I gave my number to someone who works for the telephone company and its not paid and they say don't worry if something should happen the bank will cover it, yeah right. If I could just find a hole to crawl in and hide until the stars start being good again.

[Kelsey1224]

fyi...everyone is refinancing right now so most financial institutions are really backlogged. If you would call around and ask how long it will take, I think you would be surprised to find out that most places are quoting 45 days or longer to complete the process.

You aren't alone in the fact that it is taking a long time. Until then..you need to keep paying the old loan...even if it is at the higher interest rates.

Join the club!

[mesue]

Originally posted by Kelsey1224
fyi...everyone is refinancing right now so most financial institutions are really backlogged. If you would call around and ask how long it will take, I think you would be surprised to find out that most places are quoting 45 days or longer to complete the process.

You aren't alone in the fact that it is taking a long time. Until then..you need to keep paying the old loan...even if it is at the higher interest rates.

Join the club!

FYI my loan officer told me just to inform them we were refinancing since it is a refinance through the same bank, but today against his advice I did go ahead and catch our loan up, we were current when we started the loan process, but the biggest problem is they can't find our deed that they were holding to make our loan a secured loan. We were told before our loan came due again that we had the refinance through they just needed to finish the paperwork, so it makes perfect sense that if I am refinanacing the entire amount owed that we should not have had to pay the payments in the meantime until this was settled.

[mesue]

Anyway heres the problem now can they sell your loan without your knowledge today when we went to pay our taxes they showed a company we have never heard of paid them, we pay our own and last year the bank had paid them before we had a chance to pay them and just increased our monthly payment for the year to pay them back which was ok but we did not like it. Here real estate taxes come due at Christmas time so we ususally pay them after we get our income tax return back which is a few months late and of course pay a penalty for being late but that way we still get them paid and manage to have Christmas anyway as soon as we get this stuff taken care of hubby said we were going to pay this years (due 12/21/03) taxes now.