Bank/Mortgage/Lien/Title FBG's (1 Viewer)

Well we are trying to refi our home loan.  Settled on a company, and got the appraisal done.  All is good and the home has increased in value.   While finishing up paper work before finalizing the refi, come to find out that Bank of America still shows that we owe them money.  

1st Mortgage -  Bank of Oklahoma  (they had the mortgage less than 1 year)  sold to

2nd Lender - Wells Fargo (they had mortgage less than 2 years) sold to

3rd Taylor, Bean, and Whitaker (they had mortgage less than 2 years) sold to

4th Bank of America (they had mortgage little more than 2 years) sold to

5th Selene Finance who has current mortgage. 

Very frustrating from my end.  We have sent faxed copies of documents via our lender to BOA, but we are still in limbo.  We can't be the only family that this has happened to, and with this problem it seems some sort of advocacy group would be available to us not in the mortgage world.  Also, seems in this day with computers that a phone call or two would have cleared this up days ago.  

Any tips/tricks appreciated.  TIA.

The problem is it still shows a balance on credit report(s), right?  

I'm surprised this is causing so much of a problem.  As long as title was fine and I had some paperwork about the transfer to Selene for my file, I (as a lender) wouldn't worry about it.  But I work for a small creditor that keeps it's own loans so I don't have to abide by all the rules that the big guys often have to.

One thing that's annoying to me about this is they didn't tell you about this issue until late in the process.  It could have been worked on while the appraisal was in process.

Is BAC showing up on title or just as having an outstanding debt?  They can send in a balance verification to clear that up in a day or two (assuming the balance was paid off by the new servicing company).  

sbonomo said:

Is BAC showing up on title or just as having an outstanding debt?  They can send in a balance verification to clear that up in a day or two (assuming the balance was paid off by the new servicing company).  

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this.. see this a lot on title reports. 

SHIZNITTTT said:

Well we are trying to refi our home loan.  Settled on a company, and got the appraisal done.  All is good and the home has increased in value.   While finishing up paper work before finalizing the refi, come to find out that Bank of America still shows that we owe them money.  

1st Mortgage -  Bank of Oklahoma  (they had the mortgage less than 1 year)  sold to

2nd Lender - Wells Fargo (they had mortgage less than 2 years) sold to

3rd Taylor, Bean, and Whitaker (they had mortgage less than 2 years) sold to

4th Bank of America (they had mortgage little more than 2 years) sold to

5th Selene Finance who has current mortgage. 

Very frustrating from my end.  We have sent faxed copies of documents via our lender to BOA, but we are still in limbo.  We can't be the only family that this has happened to, and with this problem it seems some sort of advocacy group would be available to us not in the mortgage world.  Also, seems in this day with computers that a phone call or two would have cleared this up days ago.  

Any tips/tricks appreciated.  TIA.

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I worked for Nationwide Title Clearing out of Glendale before they moved shop to Clearwater because of their deep roots to Scientology which I didn't know much about when I was first hired but would learn more than you ever saw in that HBO special, another thread/time

Anyways they do what is called broken chains in titles because they have to be clear in order for the next loan to process. Many times these lenders only hold the note for 6-12 months, over 5 years you might have 5 lenders all at different points holding your note. 

If those liens were not RECORDED, very important...usually they have but simply the recorder didn't do all that was needed to show the chain of hands from one to another and by hands I mean lenders. 

MOP has note 6 month and transfers it to OPM, recorderd

OPM has note 12 months and ttransfers to GM, not recorded

GM has note for 6 months and transfers to JB, not recorded

JB has not for 12 months and transfers it to DD, recorded

There is a problem showing how the note went from MOP's hands to DDs, that path isn't clear to a Title company so they call up NTC and have them call the actual recorder's office and send paperwork that is missing from the file showing the chain of lenders who all held the note. 

TMI? Good luck

Anyone have any tips, still have not gotten this resolved.  TIA

I'd PM Chad or raise this in the general mortgage thread

SHIZNITTTT said:

Anyone have any tips, still have not gotten this resolved.  TIA

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Did you read my post? 

Bank of America was likely NOT Recorded with the county showing the pay off by Salene.

FYI...we sold our home in Feb, still getting Fed EX advertisements filled with offers by them to refi us even though we don't even own the home anymore...sometimes it takes a while. 

Can you call directly to BofA and talk to them? 

Ministry of Pain said:

Did you read my post? 

Bank of America was likely NOT Recorded with the county showing the pay off by Salene.

FYI...we sold our home in Feb, still getting Fed EX advertisements filled with offers by them to refi us even though we don't even own the home anymore...sometimes it takes a while. 

Can you call directly to BofA and talk to them? 

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Yeah, they are "working on it?"   

SHIZNITTTT said:

Yeah, they are "working on it?"   

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Go down to the County Recorder yourself. Is it in the same town you live in now?

Ministry of Pain said:

Go down to the County Recorder yourself. Is it in the same town you live in now?

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no such luck.  the only loan we had that was serviced locally was our first mortgage Bank of Oklahoma.

SHIZNITTTT said:

no such luck.  the only loan we had that was serviced locally was our first mortgage Bank of Oklahoma.

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Where is the home you lived in when BofA owned the note? It's the local county, not wherever BofA is located...

I'm going to ask for that lion back if you don't straighten up here 

Showing on the title report? A full report?

This kind of thing happens. As a lender it socks cause there is no one size fits all fix. Overall, your lender should be doing a lot of footwork for you here. Provide them with all the documentation you have- paid in full, release of lien, even the mortgage instruments from the loans... anything that shows the loan was paid in full and released. In the meantime, contact the bank that shows still holds the lien and ask for a paid in full and for them to send a release of lien to the county and a copy for you  (some may do this, some may not). Finally, go to the county and get the title yourself. Ideally it will be clean and you can provide that. 

Chadstroma said:

Showing on the title report? A full report?

This kind of thing happens. As a lender it socks cause there is no one size fits all fix. Overall, your lender should be doing a lot of footwork for you here. Provide them with all the documentation you have- paid in full, release of lien, even the mortgage instruments from the loans... anything that shows the loan was paid in full and released. In the meantime, contact the bank that shows still holds the lien and ask for a paid in full and for them to send a release of lien to the county and a copy for you  (some may do this, some may not). Finally, go to the county and get the title yourself. Ideally it will be clean and you can provide that. 

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Amen