I have just been turned down for an investment loan because I have two mortgages rather than one – this came as a surprise to me! Apparently, when I refinanced – over six months ago – my mortgage was paid out but is not recorded as discharged. Thus, on paper, I have a first mortgage and a caveat. And, the finance company’s lawyer has lost the original mortgage contract and wishes me to resign. They have also said they can’t discharge the first mortgage until I resign the papers. Thus, I seem to have two mortgages registered against the house and no actual contract. I don’t think I should sign anything until they have fixed their mistake and discharged the first mortgage. My partner thinks I should cancel their direct debits until they fix the mistake. Any advice??
Talk to your solicitor! I don’t think cancelling the payments will help in the long run as they may turn nasty and put a mark on your credit file, which might then need some explaining later on!
Cheers
Melalso, you might wish to report the situation to the Banking Ombuds. They will investigate and make recommendations. They have a lot of clout and finance providers hate if the Ombuds might be involved.
kay henry
I had a similar problem with ANZ. I went to sell a property only to find it was not in my name! ANZ never registered teh mortgage at settlement. I used a cheap conveyancer too.
Talk to teh banks customer complaints section. And it is probably best to speak to your solicitor too – and then ask the bank to pay for these legals fees (they probably will).
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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