Not Happy Jan..
Bank A released our loans to Bank B in July and in the process we ‘paid out’ an IP.
Now, we are looking at borrowing against the unencumbered IP, however, our “Certificate of Title†for that IP has gone missing.
Bank A said they sent it in the package but would do a recall to make sure (call back in two days)
Bank B said it never arrived (sorry, we can’t do anything until we get the title)
Thought stuff it and called DOLA for new title; after convincing them I wasn’t concerned about the $80 fee and, yes the bank should pay for it, but for expediency, I would pay.
We needs to attend in person (fastest way) with latest rates notice, ID and letters from Banks saying it’s lost (Can’t see them giving me that, they’ll just keep searching for ever and a day?) then it’ll take 5-10 days, meanwhile, settlement is ‘fast’ approaching…
[grrr]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorRedwing…theres a bad echo with this post
I’ve read it somewhere else……
Anyway, ditto with my reply.kp
I can imagine how frustrating this must be![anxious] [sweaty] [agro2]
But do I look surprised?[ohno]
I hope this will be sorted out very soon (in time!)[rolleyes]
Good luck, Redwing!
Oops, editing my post because I forgot to say:
Congratulations, Redwing, on having paid out one of your IP’s- must be a good feeling!
Don’t forget to celebrate this great outcome despite the frustrations![party]Celivia
Had to pay out which bank on a load as business was going else where, but lucky I had some good advice and a good family member who paid out the loan in full about four weeks before settlement. Just told which bank I had come into some money and they handed over the title in a couple of days didn’t tell them I was refinancing or buying another IP
Have heard that things like this happen all the time more good luck Redwing !!Money can’t buy everything
what it can’t buy I don’t wantits funny reading this, a few weeks ago, I spent almost 4 hours on the phone trying to chase up a title to settle a new loan. The title was sent from one bank to another and no one knew where it was, I was also told to go and pick a new one up in person. 3 weeks after settlement, the title just appeared and they informed us that they now had everything?????
that’s banks for you!!!
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582redwing, how or why did bank b settle without title in the initial transaction?
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbanedo banks actually follow a logical protocol?
I don’t think so!!!
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582[angry2] Which bank “LOST” ALL of my loan application details once, & never called me to tell me! I stupidly waited, & waited, & waited for an answer to whether I was to receive my loan (being my 1st ever,I was particulary nervy).After week 3,& the loans Manager refusing to return my calls, & my relationship with agent stretched to the limit, I went into the bank & demanded to see manager.I could see him in his office,but was told he “wasnt in today,I’m sorry”.
Unfortunatly for him I dont like being treated like a doormat,so I just walked into his office. Couldve heard a pin drop.Suddenly “he was going to call me today….we are sorry to say we have misplaced all of your documentation…” (which as you all know includes very personal info…tax file no’s,bank account details….)They suddenly worked on the application very quickly,& funny enough had an answer to me by the next day! (“yes,of course….”)Sure makes you wonder how long,if at all,it would have taken them to contact me had I have left it to them.
Needless to say,which bank lost my business.Originally posted by brahms:redwing, how or why did bank b settle without title in the initial transaction?
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane[dazed]
DUNNO Brahms..scotme stumped??I’ll ask them when I next speak to them; as it looks like I have to wait until they decide they’ve lost it..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorANd you still went with another bank!?
Yes Home Loans Pty Ltd
Is your mortgage advisor accredited with the “Non Bank Lender of the Year?”
(Money Magazine 2005).Originally posted by LB:ANd you still went with another bank!?
Yes Home Loans Pty Ltd
Is your mortgage advisor accredited with the “Non Bank Lender of the Year?”
(Money Magazine 2005).Sorry LB You’ve lost me there?
[blink]
Banks are playing the blame game at the moment..I’ve got a signed letter from Bank A saying that titles for 3 properties were sent to Bank B as they have recalled the Security Package.
[uhoh2]
Waiting for Bank B’s response as they say they only recieved 2..
Meanwhile i’m getting papers ready for DOLI to hedge my bets.
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThe banks drive me crazy.
It is so frustrating as a little guy when so much of your own money hangs in the balance waiting on an unreliable paper trail.
I feel for you Redwing.
Possibly you could chase down the person at the bank A who claimed to have sent package to bank B (the person who processed loan discharge OR the bank A’s lawyers who processed loan discharge). They must have used registered post or a courier and have a document that confirms it was sent. If they can’t produce a document to proove that they fulfilled their responsibility to send cert. of title to Bank B within a reasonable timeframe for your review (I’d give them 24hours) then impress upon them that if they can’t get a stat dec ASAP, then you will have no choice but to sue the bank for the potential loss you could have at settlement.
Or potentially contact a property lawyer who may well know who is at fault and help with legal action type leverage on the bank.
Good luck.
Live, Learn and GrowLifexperience
Originally posted by redwing:Originally posted by LB:ANd you still went with another bank!?
Yes Home Loans Pty Ltd
Is your mortgage advisor accredited with the “Non Bank Lender of the Year?”
(Money Magazine 2005).Sorry LB You’ve lost me there?
[blink]
Hi redwing
I mean you are going from one bank to another, why did you not choose a non bank lender?
Yes Home Loans Pty Ltd
Is your mortgage advisor accredited with the “Non Bank Lender of the Year?”
(Money Magazine 2005).thanks LB..
I’m pretty happy with the deals i got with Bank B as we restructured the loans..paidout an IP and then made our next move (this next move is not with one of the big 4 or a major bank)
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWhich bank should be called The Nightmare Bank. Applied for a loan preapproval whilst overseas and get the okay to go ahead and find a suitable property. locate property and negotiate a very nice deal whilst still overseas. contact bank to let them know coming and want to get things started. Bank confirms everything looks good. Take a couple weeks off from work fly to Australia and visit agent and owners on sunday to confirm deal. go to the nightmare bank to find out manager who approved loan has quit and new manager is not happy with the deal and wont approve the already approved loan. After explaining that the little exercise has cost me nearly $5000 new nightmare manager replies its not his problem.
I used to like dealing with banks as well, although to take the heart-ache out of things it’s worth getting a non bank lender like LB suggested..
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
Who are the better Non-Bank Lenders ?
By the way my Certificate of Title has been found (My broker contacted the BDM at Bank B and expressed concerns and funnily enough it was found on someones desk..)
Everything is now progressing well towards settlement and didn’t have to get the Big Guns out..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorRedwing, Best of luck with the rest of settlement.
It looks like I am not the only one who still has dramas with loans in this super-futuristic-deregulated-finance world that is meant to be so much better.
Why is it so hard to get 100s of 1000s of dollars?
Live, Learn and GrowLifexperience
Thanks Life X,
After this one it will be interesting to get everything revalued at the 3 month period to see where we stand.
RegardsREDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorTo counteract some of the “Which Bank” bashing, I think they do a great job. Service, rates, attention to detail, jumping at my request, always dealing with the same one person etc etc…
In terms of business partners, they are my closest allies, and if I pay the interest bill on time they leave me alone to continue on investing. Yes it’s mostly all their way, but then when financing 106% deals, it’s also mostly all their money and therefore I don’t have a problem with the way they are.
Dealing with half bred incompetent wet behind the ears juniors who don’t appreciate your business and treat you like a numpty and are too scared witless to even give you their full name are pretty average to deal with. Thankfully that doesn’t happen any more to us, but it appears a few people are still subjected to that nonsense.
Good to hear the 3rd Duplicate title turned up Redwing.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
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