Hello,
I have 2 loans with a bank that were cross – collaterised against 2 properties. Over time the properties have gone up in value and obviously I have reduced the size of my debt. I now have the ability to use one property to secure 2 loans.
I put in an application and the bank accepted it. They said they would discharge the mortgage on one of the properties.
Then disaster stikes. Today I ring up to see what is going on…. “Oh we can’t find the title deed”. To say the least I am unimpressed!!
What should I do??????
happened to me about 6 months ago..
Got “LOST” between Banks..after letting them try and sort things out for a while we decided to start waving the big stick- it finally got found on someones desk..you need to go up the Management Ladder IMHO
It happens occasionally I’m told..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorNo big deal.
My grandfather’s girl friend stole his. You just have to approach the Land Title’s office and apply for a new one. need to show rates statement etc and wait a while
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I was working for a client on a sale and the bank could not locate it.
After few frantic calls by both the vendor and solicitor to the bank, the bank located that they did not retrieve the title from Land Titles Office in 1997 when they were registering their mortgage. This took them 8weeks to figure out!!! Had the contract been a normal 6week contract, the Vendor would not have been able to settle on time.But then as terry says you can always apply for a new one for a nominal fee.
ANZ lost one of ours and we had to apply for a reissue. We were tight on finance time on the next deal which was a biggie so we raced in and did it the same day in their offices in sydney. Still took 3 weeks but we scraped through with a day to spare.
Lots of scotch that month!!!
DD[glum]
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Unless you need the title immediately I wouldn’t worry a great deal, the Bank has to wear the costs in replacing it for you. A simple title search will still show that you are the proprietors of the property and also the Bank’s mortgage no. persue your request to discharge mortgage it shouldn’t take too much longer than if they had the title.
However, if they somehow haven’t registered your mortgage at purchase then it could take some time. I suggest you ask the Bank to provide you with a copy of the title search, plan & mortgage. This can be easily obtained through a site search where I worked that would cost around $13.00, I used to work in this position within a bank, the branches can’t often carry out this request however most of them have business segment contacts to enable you to at least get these copies. Fees usually involved with discharging a mortgage should be on your contract. However if you choose for the Bank to register the discharge with the Titles Office there are extra fees involved, quicker if you do it yourself or through a conveyancer or solicitor. Hope this helps.Thanks for your advice its good to know that other people have had the same problem.
I do want the title deed in my grubby hands with no mortgage over it. Then I can apply for a line of credit at a different bank; permanently ensuring the properties are never cross-collaterised again.
I have mailed a written complaint hopefully they provide a decent response.
Tom
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