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Steinlaw
Steinlaw, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 1811
Experience:  Consumer law attorney, author of California Debt Blog, Businessweek.com top foreclosure attorney
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A bank is blocking my refinance. I have a loan for windows

Customer Question

A bank is blocking my refinance. I have a loan for windows through this bank and they won't approve a subordination request stating they have first priority over the first mortgage. I was not informed when making this loan that they could do that. I am in good standing with up to date and timely payments. I'm a Vietnam Vet with recently diagnost Parkinsons. I'm attempting to prepare for disability.
Submitted: 6 years ago.
Category: Consumer Protection Law
Expert:  Steinlaw replied 6 years ago.
Chat Conversation Started
Steinlaw :

First, thank you for your service.

Steinlaw :

What is your specific legal question?

Expert:  Steinlaw replied 6 years ago.
What is your specific legal question?
Customer: replied 6 years ago.
Where's your answer. Do I have any recourse? How what can I do to get the block removed?
Expert:  Steinlaw replied 6 years ago.
Thank you for your service. I am sorry you are going through this.

Unfortunately, you have no recourse. You cannot get the block removed. You can consider rolling both loans into one loan, thus resolving the problem. Or you can talk to another bank. But you cannot get the block removed and you cannot force them to remove it. You are stuck with it unless they are willing to reconsider. You may want to talk to the VA and see if they have a loan program that can resolve this for you. But legally you cannot force them to do anything.

Good luck.
Customer: replied 6 years ago.

Can I go on the web and set sights that will present my position to potential customers of that bank?

Expert:  Steinlaw replied 6 years ago.
Yes. There are plenty of sites like Complaintboard where you can do this. Just stick to the facts and dont say anything inflamatory. Explain what they are doing to you. Then you would be fine.
Customer: replied 6 years ago.
Do you have any complaint sights?
Expert:  Steinlaw replied 6 years ago.
The biggest, and most well known, is: www.complaintsboard.com/

You may also want to call Clark Howard, www.clarkhoward.com and see if his staff can get the bank to change their ridiculous position.
Steinlaw and 4 other Consumer Protection Law Specialists are ready to help you
Customer: replied 6 years ago.
I have a couple more questions. The bank says they have first priority over a first mortgage because of UCC fixture filing. This seems like a construction clause till the house is complete. Once the contractor is paid and construction is completed does the loan for the windows then maintain the right to first priority over the mortgage holder?
Expert:  Steinlaw replied 6 years ago.
Per the UCC they would have priority with the fixture filing - until construction is complete. Once construction is complete, the first mortgage would have priority.
Customer: replied 6 years ago.
Would the windows loan company improve their position by becoming a second mortgage over the FFC fixture filing? If I defaulted would they be able to take the windows?
Expert:  Steinlaw replied 6 years ago.
In theory, they could take the windows, but a judge would never order that as that is "waste." They would end up with a judgment that they could enforce, but not get the windows.
Customer: replied 6 years ago.
Thank you! You've been very helpful. Milt
Expert:  Steinlaw replied 6 years ago.
Good luck. Please let me know if you have additional questions!

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