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Hi, has the bank indicated why they do not apply the payment to the loan amount?
Also, to whom in the bank has you mother spoken to about this?
no they havent . they told her that she needs to go find another bank to refiance and pay them completly out. only then wil they release the funds to the new bank. she spoke tot eh bank manager and the loan officer who originated the the contract.
Okay, without knowing why this is occuring the only thing I can provide is information to assist with what you describe has occured, that the bank has been paid, but apparently refuses to close the loan and release the borrower from further obligation. It may be a good idea to obtain a letter or other verification of proof of payment from the insurance company and, perhaps try to contact the insurance company and have them see if they can assist in having this loan be paid off (it is possible that if the loan is not paid off the insurance company may still, on the loan, be seen to owe payment), that may interest an insurance company enough to see if they take action. As a consumer dealing with bank problems, there are, before a person goes to a lawyer to file suit, a couple of options that may help get action.
the insurance only paid 75percent of the loan off. she stil owes the remainder 25percent of the loan. the funds are definitely sent to us bank because proof of funds paid to the bank is established and the bank already told her they recieved the funds. it just they wont do anything with it . we arent sure why. if they wont apply it to the loan why wont they release it to her. and if not, why wont they apply it to the loan so the mortgage wil be less. they just simply let the funds sit there and draw interest for their own gain.
One is to contact the chief executive officer's (CEO) office by calling the bank's headquarters here. Many banks' CEO offices are set up to manage consumer complaints and provide attention to the issue. The other is to contact the United States Office of the Comptroller of the Currency (OCC). This is the federal agency that regulates national banks and ensures they follow all banking laws. This includes, making sure banks do not act illegally or improperly with consumers. The OCC has a consumer complaint service where consumers can call to file a complaint against their bank to obtain help when banks are not acting appropriately with them. That complaint center is available here.
thanks, XXXXX XXXXX file the complaint to see if we can get this underway. i already contacted teh head quarter of us bank, no repsonse yet. they kept referring us to the bank manager in okalhoma but he is the one holding this up. he was the one that says if my mom isnt happy about this she need to go find another bank to pay them off. knowing that busienss loan is hard to get bcause the first one took almost a year to get.
Sometimes repeated calls are necessary. Also, although the proof of payment may be there from the insurance company, if the money has not been applied, it may mean that the insurance company that made the payment is still, on the contract, liable for payment on the amount. This may help the insurance company contact the bank to see if they can find out what is going on.
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