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Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 2537
Experience:  Helping you with your legal questions.
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MY wife and I are stuck. We are trying to refinance and

Customer Question

MY wife and I are stuck. We are trying to refinance and consolidate our first mortgage and HELOC with the same bank that originated both loans. The HELOC has matured since the refinance process has started and the bank will not accept payments. My wife and I each have scores in the high 700's and the property has over 50% LTV. WE also have a business with LOC's that depend on our credit worthiness. In the process of closing the loan an open chain (prior to our purchase) in the title was discovered by the bank's title attorney to which they have already closed 2 loans against, had us purchase title insurance naming them as insured, and agreed to subdividing parcel to which the deed is mortgaged by another bank to another borrower. The bank says there is a problem and it may take awhile before they can clear the issue up, although, they said it was a survey issue. I spoke to the local attorney involved and she said that they must locate heirs of an estate to clear this up which may take quite awhile. THe banks only offered solution is to let the loan go into default and they will right a letter to repair our credit. First, our credit should not suffer for what they are regulated to perform. Second, if this government backed loan goes into default the foreclosure process will be started on our families home. Why should we suffer damages consequential to their nonfeasance to which we were forced to insure against.
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: Ohio and No
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 7 months ago.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Customer: replied 7 months ago.
Ok
Expert:  Damien Bosco replied 7 months ago.

Letting a loan default and then depend on a bank to resolve a credit report issues is quite risky. The facts are a bit unclear to me why the bank recommends you default on a loan, which in and of itself sounds like poor advice. Possibly you can clarify for me. Taking action to lower a credit score then hoping a bank will resolve it with the credit agencies does not sound like a viable option or an option someone should take. We can discuss.

Expert:  Damien Bosco replied 7 months ago.

Hello again! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars for the service I provided to you. Best regards.

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