A Hot Potato Salad
Jun. 14th, 2013 08:37 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
captainsblogRemember how hard it was for us to refinance? It was because our Syracuse-based New Bank couldn't wait to get rid of us as soon as we closed. Therefore, every i and t needed dotting and crossing to be sure we would be an attractive couple on the "secondary market."
Apparently we were. It took all of a week- literally within days of us receiving our share of the loan proceeds- for New Bank to introduce us to Franklin American. (Not to be confused with Franklin National, one of the first banks in my lifetime to fail in a blazing scandal.)
We got a nice introductory letter, but no payment book. First payment's due July 1st. Old New Bank made sure to tell us, as the door hit us where the good Lord split us, that "timely payment of your mortgage is crucial, otherwise your credit will be adversely effected."
Old Old Bank continues sending us stuff. Our escrow arrived late last week; they felt compelled to send us an escrow analysis to prove that they didn't overcharge us; and they sent an unrecorded copy of our discharge which we've already paid them to file.
Still, nothing from New New Bank. Until the other day. A letter, dated eight days after their acquisition of our loan, came from the good ole City of Franklin in the State of Franklin that's apparently what we Yankees call "East Tennesee." Calling itself a "SERVICING TRANSFER LETTER (Good-bye Letter)," it announced that we've been sold again- this time to the robber barons of Wells Fargo, effective with the July 1st payment.
We have a new payment address- in New Jersey, aka Where Jimmy Hoffa Is- but nothing from New New New Bank itself to transmit that payment with.
Also, I checked while doing a closing for a client yesterday and this time they actually recorded our new mortgage. The government doesn't make a dime off any of these subsequent transfers anymore; mortgages are recorded in the first instance, not to Old New Bank, but to This Thing Called MERS that keeps track of all the assignments in its system. One of its founders? The beloved Angelo Mozillo of Countrywide, who may have been the biggest single culprit in bringing down the United States real estate market in 2007. Ah, and I remember him when he was just a lowly teller at Franklin National Bank;)
Stay tuned. I may yet become King before we get a payment coupon.
Apparently we were. It took all of a week- literally within days of us receiving our share of the loan proceeds- for New Bank to introduce us to Franklin American. (Not to be confused with Franklin National, one of the first banks in my lifetime to fail in a blazing scandal.)
We got a nice introductory letter, but no payment book. First payment's due July 1st. Old New Bank made sure to tell us, as the door hit us where the good Lord split us, that "timely payment of your mortgage is crucial, otherwise your credit will be adversely effected."
Old Old Bank continues sending us stuff. Our escrow arrived late last week; they felt compelled to send us an escrow analysis to prove that they didn't overcharge us; and they sent an unrecorded copy of our discharge which we've already paid them to file.
Still, nothing from New New Bank. Until the other day. A letter, dated eight days after their acquisition of our loan, came from the good ole City of Franklin in the State of Franklin that's apparently what we Yankees call "East Tennesee." Calling itself a "SERVICING TRANSFER LETTER (Good-bye Letter)," it announced that we've been sold again- this time to the robber barons of Wells Fargo, effective with the July 1st payment.
We have a new payment address- in New Jersey, aka Where Jimmy Hoffa Is- but nothing from New New New Bank itself to transmit that payment with.
Also, I checked while doing a closing for a client yesterday and this time they actually recorded our new mortgage. The government doesn't make a dime off any of these subsequent transfers anymore; mortgages are recorded in the first instance, not to Old New Bank, but to This Thing Called MERS that keeps track of all the assignments in its system. One of its founders? The beloved Angelo Mozillo of Countrywide, who may have been the biggest single culprit in bringing down the United States real estate market in 2007. Ah, and I remember him when he was just a lowly teller at Franklin National Bank;)
Stay tuned. I may yet become King before we get a payment coupon.
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Date: 2013-06-14 02:25 pm (UTC)no subject
Date: 2013-06-14 10:40 pm (UTC)no subject
Date: 2013-06-14 02:31 pm (UTC)no subject
Date: 2013-06-14 10:41 pm (UTC)no subject
Date: 2013-06-14 03:53 pm (UTC)We started with North American Savings Bank that we found through Lending Tree.com, and spend maybe a day there before being sold off twice before getting to WF. So far, so good, but who knows what could happen.
no subject
Date: 2013-06-17 12:46 am (UTC)I don't even want to try to really understand it. *hugs to both of you*
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Date: 2013-06-17 12:52 am (UTC)And, pursuant to the Real Estate Settlement Procedures Act, we can send it in safety to whoever the Last Bank Standing might be as of its due date and not face any penalty.
They're just not making that easy on the other end of the transaction, is all.