Blow me down with a feather

[Bigtone]

related story.

this happened this month.

big four bank.

person buys house two years ago and then proceeds to access equity last year and earlier this year, two more loans , title searches etc.

same person goes to another bank to buy property, QLD lender accuses person of fraud for providing rental statements on a property they don't own! QLD lender does title searches on all owned properties.

original bank now has three loans over a title that is still in previous owners name.

same bank also realized recently they have lent over $1m over a 5 year period over the title to a 2msq lane at back of property while owner had title at his home and could have re-mortgaged it to another lender, only noticed at 3rd top stage

there would be 1000's and 1000's of these cases out there due to the incompetence and care factor of junior and low paid staff in the banks

 

[Perp]

....another week has ticked by and still no resolution.

They actually took the paperwork down to the Titles office in Sydney and the Chief Examiner picked 'em up over 7 words in section J of the Transfer. Hmmm.

NAB Banker scratches his head and does a turn-a-round.

Calls up my solicitor and says can you get rid of those 7 words "the common seal of which was affixed".....

No worries, another 2 days pass.

Bank has the documentation, so solicitor writes and signs an official note authorising the Bank to put a line through those 7 words.

Banker comes back and says their legal department won't let them put the line thru the words. He has to do it. WTF.

I think your approach of "I don't care, you sort it out" is spot on. As has been mentioned, you're in a pretty decent position with your caveat, and the Bank is the entity with no asset securing their loan, so I think you can afford to be disinterested in sorting it out.

It does make for an amusing read, though. Thanks for sharing.

 

[RumpledElf]

I'm still waiting for the bank to LET me settle. I'm on first name basis with one of the discharge team.

Their latest trick was to value our house at (owing/0.8) + $10,000 (which is a really, really low number for this area), which has effectively given us a margin call and made us pay the loan down - because our loan was at 60% not 80%. They could at least have had the decency to go market value - $50,000 or something, it would have been higher.

I'm hoping we can settle today. Really annoying having a contract signed by both parties with almost 3 weeks to run its course and the bank steps in and says no, we'll just settle when these 6 unrelated departments of ours that don't talk to each other somehow get their act together and all agree that you're allowed to.

If I hadn't started the paperwork dance with the bank it would have settled on time but we would have been left with a house worth around $180k, also secured by being crossed with a property worth $45k, with a total loan of $30k and the bank telling us its fine because we are at 60% LVR ... not the best thing to do when its an IP, tax deductability and all that. But banks aren't accountants.

Or solicitors, apparently

 

[coastymike]

Dazz

Your attitude and tenacity is why you have done better than the average punter. Most people would say "this is it, im never buying another property, too much stress" But you continue to hack away, continue onto the next deal and slowly wittle away at the problems.

I agree it would be a huge stress and hell we all make mistakes. But you've worked through it and chasing everyone to make sure things are put right. All you can do really.

Anyway good luck. It will work out and another experience to add to the many already.

 

[Dazz]

May as well wrap this thread up....it was left a bit open ended....

30th of November was the day we received a copy of the title deeds confirmed we were the registered proprietors.

Those who thought the debacle would fix itself within the first couple of days were slightly out. From discovering the problem, it took a full 7 weeks for them to register the transfer.

....and a full 10 months since we "settled".

The Bank has agreed in writing to pay any penalties incurred from the authorities with respect to late rate payments. So far the penalty bill comes to $ 57.00 so I reckon they got off lightly.

Anyway, that the conclusion of my "we thought we owned a property but in reality we didn't".

Right, time to pick a fight with another solicitor.

 

[Kristine..]

Hello Dazz

That's good news and glad to hear that the matter is finally settled

Just goes to show that we should never take anything for granted

Cheers

Kristine