The Bank Lost The Title

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angel7098

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Post Posted: Tue May 17, 2011 12:54 pm    Post subject: The Bank Lost The Title
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Hi,
I have been paying on a mobile home for 7years now and recently wanted to sell it for pay off. When the buyer called to pay it off the bank said they couldn't because there was no title on the mobile home. They are sending me letters telling me i need to obtain a title but I'm still paying on it, I dont own the mobile home.
Is this my fault, and should I be the one going to the court house getting a bond to apply for another one?
Or is this the banks fault for loosing the title? Shouldn't they be the ones filing for a title on there time since they lost it?
What do I do???

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Icon Mini Profile dipaligopale





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Post Posted: Tue May 17, 2011 9:34 pm    Post subject:
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Hi angel7098,

Welcome to Mortgagefit,

It is obvious that until the person pays the mortgage completely, bank keeps the title of the home with them as a security...So if they have lost it meantime, it is there fault and thus they need to obtain a new title from their own pocket..Surely you can ask them to do it ASAP or else you can file a complaint against them ....for more details on filing a complaint you can go through this link....http://www.federalreserveconsumerhelp.gov/

Feel free to ask any further query if you have....

DIPA

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Icon Mini Profile adonis
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Post Posted: Tue May 17, 2011 9:38 pm    Post subject:
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Hi angel,

They should have kept the title to the mobile home safely. I don't think it is your fault. You should immediately contact a real estate attorney and take his opinion in this matter.

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Icon Mini Profile gmakerley
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Post Posted: Wed May 18, 2011 7:05 am    Post subject:
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A real estate attorney won't have much to say for titled personal property. A lawyer, yes; not a bad idea if you think you need representation.

However, there ought to be a way in which you can contact the bank's representatives - take it up a notch beyond where you've gone so far - and insist that they rectify this situation.

How is it that you learned of the lost title when you still owe on the home? I find that a bit unusual...you wouldn't think the bank would tell you of the loss until such time as they had to provide clear title to you.

Contact your motor vehicle department also to get clarification from them on what they'd suggest you do.

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Icon Mini Profile stephenmars





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Post Posted: Sat May 21, 2011 9:55 am    Post subject:
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If the bank loses the title to your vehicle before you have completed payments, the easiest solution is to go to your state's Division of Motor Vehicles and apply for a replacement. If the bank is unwilling to do the work, it should pay your expenses and compensate you for time spent obtaining the title.

Also remember to talk to someone in authority at the bank so that you can avoid wasting time. Request to speak to the branch manager or someone with the power to help you. Once you explain the problem, the person in charge or the manager should be able to invoke the necessary steps to obtain a replacement title through the Division of Motor Vehicles.

Last but not least get it in writing and don't ever leave the bank without all promises and commitments in writing.

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Icon Mini Profile gmakerley
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Post Posted: Sat May 21, 2011 10:25 am    Post subject:
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Stephen is right. By all means, your bank ought to be helping you out in this case. If they lost it, they should replace it at their own expense.

A branch manager might not be high enough on the totem pole. Escalate your issue as high as you have to, and let your friendly bankers know that you have plenty of friends with whom you might be willing to share their cooperation or the lack thereof.

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aking7098

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Post Posted: Wed Jun 01, 2011 1:55 pm    Post subject:
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Thank you all.
The reason I found out about the title missing is because I was going to sell the mobile home and actually the man that was buying it from me was the man that sold it to me. Anyways when the man called to pay it off the bank said it was not possible because there was no title and it had been lost. The mobile home manufacturer is out of business and the original origin cannot be found. Every time I try talking to someone I get the run around and I end up back where I started.
I keep getting letters from the bank asking for me to provide the title, which is impossible.
I have a close friend that is a loan officer at a different bank and he advised me to write a letter saying that all payments will be stopped until a legitimate title is obtained and not interest nor late fees will accrue during that time. Also that if a title is not obtained within 60days a request for all payments since 2004 will be payed back. the letter will be notarized and returned service will be enforced. the letter will also be sent to the Corporate office.

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Icon Mini Profile gmakerley
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Post Posted: Wed Jun 01, 2011 2:01 pm    Post subject:
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I think your banking friend is a buffoon. I suggest you not follow that advice, as you'll run the risk of defaulting on your contract and having the home repossessed, title or no title.

Having a letter notarized is meaningless unless you're making some sort of affidavit in the process; here I don't see much sense in worrying about that. Your friend is a loan officer (?) - what kind of loans does he make? Bad ones? I actually intend to be flippant here; no need to lie about that.

Honestly, if you want advice on what is truly a legal matter, please speak with an attorney; not someone who thinks he knows what ought to be done. You need to get the straight scoop from someone who does know how to take care of this problem.

Copying the "Corporate office" might accomplish one thing - making the "Corporate" trashbin one piece of paper larger on that day.

Color me skeptical, but I hate seeing people obtaining "legal advice" from folk who have no clue about the legality of what they're commenting on. When you need to know how to handle a legal matter, seek out an expert on the subject - a lawyer! There...I've said it again.

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Post Posted: Wed Jun 01, 2011 2:03 pm    Post subject:
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One more point...

it's easy for your friend to say "stop making payments." It's not his loan, his mobile home, his credit record...gee, it's nothing that pertains to him that would be in jeopardy. Go figure.

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