Loan Ago
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Loan Ago (by Smokowna [MD]) Apr 19, 2019 1:04 PM
       Loan Ago (by Pmh [TX]) Apr 19, 2019 1:46 PM
       Loan Ago (by Ken [NY]) Apr 19, 2019 2:06 PM
       Loan Ago (by Busy [WI]) Apr 19, 2019 2:12 PM
       Loan Ago (by Deanna [TX]) Apr 19, 2019 2:25 PM
       Loan Ago (by 6x6 [TN]) Apr 19, 2019 3:08 PM
       Loan Ago (by Robert J [CA]) Apr 19, 2019 3:44 PM
       Loan Ago (by 6x6 [TN]) Apr 19, 2019 4:03 PM
       Loan Ago (by Smokowna [MD]) Apr 19, 2019 6:00 PM
       Loan Ago (by JR [ME]) Apr 19, 2019 7:11 PM
       Loan Ago (by JR [ME]) Apr 19, 2019 7:19 PM
       Loan Ago (by JKJ [MA]) Apr 20, 2019 5:12 AM
       Loan Ago (by Wilma [PA]) Apr 20, 2019 11:02 AM
       Loan Ago (by Smokowna [MD]) Apr 21, 2019 3:05 PM
       Loan Ago (by Sparky [PA]) Apr 22, 2019 3:41 AM

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Loan Ago (by Smokowna [MD]) Posted on: Apr 19, 2019 1:04 PM

Long Ago loan.

I tried to help a fool some years back. Borrowed $25,000 and paid him back $34,711 The guy lost checks, incorrectly tallied the loan and sent me a ten dollar late fee.

This was a five year loan. At the time I borrowed from others and all those loans were easy and went well. They were all on a handshake aside from the Fool's, who managed to drive up settlement costs by boring my attorney to tears.

The only big talker was the Fool. Who never really had the money to lend, hence the added nervousness for him I suppose.

Time passed, Each of the other investors stuck with me. I helped all of them with projects and I keep in close contact to this day.

The Fool popped up again. I'm presently doing a refinance with a very bad company. They are too big..and simply can't take a comprehensive look at my requests and shacks. Very nice people but just not organized.

Settlement was to have taken place yesterday ending a four month long waste of time. I never received the call giving me details. Par for the coarse with this company. I actually went about my day knowing that I had little faith in their ability to close.

Sure enough, They found another spanner in the works. They say that the above mentioned Fool, never released the lien on the shack I borrowed against.

So I do not pass Go, I do not borrow 275K. Oh well.

For me, I just want this loan process to be over, I really made a bad choice going with this company.

They want me to find the look up the Fool, to contact the Fool. Naaah, I'm good. Thanks but no thanks......not even if I get my ten bucks back.

In the end, I'm also a Fool. I honestly can say I regret helping the banks make all that money over the last years.

I love the fact that my friends made money.

I've gone mostly to cash. Couple notes are still out there, but banks are not worth it.

Okay, somebody unlock the door and let SID back in. I'm ready for the "I told you so".

Have a super super super super Easter!!!!!


Loan Ago (by Pmh [TX]) Posted on: Apr 19, 2019 1:46 PM

not sure where to start on a response. my bank notes are 3.75 > 4.15. cheap $.

Loan Ago (by Ken [NY]) Posted on: Apr 19, 2019 2:06 PM

If the lein is showing outstanding and caused a problem with a refi you will have to deal with it when you sell the place so it will be easier now while the guy is hopefully local and still alive

Loan Ago (by Busy [WI]) Posted on: Apr 19, 2019 2:12 PM

Thanks for the laugh! Glad you and your friends made money.

Loan Ago (by Deanna [TX]) Posted on: Apr 19, 2019 2:25 PM

What are the penalties in MD for not releasing the lien in a timely manner?

We took out a bank loan against a paid-off house. It was unpleasant, and we paid it back as quickly as possible. The bank had a certain amount of time (from receipt of the last payment?) (30 days? 60 days? something?) to release the lien. If they didn't, under Texas law, we would be in a position to turn around and bring a lawsuit against them for attorney's fees and a very specific penalty.

Instead of releasing it within x amount of time, they eventually released it within 1.5x or 2x amount of time. But of course, we didn't make a fuss about it.

Anyhow, if I were you, I'd check with my attorney and find out the specifics of what kind of penalty might apply in this case, if he doesn't make it a priority ASAP.

Loan Ago (by 6x6 [TN]) Posted on: Apr 19, 2019 3:08 PM

I would hardly say you are a fool. Sounds like you own several properties. I only have one rental, so you must be smarter than me. Everyone has there own way I guess.

Loan Ago (by Robert J [CA]) Posted on: Apr 19, 2019 3:44 PM

I had a seller carry back the mortgage that I paid off within the 10 year time frame. She found a check that she never cashed and wanted me to make good on it, $2,200. I tried to remind her that one time she "lost" a payment of mine and make me do a "stop payment" and issue her a new check. She wanted proof or she was going to give this to her attorney for collections and have her adult children come after me.

I explained that I have 200 boxes of "records" and I'm happy to provide the "proof", but I'm busy and need a month to dig them out of storage. She wouldn't wait and gave me a piece of her mind while handing this off to her attorney for collection.

I told her and her attorney that I'm happy to split the amount and pay half to settle the matter. No go, they wanted it NOW!

So I spent a few hours and dug out the records and proof that I issued a stop payment and then re-issued the check. I had 13 payments for that time period.

It took that women months to issue me an apology. --47.156.xx.xx

Loan Ago (by 6x6 [TN]) Posted on: Apr 19, 2019 4:03 PM

RobertJ, your vast experience is amazing. I really love hearing of them. Have you ever considered writing a book?

Loan Ago (by Smokowna [MD]) Posted on: Apr 19, 2019 6:00 PM

I hit the like button on 6x6's sentence. (say that six times fast)

Thank you Deanna, I was thinking that as well. --96.241.xx.xx

Loan Ago (by JR [ME]) Posted on: Apr 19, 2019 7:11 PM

I use a small local bank for financing. 30 year history with them. With my history, I get no hassles, no junk fees, Reasonable rates (5.5 -6%), 100% LTV, Funding that day. No application. I provide annual tax returns and financial statement. These banks, and these deals are everywhere, I really can not understand why anyone would use a large national bank or weird financing schemes with friends, partners, or fools.

Loan Ago (by JR [ME]) Posted on: Apr 19, 2019 7:19 PM

Robert, if you paid the debt, and you knew that you had issued a replacement check, why did you offer to “settle the matter” by paying her $1,100 that you didn’t owe?

Do wealthy Californians spend a lot on lawyers to collect a $2,200 debt?

Your crazy “stories” again. You ought to write a book.

Loan Ago (by JKJ [MA]) Posted on: Apr 20, 2019 5:12 AM

He is writing a book, 1 post at a time. I’m just not sure of the category.

Loan Ago (by Wilma [PA]) Posted on: Apr 20, 2019 11:02 AM

It took a full year and over 2 dozens phone conversations and letters for a mortgage servicing company to finally record with my county that our home loan was fully paid off. I ultimately had to sic the head of my credit union, who used this mortgage servicer, on the outfit. The C.U. head said that she'd had dozens of complaints like this about them.

The bizarre thing is that the C.U. still to this days uses that servicer!

Contrast that to my father-in-law, who held the mortgage on our first rental - having zero knowledge of how to release the lien, he called the courthouse and got it done in about 5 weeks. Sheesh.

Loan Ago (by Smokowna [MD]) Posted on: Apr 21, 2019 3:05 PM

I actually thought I would use small banks. Moved to one years back. That bank is now the sixth largest in the states and I believe the people are nice but the bank is my least favorite.

I much rather borrow from individuals. The money they can make from me is very good. Whereas, I'm a little saddened by how much I paid the banks over the years. That money could of gone to my friends instead.

I stayed leveraged too long. The sooner I admit it the sooner I can make better decisions going forward.

It is very interesting how once we figure things out....we make changes and keep learning.



Loan Ago (by Sparky [PA]) Posted on: Apr 22, 2019 3:41 AM

Maybe you could do an action to quiet title.

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