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UNBELIEVABLE!!!!!!
Look, my father has had trouble keeping up with the payments on two houses he has for the last 5 years or so, maybe longer. anyway, he has been in and out of bankruptcy to protect them. One of his houses he owed $59,000.00 and the other $39,000.00 Lets call the first property ($59,000.00) the main street property, and the second one ($39,000.00) the second street property. They are both financed by bank A. Anyway, my father was having problems making both payments, so he had his sister go to bank b& to get her own loan on the main street property. Remember, both properties are mortgaged by bank A. Well, his sister's bank, bank b wrote to bank A and asked for a payoff on the main street property. Bank A made a mistake and gave bank B a payoff on the SECOND street property which was the $39,000.00 amount, using the main street address and they did this all in writing and signed by the bank representative!!! Bank B said ok, and paidoff the main street property with $39,000.00 and gave my father's sister a new mortgage for $39,000.00 on the main street property which really had a mortgage of $59,000.00. Well, bank b was waiting for the title and weeks with by and they called bank A who by this time had found out their mistake. It gets better, Bank A at the same time as making the mistake and giving the wrong payoff amount to the wrong property, mistakenly had applied the $39,000.00 check from bank b to the second street property because the amounts matched up. The clerk wasnt paying attention to the different account numbers! Anyway, bank b hired a lawyer who inquired about the title to the main street property which they had paid off with the $39,000.00 check. Eventually, bank&A went ahead and released the title to the main street property to bank b because they had mistakenly done a novation on the main street contract!!! Wait, it gets even better than this folks. After this mess had cleared up, the second street property was paid off, bank A is holding the title to the second street property,but had to release the title to the main street title per their new contract with my dad and bankB. At this point, bank A's books would show that the main street property was never paid off ( $59,000.00) because they had mistakenly took the money from bank b and paid off the second street property. Also, at this point, bank A's books would show that the second street property is paid off. Now, this is where divine intervention, luck or whatever you wanna call it comes in, and its unbelievable even more. Bank A is sitting here with a $59,000.00 loss on the main street property because they took the money they was suppose to apply to it and paid off the wrong mortgage. Now, you guys are thinking im making this up, bank A is having financial problems so guess who they decide to merge with? they were bought out by bank B!!! When bank B goes over bank A's books, they discover that the main street property still has the $59,000.00 mortgage, plus the new $39,000.00 mortgage. The second street property is nowhere in the equation because its paid off and the account closed. So, now bank B discovers that they have $98,000.00 total mortgaged on the main street property, but my dad's sister is only liable for her mortgage of $39,000.00. They realize they cannot get the other $59,000.00 from my dad's sister because now its unsecured debt which is backed by nothing!!! They secured her house with the $39,000.00 mortgage they gave her when they bought it from bank A!! Well, they did some research and found out they couldnt go after the second street property because it was paid off by mistake. So, this is what they tried. They sent my dad a $59,000.00 bill using the second street address but the account number from the main street account which was the one which was never paid off!!! Then they threatened to foreclose on the second street house but they are bluffing because they have nothing to foreclose because they are admitting that they dont have a open account to foreclose on!!! Now, my dad hasnt made a payment on the second street house in a year and they hire different attornies who when they get wind of the mistakes, they back out and leave the bank hanging!! So, in essence, the banks have lost the $59,000.00 on the main street property, plus the built in equity they gave my dad's sister of a immediate $20,000.00 and they are afraid and don't know what to do at this point!! i told my dad that he needs to be asking for the title to the property they accidently paid off because they know that they have to give it to him. My dad had hired a attorney and he said to my dad that he dont need to unjustly enrich himself like that, well, i told my dad, you already paid for the property up front with your promissary note, thats all he needed to hear. Unbelievable!!! i KNEW SOMETHING WAS GOING ON WITH MY DAD BUT WE HADNT REALLY TALKED ABOUT IT MUCH UNTIL TONIGHT. HE DIDNT KNOW WHAT TO DO!!!
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