Aggravation / Karma

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Ray

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If you think you've had a reason to be aggravated, read this.

Besides the climate, taxes, and general friendly attitude of the locals, one of the reasons we wanted to retire to the NC coast was to be able to buy a boat and cruise and fish whenever we felt like it. We scrimped and saved, sold our house up north, and put away enough money that we could buy a home here with no mortgage, and still have the cash to buy a boat with no financing. Seems like a great plan, right?

Last November, a matter of weeks before closing on the sale of our home, we discovered that a mortgage company had never released the lien in the county deed book when we refinanced it in 2005. To make matters worse, that mortgage company, like many others, declared bankruptcy a few years later and is no longer in business. Fortunately, there were two other mortgage companies that had handled the loan in question or the refinancing who, by state law, could release the lien. As the filing of the note had not been done properly to start with, each of them could have been found liable to up to double the loan amount, so they all refused to do so.

Apparently, we were not alone in this bind, so there is a whole "industry" (of former mortgage company employees, I assume) that has sprung up, and they claim they can resolve these things in 60-90 days, for an admittedly small fee. However, in order to not screw up the sale of our home, or the purchase here, to satisfy the buyer's title insurance company, we had to leave behind 150% of the original mortgage amount in escrow. We used the "boat money" and I tapped out all of the accessible cash from my retirement accounts and did so. OK. Waiting 60 to 90 days ain't so bad. But NO... The mortgage companies refused to cooperate with them too. Oh boy! Now we get lawyers involved.

In the mean time, beside not buying a boat, I have not been able to do any of the repairs or upgrades to this house, pay my local and county property taxes, have maxed out several credit cards (accumulating interest), and have gotten no income for a large chunk of cash that had been in my retirement account for that very reason, AND I'm having to pay a lawyer.

I'll dispense with the MANY back-and-forths between our lawyer and those of the mortgage companies, but two denied any contact with that loan, but knowing the circumstances, submitted writs to the court supporting our desire to have the title "quieted". Then, just last month the GMAC bankruptcy lawyers FINALLY responded, saying they have no claim on us, and would file a similar writ. YAY! Why did it take 11 months????

So finally, after all this time, we have gotten the judge to order the title declared "paid and satisfied in all respects", and the title company will be wiring the money back on Monday.

The "karma" part is that the issue was resolved on the same date that Michele and I met on a blind date 45 years ago, and exactly one year after we signed the contract to buy this house.

We will be getting our boat soon, and it's going to be named "Blind Date".
 

Linus_Cello

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Sorry to hear about your troubles. Fascinating issues with your lien. Is the state regulatory agency asleep here? I wonder how extensive this problem is nationwide.
 

John M

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I'm having an anxiety attack from just reading your ordeal! I'm so sorry that you had to put up with all this crap. What a nighmare! I'm very happy for you that it all worked out in the end; albeit, unreasonably late! Enjoy your boat and your new lifestyle!
 

Ozpaph

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That's, now, a 'good' story............had the potential to end very badly.
The pain's gone. The future's bright. You can move on.
Enjoy the house, the lifestyle and the fortuitous co-incidence.
 

KyushuCalanthe

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I'm glad it all worked out in the end Ray. It never ceases to amaze me how illegal activity goes on unabated with no one taking the blame, all the while others have to deal with the consequences. At least now you can get back to your life - until some other idiot tries to play the system. May you be spared the next go around!
 

CarlG

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Sorry to hear about your troubles. Fascinating issues with your lien. Is the state regulatory agency asleep here? I wonder how extensive this problem is nationwide.

Ray lived in Pennsylvania, the Land of Giants, Where No Good Deed Goes Unpunished (as I still do). The state agencies are pretty much underfunded and useless for anything other than annoying the citizenry. And when not underfunded, are run by former employees of the businesses they are supposed to regulate.

Carl G.
 

Ray

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I wanted to name the boat "FUGMAC" (works better spelled out, than pronounced as a single word), but the Admiral convinced me otherwise.
 

SlipperKing

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Still Ray you got screwed in the end, paying outrageous interest rates and F'ing lawyers which should of never been. Unless of course FUGMAC covered that for you all too.

Sent from my SM-G900T using Tapatalk
 

Ray

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No, in addition to about $10k in legal costs, we lost the interest/dividend income on about a quarter-mill for a year. However, suing a bankrupt company would be a bigger waste of money...
 

h_mossy

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Wow! Nice ending to a really sucky story. I guess 'no good deed goes unencumbered'?
I might have named it 'Murphy's Law of Karma' just to be confusing.
 

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