dutchmasters524
Junior Member
What is the name of your state? Pennsylvania...
OK her it goes...
My Mom just sold a home and purchased a new home. Her mortgage broker had her get a swing/bridge loan to cover the new home (for approx 2 months) until the old house sold.
To make a long story short, when the old house sold, somehow someone gave the wrong account number of the loan to pay off. Her brand new mortgage for her new home was paid off. Her old swing loan is still outstanding. All of the check she paid for her new home's mortgage are being returned to her since that mortgage is paid off in reality. Her old swing loan is being late charged and more interest is being applied. We believe my mom gave all fo the correct account numbers (both loans are at the same bank). The buyer's (of the old home) title company is saying it is not their fault. I would think they need to make sure the title is free and clear. They say they have the seller sign an affidavit saying it is clear. They don;t have the time to research account numbers. They blame my Mom's real estate person, he blames the buyer's setlement co, etc...
Now, the new mortgage is being reopened but it sounds like she is getting all kinds of new credit checks done. I have a bad feeling she is going to get a new interest rate too.
Where do we begin??
Thanks so much in advance for any advice!!
Dutch
OK her it goes...
My Mom just sold a home and purchased a new home. Her mortgage broker had her get a swing/bridge loan to cover the new home (for approx 2 months) until the old house sold.
To make a long story short, when the old house sold, somehow someone gave the wrong account number of the loan to pay off. Her brand new mortgage for her new home was paid off. Her old swing loan is still outstanding. All of the check she paid for her new home's mortgage are being returned to her since that mortgage is paid off in reality. Her old swing loan is being late charged and more interest is being applied. We believe my mom gave all fo the correct account numbers (both loans are at the same bank). The buyer's (of the old home) title company is saying it is not their fault. I would think they need to make sure the title is free and clear. They say they have the seller sign an affidavit saying it is clear. They don;t have the time to research account numbers. They blame my Mom's real estate person, he blames the buyer's setlement co, etc...
Now, the new mortgage is being reopened but it sounds like she is getting all kinds of new credit checks done. I have a bad feeling she is going to get a new interest rate too.
Where do we begin??
Thanks so much in advance for any advice!!
Dutch