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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: is this legal? Posted by Ward-CA- on June 17, 2001 at 0:38 AM In Reply to: is this legal? posted by erik on June 16, 2001 at 5:12 PM : i am in the process of selling my home because i can no longer afford the payments. i called my first and second mortgage companies to make them aware that i can't make the monthky payments on my home because of a job reduction in pay and that i was trying to sell my home. both companies agreed that they would prefer that i would sell my house and pay them and avoid foreclosure. i found a buyer and was ready to close on this past monday. however, when my real estate agent called my first mortgage to get the pay-off amount, they told him that they would refuse payment and prefer to get their monies from H.U.D. : to me, that doesn't make any sense to refuse my payment of the entire balance. money is money. i haven't recieved any notice of a foreclosure. my questions are why won't they take my money? is it iilegal for them to refuse payment? should i contact HUD and report this? =•=•=•=•=•=•=•=•=•=•=•= Seems ludicrous to me also. Like you say, money is money. One would have to conclude that somehow seeking payment from HUD was better for the 1st than getting paid off by you, but how I don't know. I don't think it would hurt to talk with HUD about it. I just don't think they're going to tell you anything that will make sense of this either. Perhaps, for your own use in the future, you might get a sworn affidavit from your agent about the 1st's statement that they would refuse a payoff from you. I would try again to pay off the bank. I would not take no for an answer, I would just go up in their chain of command as far as I could, collecting each person's name as I went. If you still couldn't effect the loan payoff the second time then I'd write a detailed letter directly to the President or Chairman of the Board of the bank and include the affidavit of your agent. Also I would send a copy of that letter and affidavit to your state's banking regulators, asking them to intercede on your behalf. Good luck. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : i am in the process of selling my home because i can no longer afford the payments. i called my first and second mortgage companies to make them aware that i can't make the monthky payments on my home because of a job reduction in pay and that i was trying to sell my home. both companies agreed that they would prefer that i would sell my house and pay them and avoid foreclosure. i found a buyer and was ready to close on this past monday. however, when my real estate agent called my first mortgage to get the pay-off amount, they told him that they would refuse payment and prefer to get their monies from H.U.D. : : to me, that doesn't make any sense to refuse my payment of the entire balance. money is money. i haven't recieved any notice of a foreclosure. my questions are why won't they take my money? is it iilegal for them to refuse payment? should i contact HUD and report this? : =•=•=•=•=•=•=•=•=•=•=•= : Seems ludicrous to me also. Like you say, money is money. One would have to conclude that somehow seeking payment from HUD was better for the 1st than getting paid off by you, but how I don't know. : I don't think it would hurt to talk with HUD about it. I just don't think they're going to tell you anything that will make sense of this either. : Perhaps, for your own use in the future, you might get a sworn affidavit from your agent about the 1st's statement that they would refuse a payoff from you. : I would try again to pay off the bank. I would not take no for an answer, I would just go up in their chain of command as far as I could, collecting each person's name as I went. : If you still couldn't effect the loan payoff the second time then I'd write a detailed letter directly to the President or Chairman of the Board of the bank and include the affidavit of your agent. Also I would send a copy of that letter and affidavit to your state's banking regulators, asking them to intercede on your behalf. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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