Posted by Eduardo (OR) on November 17, 1998 at 13:39:18:
I bought a rental one time with an institutional loan on it and the lender went bankrupt. The accounts were taken over by a savings and loan in another state which a few months later merged with another S&L. They sent me a new payment book which indicated I was making payments on MY OWN HOME! I had to jump through a number of hoops to convince them that they had a loan on a cheap rental house instead of my house. As Barbara indicates, check ALL your paperwork ALL the time. --Eduardo
Posted by Barbara (ME) on November 17, 1998 at 06:52:27:
Keep checking your credit reports. I refinanced a property just when my bank was bought out by another bank. As a result my original mortgage is listed twice on my credit report, showing twice the debt I should have (neither is listed as having been paid) and my new one is not as yet listed.
Also a fellow investor has a FICO of 680. I said I would get some opinions for him what this would be considered if he starts investing in real estate. Thanks in advance.
Barbara (ME)
Posted by Rob FL on November 17, 1998 at 21:57:22:
I had the opposite happen to me. A rental house I own had its bank bought out by Nationsbank in 1996. I applied for another loan with Nationsbank in 1997 on a different property and when they pulled my credit report it showed the other loan as paid in full. Mum is the word as far as I am concerned.
I just got off the phone with Equifax for the same problem. One of my clients is refi. his home and there is a home equity loan listed twice. Can cause a problem if not found out soon enough.