word to the wise - Posted by Barbara (ME)

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

word to the wise - Posted by Barbara (ME)

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)

Re: word to the wise - Posted by Rob FL

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.

Re: word to the wise - Posted by JLM

Posted by JLM on November 17, 1998 at 14:51:31:

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.