All Topics / Help Needed! / First mortgage not discharged

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  • Profile photo of dr frankdr frank
    Member
    @dr-frank
    Join Date: 2003
    Post Count: 6

    I have just been turned down for an investment loan because I have two mortgages rather than one – this came as a surprise to me! Apparently, when I refinanced – over six months ago – my mortgage was paid out but is not recorded as discharged. Thus, on paper, I have a first mortgage and a caveat. And, the finance company’s lawyer has lost the original mortgage contract and wishes me to resign. They have also said they can’t discharge the first mortgage until I resign the papers. Thus, I seem to have two mortgages registered against the house and no actual contract. I don’t think I should sign anything until they have fixed their mistake and discharged the first mortgage. My partner thinks I should cancel their direct debits until they fix the mistake. Any advice??

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    Talk to your solicitor! I don’t think cancelling the payments will help in the long run as they may turn nasty and put a mark on your credit file, which might then need some explaining later on!

    Cheers
    Mel

    Profile photo of kay henrykay henry
    Member
    @kay-henry
    Join Date: 2003
    Post Count: 2,737

    also, you might wish to report the situation to the Banking Ombuds. They will investigate and make recommendations. They have a lot of clout and finance providers hate if the Ombuds might be involved.

    kay henry

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I had a similar problem with ANZ. I went to sell a property only to find it was not in my name! ANZ never registered teh mortgage at settlement. I used a cheap conveyancer too.

    Talk to teh banks customer complaints section. And it is probably best to speak to your solicitor too – and then ask the bank to pay for these legals fees (they probably will).

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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