How about a Real Estate Transfer Fee and the ever popular New Jersey Exit Tax. Another Bank Of America horror story...I'm shocked. Even though we have it rough here our situation is chicken feed compared to yours. Glad you had the strength to hang in there till the end, I think some places count on customers giving up the fight because it's a hassle. You must let us know when you have the closing check in your hand...we will have a virtual celebration.:a040::pray:

Very good advice however we’ve always had title insurance -- it’s not optional the banks require it.

Title company clears title retrospectively – not prospectively. If a filing is done improperly after the mortgage is issued no one knows until the next transaction when a new title insurance company looks back at the title chain. My successful claim on Bank of America was for a refi that occurred in 2002! And Bank of America’s improper discharge of the mortgage created a tax liability not a challenge to our ownership nor a claim/lien against the title so the company has no liability. Despite this, and understandably, buyer’s title company wants the chain corrected.

The 2nd problem, unrelated to the above, is nothing we could have predicted nor prevented since we had nothing to do with the transaction. Chase bought our mortgage from Staten Island Bank but neither filed an assignment so technically we are listed as currently having both mortgages open on NYC’s books. It is an administrative step that was overlooked (I don’t know which bank is responsible). Staten Island has not come after us since they have their money and there is no lien or credit report issue, so there is no title insurance company liability. We were not aware that there was a problem until we went into the sales contract. The buyer’s new title insurance company wants everything cleared up before they will insure. I can’t say I blame them nor do I want this sword of Damocles hanging over our heads.

What a mess. After navigating through all this legal stuff, you might want to try sitting for the bar.........and, for sure, at the bar.

Is there anything buried in your paperwork from the mortgage that originated with Staten Island Bank that said they were required to notify you if your mortgage was being sold? If that wording is in there, maybe you can get help from that end. -- Kind of a reverse engineering approach. If they were in violation of such wording, they might have a more active interest in following up by doing what they were supposed to do in the first place, file the mortgage release. Retro though it may be, I would think it would enter into and help with that paper trail you need.

I have heard that the failure to file mortgage releases is often a problem that shows up when titles are searched.

Not-a-Lawyer Boomer

Thanks Boomer,

Funny story. Chase held our mortgage many years ago. I was unhappy with their servicing in that they consistently paid our property taxes late which incurred fees which were then paid out of our escrow. (Our house is on 1 tax lot and our 4 garages on another tax lot). I spent so much time on this issue that at one point DH said – do your realize the late fees are so small that it simply is not worth the time and emotion you are putting into it. I finally, albeit reluctantly, relented.

When we refinanced I chose Staten Island because as a small local bank, they promised that I would be able to pay my own property taxes but I had to wait until after we closed and then I could submit a form. Ha – fake out. Right after our 2nd mortgage payment we received notice from them (and from Chase) that our mortgage had been assigned and that future payments should be directed to Chase. Sigh. Sometimes, as the song says, you just got to let it go, let it go.

Now, many years later we find Staten Island Bank has long been gone – taken over by SI Bank Corporation then absorbed into Santander. Our lawyer has been in touch with Chase’s local counsel to research and get it rectified. I would have preferred to handle it myself since, unlike our lawyer, I’m a bulldog on issues like this and would work 24/7 until it is resolved. I’m also not above threatening, begging, using the senior citizen trump card and calling television consumer advocates. But it’s out of my hands. We are at the tail end of this ongoing madness and I’m optimistic that a closing date will be scheduled soon.

We got great news this morning – our tenant is closing on Tuesday on his house so if all goes according to plan, he should be out next week.

The bar idea sounds great – hmm Margarita or Apple Martini? Maybe a neat Jack Daniels. Another thing to look forward to in TV!