Mortgage Loan Refinance - Loan Has Disappeared

ArnoldSchwarzenegger on 31/07/2018 - 12:17
Last edited 31/07/2018 - 12:18

Hi All,

I need some advice from the ozbargain community.

About a week ago I refinanced two mortgage loans from one bank to another. I have now setup online banking with the new bank but I can only see my everyday account and one of the mortgage loans. The second mortgage loan is nowhere to be found. The old bank has been paid out for the loan and I cannot see any mortgage loans when logging into online banking.

I have already called up the new bank to ask about the second loan and they said they cannot see anything indicating that there should be another loan and that it usually takes 3-5 days for the loans to show up. It has now passed the five business day mark and still cannot see the loan.

Should I:

  • Keep calling them until it gets resolved?
  • Wait another week and call again and if mortgage still not showing just leave it?
  • Just leave it as I have already called them once and potentially have that second loan forgotten about forever?

Poll Options

  • 37
    Keep calling them until it gets resolved?
  • 2
    Wait another week and call again and if mortgage still not showing just leave it?
  • 9
    Leave it as I've already called them once?
Financial

Comments

  • HighAndDry on 31/07/2018 - 12:28

    Do you have a copy of the loan documents you signed, and all the file numbers/references?

    I'd keep calling, but might have to find a Saturday morning and go into a branch so you can force some answers out of someone.

  • Godric on 31/07/2018 - 12:28
    +12

    Sounds like a positive to have a mortgage disappear

    • rompastompa on 31/07/2018 - 12:56
      +3

      As long as the deeds don't disappear too!

    • HighAndDry on 31/07/2018 - 12:59
      +1

      Until the bank forecloses on your property half a year later with no notice because everything's been disappearing into a black hole…

  • AustriaBargain on 31/07/2018 - 12:44

    Probably it hasn't been linked to the online account yet. But what if they made a mistake and accidentally deleted your loan, that's like free money. Start the car and get out of there.

    • HighAndDry on 31/07/2018 - 12:59
      +1

      Start the car and get out of there.

      And…. take the property with him or?

      • rompastompa on 31/07/2018 - 13:11
        +2

        A building is no match for Arnie's strength.

  • bobbified on 31/07/2018 - 12:54

    I wouldn't complain about a missing mortgage account. Fingers-crossed that they forget about it forever! Haha

  • MrHyde on 31/07/2018 - 12:55
    +2

    But, which bank now has your Land Title. Need to check if that has a mortgage listed on it as it could make it difficult to sell later on.

    • ArnoldSchwarzenegger on 31/07/2018 - 12:57

      Yeah I thought about that. I might wait a few months, call the new bank and say I've paid off the loan and ask for the title.

      • MrHyde on 31/07/2018 - 17:38

        In those months, the bank would have foreclosed on the loan and sold your property without you knowing to recover the unpaid interest.

  • boomramada on 31/07/2018 - 12:59
    -4

    Brilliant, I don't know Ozb can help you making basic decisions?

  • djkelly69 on 31/07/2018 - 13:04

    Are you sure both of the old loans were paid out? If so, are you sure the new bank didn't just do one big loan to payout of both of the two previous loans?

    • ArnoldSchwarzenegger on 31/07/2018 - 13:07

      Yeah both loans were paid out and new loan is only owing the amount of one of the old loans.

  • Ryanek on 31/07/2018 - 13:36

    Keep calling until it gets resolved. There is zero chance a bank will misplace a missing loan. It will eventually catch up with you.

    • bobbified on 31/07/2018 - 14:39
      +1

      There is zero chance a bank will misplace a missing loan.

      Normally, I'd agree with you - but with the Royal Commission going on right now, I bet they're all in the middle of purging incriminating data! There's a lot of projects running right now to "fix" things up!

      • Cheap Charlie on 01/08/2018 - 11:06
        +1

        I can see images of HDDs being fed through the paper shreder

        • Cartman2530 on 06/08/2018 - 15:45

          better than someone i knew, their idea of secure erase was to to print it out then shred it!

          they could not understand how that wouldn't work!

  • whichtyler on 31/07/2018 - 14:34

    Do a search of the land title registry and see if both of the new mortgages are registered against the property.

  • Sofie519 on 31/07/2018 - 14:55

    Make sure to do a title search on the property which will show u the registered owner as well as registered interests (mortgagee) .. start from there, if property shows someone else's name, or shows another mortgagee then u seek legal advice straight away, if everything checks out, then it's a bank admin error.

    Keep chasing the bank via email to have a paper trail, never stop as you will be ultimately responsible for accumulated interests and loan.

    Keep us posted.

  • Neenie Beamer on 31/07/2018 - 15:06

    Definitely keep us posted please! This is one of the most interesting threads I've read in a while! I'd love to know the outcome!

  • ArnoldSchwarzenegger on 31/07/2018 - 19:31
    +1

    Sorry everyone, bit of an anti-climatic ending but just logged in and can now see the home loan. The dream of having only one loan was fun while it lasted.

    • Neenie Beamer on 05/08/2018 - 11:37

      Ahh well it was good while it lasted. Lucky you didn't go nuts with your newfound false sense of equity (ha) and buy a whole bunch of expensive things you normally wouldn't!

  • farknos on 01/08/2018 - 08:32

    yes it was a dream, more chance of a bank giving you 3 loans than 1

  • HeWhoKnows on 01/08/2018 - 22:35

    I dont see the problem.
    If the loan has disappeared then you no longer have to pay it off.
    Go on a holiday and celebrate!
    Pity it showed up.

  • asrey1975 on 26/03/2019 - 13:28

    Arnold, just tell them "I'll be back!"

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