tylerandalexsmom
Seriously addicted to Disney
- Joined
- Sep 17, 2010
It's ok, thank you for your concern. I'm just trying to understand this. The letter the bank sent to me is dated from August 1st, but I just got it today. And the info I have about the sale of the house is that it was going to be finalized in July. So I'm wondering why it took so long to pay off the bank then? And why they took so long to send that letter? There is literally no information contained in the letter from the bank, I've read it at least 10 times, there is just one sentence stating the loan was "paid off/or refinanced" and that is a direct quote from my letter. then 2 paragraphs thanking me for my patronage and offering to assist me with my future financial needs. I guess it's in my favor that he hasn't tried to approach me about this yet, maybe he will just walk away and not try to retaliate. I can drive myself crazy trying to figure out his irrational behavior.
Sorry, I take to long to type my comments and then four more go by before I catch up!
The bank is going to get their money before they let the house go to anyone else. It depends on how the agreement is written, but either your ex or part of the proceeds had to go to paying it off before the new owners could take ownership of the house (sometimes the payment, from whomever, is taken at the closing table, and its done with all the paperwork everyone is signing, so you don't necessarily see a separate transaction). Time can pass between when a house is "sold" and when it at closed (and transfers). When most people say a house is sold, they mean somone offered to buy it, and the owner agreed to the price, and a realtor draws up a sales contract. But it hasn't closed/transferred yet. Some people line up financing in advance, but a lot get a sales contract and then go talk to their bank to finance (they may have been "pre-qualified" before, but now have to do the actual paperwork). Then the bank has to go to work on their end - the loan officer has to get approval for the loan through whatever their policy and procedures are. The bank most likely will get an appraisal done (which, btw, the bank owns, and the owner and purchaser are entitled to copies of, so if the bank still thinks you are a "patron" and still part owner, they might give you a copy of the appraisal to see what it was valued at, but I cant say for sure, depends on the bank). They have to have title work done (which goes through an attorney and can take a little time). And then they have to draw up thr mortgage documents and file thr deed. So while it may have "sold" in June, that was probably when the offer was made and accepted. Then it probably closed in July. And then it probably took a little longer for the bank to do their post- closing and file the mortgage. And so they didn't draw up the letter until that was all completed (August 1 in your case). And it is common for them to take a couple of days to actually get it in the mail after that. Plus then is has to go through the mail (if I mail something here just to go across town, it goes out 90 miles away to be sorted, and then comes back to the same town where it started, so it takes 3 days to got 2 miles!) So the timeframe seems reasonable. The upshot is that equity line had to be paid off before it could transfer. But since he got all the proceeds, he is not entitled to reclaiming any of that from you (he owes you more!) Hope that helps
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