[zerioustt]

Originally Posted by blu4door

Tilte insurance? My problems had nothing to do with title insurance.

It had to do with the mortgage company selling my loan to another mortgage company. Instead of doing a transfer, they did a satisfaction. Now, 4 years later I sell the house and when the buyers lawyer did a search on the property it came back lein free. When my lawyer called to have the problem corrected, they satisfied it again, which was the correct thing to do. 3 weeks later the sheriff delivers me a certified letter stating that the mortgage company is suing me for the entire loan, which was satisfied twice by them, to collect the money that they were out.

Thats not the only problem that I had with mortgage companies, and not the only company that i had a problem with. In total, I have had a headache dealing with 3 seperate mortgage companies.

IMO the problem with a mortgage company is that they are to impersonal. They have to many people doing the same things seperately, and overlook obvious details that a normal bank would cover.

Again IMO An actual bank is the better option, since you know who will be holding your loan. It won't get sold a week after you take out your mortgage. And if you do happen to have a problem with your loan it is as simple as going to the bank and sitting down with someone, instead of talking to 3 different people who tell you 3 different things and none of them have any knowledge about your mortgage.


I had done an 80/20 mortgage. The first mortgage (80) was sold to one mortgage company and the second mortgage (20) was sold to a different mortgage company. Company number 2 contacted my insurance agent and had themselves listed as the holder of both mortgages.

I have a couple more examples of the idiocy of mortgage companies, that has happened to me personally, but I will let this thread for helpful tips, not horror stories.

title insurance helps covers all that i believe...http://en.wikipedia.org/wiki/Title_insurance