All Forum Posts by: Jeremy Namen

Thanks for the responses. Steven Hamilton II, i bought from an llc that i used to be 50/50 partnership in. a different llc in which i am sole owner became the buyer. this llc was the buyer for my only 2 prior purchases which were funded by the same lender as the one we are speaking of. I only had my legal given name on the purchase agreement yet .......
Simon Campbell yes this bank is insanely out for ONLY their best interest. But isnt the title company to hold the purchase agreement and its fundamentals to be of some importance?
I guess my question is the purchase agreement in real estate a part of the WHOLE contract and evidence of the meeting of the minds and my intent?

I think this is of such basic nature that it has everyone baffled!

Sounds like a moronic question but I have a deal in which my lender required myself and another one of their customers(former biz part) to form a sales contract on a property that i wanted personally. The sales contract showed the seller as the LLC(formerly half mine) that owned the property and myself, individually as a person as the buyer.
All said and done the bank did it their way and listed myself and an LLC (mine) as the borrower.
My person is the co borrower and the sole guarantor.
My LLC is the co borrower the and titled owner and grantor of the Deed of Trust.
Anyone else think this is wrong?

You could always submit a contract to the bank to have the work done and take it from your escrow. There should be a profit to be made as well.
At least here in Mo you need no special license to contract/manage a roofing job.

I like Bills suggestion of getting more info from the bank. But do it as though you believe what they have given you is true and that you merely want to check their credentials. Dont show any disbelief you dont want them to perceive you as a potential problem.

Bill if you knew the full story of my experience with this bank you would see that their mind is all that matters.. It has been a hell of an intro to the world of bank lending!

Could be a roofer from another state or licensed in another state with contact info not correct or updated. if they are trying to deceive you into releasing funds yes fraud but I doubt a bank risk this for a tenants rent money.. they have been doing stupid things but this reward to risk factor would be crazy.
Also dont fail to realize that they themselves may be relying on this info from another source and actually that would be an easy defense

Bill so you are thinking it was a mistake on their part to include it in the promissory? it has been over a year since i received their letter of satisfaction and stamped paid note, but the lien is still there. should i ask them to release the lien?
David C. i hope you can understand why i wasnt able to absorb what you are now suggesting from you initial response. i appreciate your insight

Bill tht is my fear, that they are holding that DOT bc they paid off its note with the new loan. And this was not the plan.. The 3 properties of the new note had the value (bank appraisals) and were bought at a price to afford the payoff of the old loan. But then im back to why wouldnt they have just made the new DOT to include this property as well?
And just for reference...If I cancel a future obligations clause does that only affect obligations after the cancellation date?

David C.why do you even have to chime in with the attitude- I am not expecting anything of them- If i agreed to that then Ill live with that. I did not see this on the DOT initially- I think they possibly made a mistake- Get a little more info before you start accusing people of having a sense of entitlement or being irresponsible or whatever else it is that makes you so disgusted haha relax man im just here gathering info im not gonna bankrupt the faultless bank.
Jon Holdman The old note only contained one property it has been paid. Im confused on how I stated different. they sent me the stamped paid promissory but left the lien. The property which has been paid was not one of the 3 properties in the newer loan. The new DOT references the correct properties and loan amount. the new promissory references the new DOT but it also references the old unreleased DOT. So I have an obligation of $350k but they have security of $450k. Which i know is fine but shouldnt they if they intended on keeping the old DOT just added this property to the new DOT?
Again im just trying to gather expertise insight or opinions of others on the situation not here to get engage in any negativity.