Posted on: 23rd Nov, 2012 01:35 am
this is the first time i've paid off a mortgage and today i received a letter from hsbc, who i had my loan with, and i'm puzzled with the contents of this letter, it goes: “we were unable to locate your original loan papers. please accept this letter as a paid in full receipt for your account number.†so where to go from here? where to get the title, how to go about it? i did refinance 10 years ago, so is that why they don't have the original loan papers, and are they necessary?
If they are unable to locate the original papers of your mortgage, then you may not be liable for paying that mortgage any further!! The lender won't be able to prove that you have taken out a loan.
Hi karl,
It is quite strange that they don't have your original mortgage papers. You should contact an attorney and check out whether or not it is mandatory for you to pay off the loan now as they don't have the loan papers.
It is quite strange that they don't have your original mortgage papers. You should contact an attorney and check out whether or not it is mandatory for you to pay off the loan now as they don't have the loan papers.
It should be the responsibility of HSBC to keep your original loan papers. If they tell you that they have lost them, then you are in no way responsible to repay the loan anymore. This is because they have no proof that you had taken out a mortgage loan from them. So, it is useless paying them for a loan of which they do not have any original document.