[WSBARP] Anti-Bank Rant of the Day

[Eric Nelsen]

Reviewing closing documents for a Buyer in a residential purchase. Lender
has an interesting new "Document Correction Agreement" that says "If any
document is lost, misplaced...Borrower will...execute any documentation
Lender deems necessary to replace..." the lost documentation...including a
new Promissory Note. (They do so-kindly say they'll indemnify for the lost
Note.) And of course the Lender's mere request "shall be prima facie
evidence of the necessity for the same." And "failure to deliver
replacement documents can constitute a default," so they'll foreclose on
you if you balk. And borrower agrees to be liable to the bank for all the
bank's damages if borrower refuses to actually comply when the bank comes
to them and says "uhhh...we lost the paperwork, please sign these
replacements."

 

THIS is the industry response to being totally incompetent at their job
for multiple years and precipitating a worldwide economic crash? The banks
can't keep track of their own records, but instead of cleaning up their
own houses, they introduce a new requirement for the borrower to do it for
them, and take all the risk of them losing the paperwork again???

 

Sincerely,

 

Eric C. Nelsen

SAYRE LAW OFFICES, PLLC

1320 University St

Seattle WA  98101-2837

phone 206-625-0092

fax 206-625-9040

 

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