We had not closed out things with Bank #1 just in case we hated Bank #2. I was busy doing stuff around the house and did not get around to opening the mail until 6 pm. I found a letter from Bank #1. It stated in not so nice terms that we did not have insurance on the new house. Bank #1 threatened to purchase insurance for us and we would pay whatever they decided to charge. I was livid.
We do have builder's risk insurance and have had it long before we signed any loan paperwork with Bank #1. To make matters worse we had submitted all of the policy information to the less than organized loan officer at Bank #1. What she did with it, I have no idea.
The following day I put in a call to the insurance department at Bank #1. They had no record of any insurance policy. To stall them I submitted the policy information. I then called the customer service number for Bank #1 and got the loan payoff amount.
You may wonder why we needed to pay off a loan when we never received any money. Bank #1 took us for quite a bit of money in fees. This was very clever on there part. They made money for doing absolutely nothing. I was angry enough with them to pay this amount and consider it a lesson learned.
The lesson - if you have a bad feeling about a person's professionalism, take heed. It also pays to check around and talk to other people. Once we started having major problems with Bank #1, we discovered that many other people did too. We never had to tell anyone the name of Bank #1. All they had to hear was bank problems, and they could tell us the name.
So sorry for this mess. But glad you have it fixed now, even if it cost you a bit. Moving on to better things now.....
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