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If anyone has ever had trouble getting a mortgage, read this! (funny!)

post #1 of 14
Thread Starter 
This just cracked me up when I read it! The FHA (Federal Housing Authority) can sometimes be a real pain when it comes to giving mortgages. Oh, this was so good to read!

(If you've never had a mortgage before, an 'abstract of title' is a a report that shows all the owners/previous owners of a single property used to prove the person taking the mortgage actually owns the property.)

The reply letter is priceless

"New Orleans residents are challenged often with the task of tracing home
titles back potentially hundreds of years. With a community rich with
history stretching back over two centuries, houses have been passed along
through generations of family, making it quite difficult to establish
ownership. Here's a great letter an attorney wrote to the FHA on behalf of
a client that I thought was absolutely priceless!!
You've gotta love this lawyer....... it's too good not to share!

A New Orleans lawyer sought an FHA loan for a client. He was told the loan
would be granted if he could prove satisfactory title to a parcel of
property being offered as collateral. The title to the property dated back
to 1803, which took the lawyer three months to track down. After sending the
information to the FHA, he received the following reply.

(Actual letter): "Upon review of your letter adjoining your client's loan
application, we note that the request is supported by an Abstract of Title.
While we compliment the able manner in which you have prepared and presented
the application, we must point out that you have only cleared title to the
proposed collateral property back to 1803. Before final approval can be
accorded, it will be necessary to clear the title back to its origin."

Annoyed, the lawyer responded as follows:

(Actual letter): "Your letter regarding title in Case No. 189156 has been
received. I note that you wish to have title extended further than the 194
years covered by the present application. I was unaware that any educated
person in this country,
particularly those working in the property area, would not know that
Louisiana was purchased, by the U.S., from France in 1803, the year of
origin identified in our application. For the edification of uninformed FHA
bureaucrats, the title to the land prior to U S ownership was obtained from
France, which had acquired it by Right of Conquest from Spain. The land came
into the possession of Spain by Right of Discovery made in the year 1492 by
a sea captain named Christopher Columbus, who had been granted the
privilege of seeking a new route to India by the Spanish monarch, Isabella.
The good queen, Isabella, being a pious woman and almost as careful about
titles as the FHA, took the precaution of securing the blessing of the Pope
before she sold her jewels to finance Columbus' expedition. Now the Pope,
as I'm sure you may know, is the
emissary of Jesus Christ, the Son of God, and God, it is commonly accepted,
created this world. Therefore, I believe it is safe to presume that God
also made that part of the world called Louisiana. God, therefore, would be
the owner of origin
and His origins date back to before the beginning of time, the world as we
know it AND the FHA. I hope you find God's original claim to be
satisfactory. Now, may we have our loan?"

The loan was approved."
post #2 of 14
There are some pretty smart lawyers out there!
post #3 of 14
LMAO!!!!! That is so funny!! I wish I could be that witty. And that smart.
post #4 of 14
Too humorous!!!
post #5 of 14
Ha Ha!!! Thanks for an end of the day laugh!
post #6 of 14
Oh that's toooo much!
post #7 of 14
Very nice!!!!
post #8 of 14
LMAO...that's great! We had a shade of that kind of idioticy when we bought our house...it had been in the same family for the last 150 years, and the good learned mortgage folks couldn't fathom that it had been passed down all that time with only two recorded transactions It had also been expanded without a building permit and rented out for years without a proper cert of occupancy...do you think they were really paperwork people???
post #9 of 14
Thread Starter 
Quote:
Originally Posted by JellyBella View Post
LMAO...that's great! We had a shade of that kind of idioticy when we bought our house...it had been in the same family for the last 150 years, and the good learned mortgage folks couldn't fathom that it had been passed down all that time with only two recorded transactions It had also been expanded without a building permit and rented out for years without a proper cert of occupancy...do you think they were really paperwork people???
Wow. Nothing personal, really... but in my line of work... you're my worst nightmare come true!
post #10 of 14
that was great!
post #11 of 14
Bet the finance company felt stupid.
post #12 of 14
Quote:
Originally Posted by MuttigreeMom View Post
Wow. Nothing personal, really... but in my line of work... you're my worst nightmare come true!

I know I wouldn't have wanted to be the person to make it all out, but actually, I'm sorry to say it's not all that uncommon in some of our older cities. These people were really exceptional, but that same lazy ethic also kept them from "remuddiling" the house's old charm.
post #13 of 14
omg! the lousiana purchase was like 1 thing i always remembred from high school because jefferson used to be my favorte president. he wrote such beautiful stuff. 'when in the course of human events', 'i swear upon the altar of allmighty god eternal hostility against tyranny of the mind of men', '4 score and 7 years ago', 'life, libertety and the pursuit of happines'. and his house in virginia is sooooo awesome. its beuatiful!



but then i found out there was a president name garfield. now he's my fave, lol!!!
post #14 of 14
Thread Starter 
Quote:
Originally Posted by JellyBella View Post
I know I wouldn't have wanted to be the person to make it all out, but actually, I'm sorry to say it's not all that uncommon in some of our older cities. These people were really exceptional, but that same lazy ethic also kept them from "remuddiling" the house's old charm.
Well did you get a good deal on the house at least? After all that, I would have asked for money off the purchase price for 'emotional anguish' or something

I used to do searches in NY (and some other old cities across the US). You're right, it's not uncommon... just a nightmare! I once had to do a search on the name "John Smith" back to 1850. Searching the name John Smith is bad enough, but 1850! At that point you're getting into handwritten documents that haven't been preserved well over the years. After five minutes you're convinced you will go blind

I think that's why I like FL. I've only come across one search to 1880 since I got here. Everything else is new construction, except a handful that go back to the 50's. Made my life a heck of a lot easier
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