One year ago I re-mortgaged my home with First Franklin Loan Services. However, First Franklin did not at that time release the old loan. It is still on their books as an outstanding loan even though it shows a zero balance.
I discovered this when I applied for a personal loan with my local bank. My credit is excellent and they were more than willing to give me the loan I requested. That is until they ran a title check on my home and discovered that there were two (2) outstanding loans on the property. Ops! Sorry, you will have to get in touch with your loan company and have them release the zero balance loan from the books. Just a small technicality. Shouldn't take more than a phone call. Right.
That was over two months ago. I have called, FAXed, called again, talked to a "supervisor" re-FAXed the information they requested. Nothing, nada. They tell me it is a bookkeeping error, and that they have forwarded my request to the bookkeeping department. They will not give me a phone number to the bookkeeping department. Seems bookkeeping is off-limits to customers. Every time I call customer services I talk to a different person. Each time they no nothing of the situation, and routinely ask the same questions like it is the first time. So, I am left with no loan, and no way of resolving the problem short of engaging my lawyer.in the meantime my credit rating is on hold, and I am unable to move on with business plans.
Personally, I think their actions are deliberate. I assume there is some monitary value to them in keeping my zero balance loan on the books. There are probably thousands of similar outstanding zero balance loans on their books.
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