Bitten by the Banking Wars

My “banking career” began in the early 70’s of the previous century and ended with my retirement in 2013. In the 80’s and 90’s the bank failures and buyouts created havoc in the industry and the lives of many workers and their families. My close friends and coworkers in IT managed to survive as many as 5 takeovers during that period and were involved in the conversions to their computer systems and hardware. Other people contributed heavily in the conversion to the “new” bank’s way of doing business.

My wife and I obtained a mortgage to buy our condo in 1989 with the bank I was working for at the time, Bank of Boston CT. I was working for Bank of America when we paid off that mortgage in 2013, just before I retired. Over the life of that loan, it changed hands from one mortgage lender to another.

I am currently in the application phase for a Home Equity Loan with Bank of America to make some needed home repairs. This application required financial forms and verifications to be obtained and attached, and the bank was very helpful with the process.

But guess what showed up yesterday? An existing lien on my home from the original Bank of Boston CT mortgage. Total nonsense. I’ve been through at least one title search since the loan was paid off and no lien showed up. This should be interesting. A bank that no longer exists making claim to my home. This may cause a lengthy delay in the current loan application’s completion. Or hopefully I’ll be lucky and it’s an easy fix.

I think a conversion plan dropped the ball in at least one of those buyouts and allowed that lien to come alive again on a list somewhere. It should have been closed out.