Banco Popular de Puerto Rico Mortgage Complaint

Banco Popular de Puerto Rico Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Kansas

MORTGAGE COMPLAIN FILED BY : - - - - : - TELEPHONE : - - - - : - TELEPHONE : - : Approximately around - -, my wife - and I, - -, applied for a re-finance loan with Popular Mortgage, a subsidiary of Banco Popular of Puerto Rico. This subsidiary currently manages the mortgage which we are currently holding for the house. Everything seemed to be going well ; we completed all the paperwork and paid the application fee of $570.00. Time began to pass and we lost all communication with Popular Mortgage. I sent multiple e-mails inquiring about the loan and only got half answers. Finally in - -, Popular Mortgage informed us that they were denying us the re-finance loan because of a wording '' issue with the title. They argued that - single word in the tittle invalidated the tittle, thus they were not obligated to complete the re-financing action. BACKGROUND INFORMATION : The property in question is located in -, -, - -, kilometer -, sector -. The house was purchased


no legal justifications that would preclude us from qualifying for the new loan. As a matter of fact, my wife and I just completed a re-finance loan for our current residence on - -, - with - - Bank for the amount of $280000.00. The house was sold by - - - in -. The house was built in - and it included a total of - square meters. Prior to the construction, - - divided the land into - plots : - of - square meters for the main house and - for - square meters that was given to the architect that drew the construction plans for the house. The -, district of -, - - approved the division of land on - -, -. On - - -, my wife and I hired a land investigator that reviewed the records in the - - - in -, - - and confirmed that the request for division of land had been submitted officially as follow : VOLUME : - CHAPTER : - TOWN : - PROPERTY : - INSCRIPTION : - page - of the purchase agreement title, the notary wrote the following statement : All individuals involved in this land purchase understand that the registry of this land and its current status are in good standing with the law and that under his best knowledge ( notary ) this land title study reflects the current status of the title ownership. Popular Mortgage stated on e-mail dated - - - that the registry of the land in which the house was built did not comply with the statutes established by - ( - of - ) and that the - - '' statute has not been met. This argument is irrelevant to the re-finance action, since it refers to a directive to annex the plot of - square meters to the plot of land annexed to it. The plot of land in which the house rests ( - square meters ) is registered legally in - as verified by - - -, title investigator, who was hired by both my wife and I to verify the land registration in question. BOTTOM LINE:1. Popular Mortgage agreed to finance the purchase of the house in question in - with the SAME documentation ( titles, notaries, etc. ) that they now argued to be invalid. 2. Under - - law, it is the lender ( bank ) who 's responsible to ensure that the title is in good standing ; not the buyers. 3. If