March 2nd, 2010 11:12 PM by Eric Fang
In Computer Programming, we have dangling pointer(C or c++). We had similar problem with a HELOC.
The borrower has this HELOC about 7-8 years ago, never touched it and the borrower indeed did a refi about 6 years ago and this HELOC neither closed nor re-subordinated, but it is still on the prelim(Don't know how that happened).
And we will do refi in 21st century now, and the new lender requires this old "relative" needs to be closed. But so far we googled all the phone numbers related to this new lender, all phone numbers disconnected.
The rumor is that this company was acquired by a small company, then wamu, then chase. And the borrower did not have any other contact info.
I don't know what will happen if the borrow wants to sell the house in the future if this dangling "pointer" not removed.
MR Bernanke, can you help us?