JD Seller- You just described what happened to me. My farm loan was through a local S&L. The S&L got bought by a bigger bank. My original loan...the payment can be made anytime within the monthly due date. I could make the payment on the first or the thirty-first and no problems.
New bank says no we don't like those terms and payments are due on the first of the month and after the 10th they are considered delinquent. I referred them to my original loan papers which stipulated the monthly payment option. The new bank said 'No, we are changing the payment option. No other option'.
Next, I get a call from the 'new' bank saying...'We notice you have a house and barns on the property. You have not sent us "proof of Insurance" for these structures.' I inform them that when the loan was made, it was on 'Vacant' land. I had built the structures since the loan and paid cash to build them. Therefore, I do not need to provide them with 'proof of insurance'. This went back and forth for several months. The 'new bank' started Foreclosure' because I would not provide 'proof of insurance' for the structures on the property.
After months of this, I finally got to talk with a VP of the 'new bank' and told her...'The loan is for the vacant land. I built the structures after the fact and paid cash for them. There is no need for me to provide you with any information on who my structures are insured with'. She read the original deed and contract and finally agreed with me.
Last year, I finally got tired of their stuff and just paid off the remaining balance.
Once again, another reason why I don't like banks. LOL
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