Liberty Bank of Utah Story

I wanted to update everyone that we are still around after 10+ months after refinancing away from Liberty Bank. We have dealt with several different lenders and purchases since last year and we are so happy to be on a great road to financial success.

Leaving Liberty Bank for almost $8000 out of our pocket was one of the best financial decisions we ever made. It hurt us initially but we are now able to focus on more important things than if Liberty Bank is charging us the right amount of interest because it seemed to change each month.

One thing that would really help though with our latest purchase is if we could get Liberty Bank to finally stop reporting that we have an open 2nd mortgage on our credit from them. I think it is amazingly stupid and ridiculous that we might have to call them again after all this time (10+ months) and tell them to update their records. I have a hard time believing that the Credit Reporting Bureaus are completely responsible for updating our records after all the lost paperwork and sensitive information Liberty Bank has lost of ours. I think that most of this problem is still Liberty Bank’s.

Identity Theft note: Hopefully we don’t have to worry about someone stealing our identity because I doubt that everything getting lost over there is getting shredded. For those of you who don’t know what to look for here are some tips on preventing identity theft and what to watch out for with your bank and your personal habits.

Well maybe I’m overreacting. $30,000 of maxed out credit on my credit score has to be good for it. It should help me get some of the best rates and loans for cars, credit cards, houses. It is just hard to completely separate myself from them when they won’t let go of my credit after so long.

I probably just need to call the credit bureaus and make them start the investigation. Then at least they get to deal with Liberty Bank and not me.

Let me know if you have had similar experiences with Liberty Bank or any other bank by commenting on this post or by emailing nightmare@libertybankstory.com.

Liberty Bank - The True Story

Never have I understood the importance of a good mortgage loan servicer until my latest home purchase. I have always heard the stories of mortgage companies that are always selling your note and you never know where to send your check.

I have also heard of people getting stuck with a company that doesn’t have a great way to make payments or know what your payoff balance is. These can be frustrating but I feel like we have one of the best stories around.

We were referred to Liberty Bank of Utah last year by a friend who said we could get a grant for working with them. The grant was legit and we thought five thousand dollars would be a great way to put some equity into our home upfront. Troubles started to arise though when we got to closing. Documents (REPC) were lost multiple times (ten or more) and it seemed they would never get things straightened out.

We went into closing two weeks late after yelling at them to get things worked out and they had the wrong names and property address on everything. So we waited while they fixed them that night for two hours only to have them sent over wrong once again– the loan note terms were wrong.

So we left and the lady at the title company said “Who are these people? Is this their first time doing this?”. Two days later she called us and said things were ready once again but in reality it wasn’t ready because they had misspelled names and had the wrong address on the note again.

This time the lady talked them through putting it in their system so they could get all the names and addresses in correctly. Somehow it worked out that night after another two hour engagement that was only supposed to be 15-30 minutes. We thought we were done but two days later the title lady called me up and said that Liberty Bank did not have a REPC and wondered if we could fax them one.

She also said we needed to come in and sign another document for Liberty Bank. She told me what it was and I said we already had signed it and she agreed but said Liberty Bank must have lost it. So I took my lunch hour and went and signed this again. My wife got the kids ready and met me there to do the same (not an easy thing to do).

A couple days later the title lady called back again and said that Liberty Bank had lost some other crucial document and that in order to fund we need to come back and sign again. She was mad at them and so were we because it took two weeks for funding to switch hands because of lost documentation. Finally this is over we thought.

Should have been our first clue to leave this company while we still had the chance.