Federal consumer bureau persuaded bank to send deed

Q. Like your recent reader, we also had a problem obtaining our Discharge of Mortgage. Filing a complaint with the Consumer Finance Protection Bureau finally yielded results with getting it recorded. The CFPB advised us that our state attorney general’s office should handle questions about whether the lender owes us a fine for not acting promptly, as that part is different in each state.

A. Thanks for letting us know what worked for you. In some states you’re entitled to $500 if your lender did not file a discharge of mortgage (or reconveyance deed) with the county’s Public Records Office within 30 days of your mortgage payoff. Sometimes there’s another $500 for each of the next two months. Do let us know if you have any luck collecting it.

Meanwhile, here’s the website for a complaint to the federal office you contacted: www.consumerfinance.gov/complaint. Its phone number is (855) 411-CFPB (2372). Each state has its own complaint site as well.

Q. My father is trying to sell a house that started out as a mobile home. It has a cinder block foundation and a large stick-built addition with full basement. Prospective buyers need to get a mortgage, but they can’t find a willing lender. Is there a way to get it reclassified from “mobile” so that he can sell it? (He is 93, and we don’t want him worrying about this!)

A. Does your father own the land under his home? If not, even on a permanent foundation, a mobile home is legally classified as personal property. That may be the problem. A buyer would look for the type of personal loan used for mobile homes or automobiles.

Your father may want to take the question to a couple of mortgage brokers. That’s “brokers,” not “bankers.” If there’s any way to find a loan, they’ll know.

If all else fails, your father may have to sell at a discount in return for an all-cash buyer. Or he could offer to hold a mortgage himself, though that’s probably not an appealing solution for someone who is 93 years old.

Q. I am 73 and moving to Colorado to be closer to my daughter. Would it be better for me to buy or rent?

A. There’s no one right answer to that one. It is a matter of finances and personal preference, depending on a lot of factors about your situation and your daughter’s. I’m afraid you’ll have to figure it out for yourself. Good luck in your new home.

Q. My two siblings and I are trying to sell our parents’ home in an upscale suburb where property values are high. Since neither of us live there, we must depend on a real estate agent to find a buyer.

We are concerned that our agent may be seeing our one-time, outsider interest as less important than that of local members of the country-club set. In other words, getting the highest price for an outsider may not be worth as much to our agent as getting the lowest price for a steady client. We have staked our retirement savings and taken out a mortgage to pay estate and property taxes and haven’t had even one offer in three years — despite other properties nearby selling shortly after coming on the market — and have lowered our asking price to less than the assessed value and significantly less than the going rate for similar land. We are under the gun and feeling paranoid.

A. If your property has been widely exposed through a local multiple listing system and hasn’t sold after three years then, trust me, the problem doesn’t lie with your agent. He or she isn’t going to collect a commission until the place is sold and would, I’m pretty sure, be only too happy to negotiate an offer.

Market value isn’t set by the tax assessment figure. In fact, if the property hasn’t sold after a decent try below the assessment, you have an excellent argument that the figure is in error and your property tax should be lowered.

The only thing that matters is the judgment of the buying public. Clearly, they’ve voted that you’re asking too much. The only way I’d fault your agent is if you’re not getting frank advice about dropping the price until you get offers.

If you offered the place for $2, it would sell in a minute. Somewhere between $2 and whatever you’re asking is the true market value for the property.

Calculate how much you’ve already wasted each month for the past three years while waiting for a buyer, and resolve to stop the drain right now.

Ÿ Edith Lank will respond to questions sent to her at 240 Hemingway Drive, Rochester, N.Y. 14620 (include a stamped return envelope), or readers may email her through askedith.com.

© 2013, Creators Syndicate Inc.