F.U.B.A.R. or Closing As An Abortion (Part II)

I'm going to have to go back to the very begin for this to make any sense. Or, at least I hope it makes sense.

Back around 1998-1999 a gentleman in our area bought a huge parcel of farmland. He financed this through a bank since it was large purchase. Then, he subdivided this parcel in to lots and began to develop a subdivision. People paid for the lots, he paid his bank, and the little pieces of land were released from the larger original parcel. Or, that is how it is supposed to work.

Back in 2001 I bought two lots in this subdivision. The gentleman in question owner financed it to us. In 2003 we sold one lot to someone living in California. They bought it as an investment and the lot has sat undeveloped ever since that time.

We took our profit and used it to move the Devil Queen. We didn't have enough money to do it all, so we took out a construction loan with a local bank. The bank paid off what we still owed on the lot and rolled that amount in with the construction loan so it was one big package now. This was also in 2003 or so I believe.

Things went on and then we "finished" the Devil Queen in the summer of 2007. We had the Devil Queen appraised and took out a real mortgage. The construction loan was paid off at this time.

The bank then sold our mortgage to the secondary market.

All of these transactions took place without a hitch. No problems with the title company et cetera.

Now, in 2009 we try to sell this goddamned, godforsaken house and we can't. Or, at least not yet.

Why? To be honest, I am not one hundred percent sure. If I understand it correctly, the VA or whoever is financing our buyer isn't happy with the level of documentation provided. They want a "letter of release" stating the developer released the property to us when we paid him off with the construction loan some 6 odd years ago. Until today, no one has been able to find a copy of this document or documentation proving that we paid. As of 10 AM or so, the title company had located this information. Everything is okay, right? Nope. No fucking way.

See, there is another snag. Sometime in the last year or so, the developer defaulted on his payments to the bank for the original note on the original parcel. So, everything involving the master parcel is being handled by a bankruptcy attorney for the bank in question. So, everything has to go through them for approval. As of 10 AM today, the title company sent off all the documentation they'd requested so that the bank could issue another letter of release or something of the like. I really don't have a full grasp of these details. In any case, the buyer, the realtors, the title company, and I have been waiting since 10AM for a goddamn bankruptcy attorney in Nebraska to respond to an email. At this point, I'd gladly choke the bastard half to death.

Not that you probably care, but if you happened to be a bankruptcy attorney in Nebraska reading this, respond to your fucking email because you're completely screwing up about 10-12 people's lives down in Arkansas. Thank you.