Money lenders will do anything to deny a loan if they don’t think they payout will be worth it! There are dozens of reasons why loans might be denied, and most of the are fair. In this case, however, it seems that their reason is beyond ridiculous…and his lawyer knew just how to handle their letter! He did go to law school, after all!
A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply:
“Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral back to 1803. Before final approval can be accorded, it will be necessary to clear the title back to its origin.”The lawyer responded as follows:
“Your letter regarding title in Case No. 189156 has been received. I note that you wish to have title extended further than the 194 years covered by the present application.
I was unaware that any educated person in this country, particularly those working with real property titles, would not know that Louisiana was purchased by the United States from France in 1803, the year of origin identified in our Abstract of Title. For your edification, I should explain that title to the land in question was acquired by the United States by purchase from France, which had acquired it by right of conquest from Spain. Title to the land had come to Spain by right of discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the then reigning monarch of Spain, Queen Isabella. The good queen, being a pious woman and careful about titles, had taken the precaution of securing the blessing of the Pope before she sold her jewels to fund Columbus’ expedition. The Pope is the emissary of Jesus Christ, the Son of God. And God created Louisiana.
Now, may we have our damn loan?”
His letter contains just the right amount of sarcastic wit to put them in their place! Although while he is technically correct, they still might deny it… These loans are tricky. So the lesson is…hire a snarky, witty lawyer, and maybe you’ll have a fighting chance!
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