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mortgage

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flaplant Guest	Posted: Tue Jun 07, 2011 6:38 am    Post subject: mortgage Like 0 Dislike 0 We have a mortgage that is not registered at the register of deeds office. They have a deed from the last bank we were with, but we did a refinance and the new mortgage was never registered. I have been told that we do not need to pay on this mortgage because of no register of deeds. How would I go about pursuing this? Would I need a lawyer? Thank you. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Guest	Posted: Tue Jun 07, 2011 9:50 am    Post subject: Like 0 Dislike 0 Just because the deed was not recorded, does not make you not liable for the loan or even as a property owner. When you take possession, it implies the deed is valid. So since you have not recorded the deed, you have possession of the property. Therefore, you tool possession and use of the property and are liable to repay the debt. If the bank lost the promissory note, that is the evidence of the debt. If they cannot prove that you borrowed the money, then you can take them to court, which many in the US have done. You might be able to contact a lawyer for any damages from the title or escrow company failing to record the deed.
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Tue Jun 07, 2011 8:48 pm    Post subject: Like 0 Dislike 0 Welcome flaplant, I agree with what the Guest has said. You should contact a lawyer and discuss the whole matter with him. He will go through your situation and let you know what you need to do in this matter. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jun 08, 2011 7:19 pm    Post subject: Like 0 Dislike 0 Whether that mortgage deed gets recorded or not, you are obligated to pay based on the promissory note you recorded. Both Guest and Adonis are running with the premise that the promissory note may not be valid if it has been lost. Nowhere in your post, flaplant, did I see you mention anything of that sort. Unless and until you know that you don't have to pay, you'd better pay. Do you really prefer to run the risk of being foreclosed upon because you have a feeling that you might get away without paying the debt? That would be a foolish thing to do. Calling a lawyer is a ploy you can use, but it's going to cost you some money to find out if the lack of recording invalidates your note. I say it does not invalidate the obligation you made by signing the note. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
unab Joined: 25 May 2011 Posts: 68 9.62 Dollars($)	Posted: Thu Jun 09, 2011 2:32 am    Post subject: Like 0 Dislike 0 Does all lenders give a promissory note ?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Jun 09, 2011 11:29 am    Post subject: Like 0 Dislike 0 Yes; without a promissory note, there is no promise to pay. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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