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blkbrd4802 · Joined: 01 Dec 2008 Posts: 2 1.67 Dollars($)

I have first and second mortgage. Both liens were only put on my first property and both mortgage companys neglected to lien my second property which was a vacant waterfront property that I paid $215,000 cash for. I don't think the underwriters read the appraisal properly and both mortgage companies liened only my first property. I am about to go into foreclosure and did titles searches on both deeds and found out that the second property has no liens. I am selling it to my neighbor in a few days for $75,000, in order to have some money to move with. Will this sale be legal in the courts opinion. I am afraid I could be facing criminal charges later down the road.

jameshogg · Posted: Mon Dec 01, 2008 10:35 pm Post subject:

Hi blkbrd,

As far as I can understand from your question, your first property has two liens and you have another property which has no liens on it. You want to sell your first property. In that case, you will have to pay off the liens first and get a lien release certificate. This will help you to get a clear title of the property. Thus, you will be easily able to sell off the property. If the liens are not cleared, there are chances that the buyer will not buy it.

If you are planning to sell off the second property which does not has any kind of lien on it, I don't think you will face any problem.

Thanks

blkbrd4802 · Joined: 01 Dec 2008 Posts: 2 1.67 Dollars($)

You misunderstood. I want to sell my second property but I know the mortgage companies made a mistake and forget to lien it. The apppraial used both properties in order to get the loan.

Niicss · Posted: Wed Dec 03, 2008 1:30 am Post subject:

Hi blkbrd

I think you should speak to the lender about this. There has been a false appraisal in order to give you the loan. This may lead to serious problems for you in the long run. Check with the lender as to what can be done in this situation. You can also contact an attorney and he may deal with the lenders regarding the false appraisal.

Thanks.

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

If the loan docs have both properties encumbered and you know this to be a fact then I would say do not do it.

Go to your paperwork and break out your promissary note.

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no liens against property