OfflineEthical Dilemma: Was closing on C4D today, am selling to my tenant/buyer (before Dodd/frank)and my title company informs me that the property shows a satisfaction of mortgage. Huh? Apparently a house I sold outright to a different tenant buyers back in November had the lien paid off but my bank filed the satisfaction for a DIFFERENT house that they hold the mortgage on. My title person told me, technically you could stop paying on this house and they could never foreclose on you. So selling the house in November accidentally wiped out an additional 90k+ worth of debt. I know what I am going to do about it, but wanted to hear what others would do in this situation.
Lets hear it!
Cathy B
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http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
So if they filed the satisfaction for the wrong house, does that mean the property you sold in November still has a lien on it that should have been recorded as satisfied? Did they file a satisfaction on 2 properties or just one? Is there a property with a lien satisfied, in error, along with a property that now has a lien on it, in error? If that's the case, it will become an issue somewhere down the line. In the interest of keeping yourself out of court at some time in the future, just sort it out now.
That was purchased, no longer has a lien on it the lien was paid with proceeds from the mortgage the buyers got. The satisfaction wasn't filed on it, but it does show the lien was paid. Obviously if it wasn't I would have gotten a "you are behind in payments letter".
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...