Second mortgage not recorded
I am currently in short sale on my home in florida. I have an approval from my mortgage company and they want the deal closed in 20 days. I called to negotiate on my second mortgage today and they wont seem to budge. I then found out that the second mortgage was never recorded. Also the second mortgage company stated to me several times that the personal loan would not be relieved until the full amount is paid. They also wanted me to sign a second promise note on this. (I wont sign it) My paperwork on this second loan is done as a second mortgage, not a personal loan. Due to the second mortgage not being recorded I can close on this short sale and not include them. After doing so can the second mortgage go after me as if this were a personal loan? How can they state and show their paperwork as a 2nd mortgage, not record it and expect me to pay it as if it were a personal loan. Is this Illigal for them to do this? Yes, it helps in the short sale that the loan is not recorded. But what is the back lash from this if any. I know they can not put a lien on the property after it has been sold.
Replies to This Discussion
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Permalink Reply by Sherrilee Denton on
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Jennifer, sounds like you should seek some legal advice and consult with an attorney that specializes in real estate law so you are aware of your options and rights.
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Permalink Reply by Jennifer McNitt on
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Jennifer,
Could you also add what bank your working with and in what state? This may matter.
I'm a seller also so I don't have answers for you, but I've been working with a real estate attorney. In your case, I would probably suggest having you contact one also. -
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I have a real estate attorney. They are going to go with the short sale without the 2nd mortgage due to the second mortgage not recording the deal. That is why I have these questions. His office told me that I would need a litigation attorney for a personal loan problem. I would love to give the info on what bank it is, cant! I can not let them have a heads up on this matter in any way or they will prob. try to record it before we close. They also wont budge on the amt. They want the full amt. with a promise note stateing that I will make payments forever to pay it off. NO WAY! I will not do that.
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