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Home loan was never recorded?!?!

Posted by Smitty on February 28, 2013 at 7:57am in Short Sale Discussions

I have a Chase primary and secondary loan.  The primary is going to be paid in FULL but we have to short the secondary.  The problem is the primary was never recorded.  We've been trying to find out WHO can help us for the last 30 days at Chase - it's gone to the office of the President and still NOTHING.. no one can seem to help.  I escalated to Fannie Mae who directed me back to Chase - Anyone have a clue where I can call to get this lien perfected?

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Replies

  • Ghana Bigsby March 10, 2013 at 8:47am

    Hello Smitty.

    How is this transaction moving along?

    Please let us know how you were able to solve this matter if already closed.

  • Ghana Bigsby March 6, 2013 at 3:40pm

    Not sure where we got lost.

    In the past when I came across an issue that involved anything that may be covered by title insurance, I contacted title.

    I was also able to get my clients legal help by contacting the title company's legal department. The title company did not dispute our then issue. They bent over backward to help my client. All at no cost. I have only had to have a client contact an outside attorney for fee once. This is not the type of problems I come across often.

    I discovered Smitty is in New Hampshire. So I think this property is also in New Hampshire.

    Yes I agree the debt (the NOTE) is still owed. (as long as the note did not go missing ) :O. 

    We are talking about the lien position issue here. Currently there is no lien position for the missing trust deed until it gets recorded. As you mentioned and New Hampshire regulations points out, lien position is based on the timing of the recording.

    Thanks for kindly replying.

    • Judi Fiolle > Ghana Bigsby March 7, 2013 at 7:20am

      agreed Ghana.I do not think an attorney is necessary if a simple call to Title can cure the issue. 

      • JACK L UNTHANK > Judi Fiolle March 7, 2013 at 7:42am

        If the 1st and 2snd is with Chase I would think they would know about the 1st and would not close without it.

        I'm sure if you contact Chase it can be handled rather quickly.

    • 31cg1fw8yxswn > Ghana Bigsby March 6, 2013 at 6:23pm

      The issue is NOT title.  Title is perfected. If the "first" is a deed of trust or mortage either way it is not perfected and is a second not a first. The issue is position and rights and who to negotiate with legally from the first position.

      If the "first" is not recorded then legally there is no reason, need or purpose in any discussion with them (especially as a first). A clossing can legally happen without them!

      The issues beyoond that are for attorneys to give legal opinion on before anyone does anything. No real estate agent should be trying to make these kinds of decisions as they are legal not real property transactional.

  • Ghana Bigsby March 6, 2013 at 2:12pm

    I'm sorry Judi, I am confused by your comment to me.

    This topic is specific to real estate "trust deed" recording issue. Deeds and Mortgages have specific recording regulation based on the location of the property. This is not a California property.

    I did not imply that any trust deed was INVALID.

    Maybe you did not noticed, but my first suggestion in this thread is to contact the title (not escrow) company.

    My suggestion remains the same.

  • Ghana Bigsby March 6, 2013 at 5:15am

    Hi Smitty

    It looks like your property is located in New Hampshire. Is this true?

    I see New Hampshire uses both trust deeds and mortgages.

    I found the following informative New Hampshire Statutes regarding recordings.

     

      479:3 Priority of Advances Under a Recorded Mortgage. – Subject to the provisions on priority in RSA 447:12-a, a recorded mortgage takes priority as of the date of its recording as to advances or obligations thereafter made or incurred that do not exceed the maximum amount stated in the mortgage.
    http://www.gencourt.state.nh.us/rsa/html/XLVIII/479/479-3.htm

    477:3-a Recording. – Every deed or other conveyance of real estate and every court order or other instrument which affects title to any interest in real estate, except probate records and tax liens which are by law exempt from recording, shall be recorded at length in the registry of deeds for the county or counties in which the real estate lies and such deed, conveyance, court order or instrument shall not be effective as against bona fide purchasers for value until so recorded.
    http://www.gencourt.state.nh.us/rsa/html/XLVIII/477/477-3-a.htm

     From: New Hampshire Statutes

    CHAPTER 477: CONVEYANCES OF REALTY AND INTERESTS THEREIN

    CHAPTER 479: MORTGAGES OF REALTY

     

  • Judi Fiolle March 5, 2013 at 5:00pm

    FYI even if a note is not recorded, it is still valid if done properly. That is an important part of this for us to all remember. 

    • Ghana Bigsby > Judi Fiolle March 5, 2013 at 6:07pm

      I am in California. We do not record NOTES.

      NOTES do not need to be recorded in California to be valid.

      Do they record NOTES in your location?

      • Wayne Brooks > Ghana Bigsby March 6, 2013 at 4:38am

        Ghana, I'm pretty sure Judi meant the mortgage.  And of course, the unrecorded mtg would still be enforceable against the owner, just not third parties.

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