 | | 
12-30-2003, 12:13 PM
| | | | no deed of trust on 2nd mortgage
my wife and i filed a chapter 7 and were granted a discharge on mar. 21 ,2003. the trustee has contacted our attorney and is saying the holder of our 2nd mortgage did not file a deed of trust.
now we are showing a lot of equity in our house and now i must convert to a chapter 13 or sell the house. can they do this ? i need some good advice. by the way , we signed a reaffirmation agreement for the 2nd mortgage assuming they had filed the deed. |
12-30-2003, 12:19 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | Re: no deed of trust on 2nd mortgage
See my revised post below.
Last edited by HomeGuru; 12-30-2003 at 12:28 PM.
|
12-30-2003, 12:20 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | Re: Re: no deed of trust on 2nd mortgage
[quote]Originally posted by HomeGuru
[b]**A: so where is the recorded mortgage or note for this 2nd mortgage? And why isn't your attorney asking for these documents? Was there a title search done on the property? If so, the 2nd mortgage should show as a lien. Was there a credit report ordered? If so, the 2nd mortgage should be shown as a mortgage debt. What isn't the Trustee accepting the reafirmation agreement?
Something sounds really weird about your case. |
12-30-2003, 12:26 PM
| | | | i just found out about this yesterday. my attorney has checked the records at the courthouse and has called the mortgage company. i do not know if a credit report has been ordered. i have been paying this 2nd mortgage since 1997. do these companies have to file a lien ? i am being told that in tennesse the deed has to be filed in the county where the property is located.
Last edited by helpintn; 12-30-2003 at 12:31 PM.
|
12-30-2003, 12:28 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | | A mortgage generally IS a lien ! The house is security for the loan and the mortgage holder gets a lien to keep in case you default which usually allows them some assurance that they'll get paid no matter what.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
|
12-30-2003, 12:30 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | [quote]Originally posted by helpintn
[b]i just found out about this yesterday. my attorney has checked the records at the courthouse and has called the mortgage company. i do not know if a credit report has been ordered. i have been paying this 2nd mortgage since 1997. do these companies have to file a lien ? i am being told that in tennesse the deed has to be filed in the county where the property is located.
**A: there is no law that requires recordation of a mortgage. And yes, if there is a mortgage, the mortgage should be recorded in the county/state that the real property is located in. |
12-30-2003, 12:35 PM
| | | | so is it just a question of the trustee accepting the reaffirmation ? |
12-30-2003, 12:37 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: Originally posted by helpintn
so is it just a question of the trustee accepting the reaffirmation ? | **A: no. |
12-30-2003, 12:40 PM
| | | | ladynred-- i see you are from tennessee. do you know of any special laws in this state that keep this from being a legitimate lien other than it not being recorded |
12-30-2003, 12:43 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | | Not without checking the statutes. I do, however, have a friend who used to be a banker and knows mortgages inside out. He's also got a law degree.. and is fighting his own bankruptcy battle at the moment. I'll ask him and let you know.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
|
12-31-2003, 11:29 AM
| | | | just heard from my mortgage company. they are having the deed recorded. is this going to be too late since it was not recorded when the bk was discharged ? |
12-31-2003, 11:30 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: Originally posted by helpintn
just heard from my mortgage company. they are having the deed recorded. is this going to be too late since it was not recorded when the bk was discharged ? | **A: no, provided the Trustee considers the 2nd a bonafide debt. |
12-31-2003, 11:44 AM
| | | | so the trustee should accept the recording of the deed at this time ?
thanks for responding |
12-31-2003, 11:55 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: Originally posted by helpintn
so the trustee should accept the recording of the deed at this time ?
thanks for responding | **A: yes the Trustee should accept the debt because the debt was incurred prior to the BK filing. The Trustee does not have to accept the recording of the debt. |
12-31-2003, 11:56 AM
| | | | so the trustee should accept the recording of the deed at this time ?
thanks for responding | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
All times are GMT -5. The time now is 08:20 PM.
