banks didn't record Morgage

[trinity39@cox.n]

What is the name of your state? Florida

I just sold a house, upon a title search it was discovered that the bank never put a lean on the property. so the loan has not been paid off.

Times are tough, what recourse does the bank have if I stop making payments ? Is this like an unsecured loan ??

[seniorjudge]

The bank has a lien; it is just not recorded.

[FlyingRon]

They won't be able to foreclose until they file the lien, but the failure to file it in a timely manner doesn't hurt them other than it lets someone else get in their with priority.

[trinity39@cox.n]

yes but I don't have ownership anymore can they place a lein on someone elses property?

[nextwife]

Oh boy! You failed to disclose the mtg. you knew you had placed on the property?

Expect major lawsuit and legal liabilty. Title underwriters have deep pockets to go after people who lie on their Owner's Affidavits when they sell.

[trinity39@cox.n]

No, the title company told me the seller that the property had clear title. I told them there was a morgage they can't find it...cause it's not there

[nextwife]

YOU knew you had a mortgage. You should have made sure YOU paid it when you closed.

DID you disclose it on the executed the Owner's Affidavit (which is part of your closing papers, and asserts that there are no other known mtgfs or liens other than what is being paid from closing)?

Well, you can fix this with no legal problems: pay if off NOW!

[FlyingRon]

And nothing keeps you from being dragged into court for not paying. I hope you don't mind having all remaining tangible assets and have your wages garnished.

Even if they didn't have a valid lien you're still liable for the money. What did you do with the sale proceeds?

[trinity39@cox.n]

I have the money... I was going to continue paying the loanon for now....But If this economy goes to hell cash is king ! the only asset I have in my name is a home Homesteaded in FL this protects me from Debters...

[nextwife]

Originally Posted by trinity39@cox.n

I have the money... I was going to continue paying the loanon for now....But If this economy goes to hell cash is king ! the only asset I have in my name is a home Homesteaded in FL this protects me from Debters...

But NOT from criminal fraud. And when the buyer's title company ends up with a mortgage clouding title, they will pursue you to whatever extent is necessary.

[LindaP777]

Originally Posted by nextwife

But NOT from criminal fraud. And when the buyer's title company ends up with a mortgage clouding title, they will pursue you to whatever extent is necessary.

CHA-CHING!!! When you set out to defraud, it will always bite you in the butt! Pay the bank what you owe them now, before they fit you with new bracelets and send you to your new 'big house'! The good news is, you won't have to pay the mortgage on the big house either!