Deceptive mortgage practices

[Janny3266]

State of Maine...What happens if a mortgage company records the wrong property description or fails to include a property descritption when recording a mortgage with the Registry of Deeds?

[Ohiogal]

Originally Posted by Janny3266

State of Maine...What happens if a mortgage company records the wrong property description or fails to include a property descritption when recording a mortgage with the Registry of Deeds?

The county is supposed to check these and make sure the address matches the parcel number which matches the legal. If it doesn't, it should be bounced. Where was the title company in all this?

[pojo2]

Originally Posted by Ohiogal

Where was the title company in all this?

Where was the OP in all this?

My naturally curious nature makes me ask what the rest of this story is.

[Janny3266]

Originally Posted by pojo2

Where was the OP in all this?

My naturally curious nature makes me ask what the rest of this story is.

Here's the "rest of the story" I know that there are a series of checks and balances in the chain when recording a mortgage but stuff does happen from time to time. I'm referencing a re-fi with a "National Lender" who's business practices are under fire. There was so much hulla-ba-loo going on it appears they neglected to either include a property description alltogether or simply referred to the original mortgage of record's descritption on the "Property Descritption" page of their documents. If the ladder is the case, they made an error in citing their own mort.# rather than that of the original mort. holder. Technically when the papers are signed and recorded, they own whatever is included in that recording. If they cited essentially nothing as collateral, then they own nothing and I understand you cannot be forced to sign a new set documents correct? The problem was detected when we went to convey a parcel to our son and discovered that the mort. co. had included the entire tract of land rather than the 5 acres intended to go with the house. The purpose for the re-fi is to recover the balance of the land in that it was initially used as collateral for our home. Once the house was errected, it had enough value to support itself with the 5 acres. We referred to the description page of our documents and the only descritption of record was see mort.# blah blah blah...we called the company and asked for a definition and they indicated the house went with 27 acres. Oddly enough, we don't own 27 acres, we own 22 acres and only 5 were supposed to be conveyed with the house. Clearly someone made a mistake in adding the two. That puts us behind the 8-ball however, like I indicate, it appears they failed to include even the incorrect description in their recording... We're going to contact the Attorney General's Office and take them to the mat on the acreage thing but it looks like they don't own anything anyway becuase of the error...am I wrong?

[pojo2]

Way to involved to reply accurately. You need a local Atty who can look at ALL the paperwork and advise you. Sounds like you got a mess and I wouldn't rule out them, Lender, having an interest in the property.

They might be able slap a lien on it if all else fails.

[jimmler]

Originally Posted by Janny3266

Here's the "rest of the story" I know that there are a series of checks and balances in the chain when recording a mortgage but stuff does happen from time to time. I'm referencing a re-fi with a "National Lender" who's business practices are under fire. There was so much hulla-ba-loo going on it appears they neglected to either include a property description alltogether or simply referred to the original mortgage of record's descritption on the "Property Descritption" page of their documents. If the ladder is the case, they made an error in citing their own mort.# rather than that of the original mort. holder. Technically when the papers are signed and recorded, they own whatever is included in that recording. If they cited essentially nothing as collateral, then they own nothing and I understand you cannot be forced to sign a new set documents correct? The problem was detected when we went to convey a parcel to our son and discovered that the mort. co. had included the entire tract of land rather than the 5 acres intended to go with the house. The purpose for the re-fi is to recover the balance of the land in that it was initially used as collateral for our home. Once the house was errected, it had enough value to support itself with the 5 acres. We referred to the description page of our documents and the only descritption of record was see mort.# blah blah blah...we called the company and asked for a definition and they indicated the house went with 27 acres. Oddly enough, we don't own 27 acres, we own 22 acres and only 5 were supposed to be conveyed with the house. Clearly someone made a mistake in adding the two. That puts us behind the 8-ball however, like I indicate, it appears they failed to include even the incorrect description in their recording... We're going to contact the Attorney General's Office and take them to the mat on the acreage thing but it looks like they don't own anything anyway becuase of the error...am I wrong?

Just because they made a clerical error does not mean they have no interest in the property. They loaned you money based on the value of the land and property. See an attorney. If you have not already, talk to a surveyor about legally subdividing the property (your 5 acres and the parcel for your son).

jimmler
not a lawyer, have been in surveying since 1989.