OnlyinAmerica
New member
What is the name of your state? Alabama
June 16 of 2006, my wife and I took out a second mortgage on a home with The Mortgage Outlet Inc. (about 20k). Regrettably, in late 2008….we defaulted on the loan due to unemployment. The debt was sold and re-sold to various institutions over the years who attempted to collect including HSBC, Greet Tree Lending, Everhome, Everbank, DiTech, etc, etc. No entity has attempted to collect on the debt in3-4 years. The default has long since cleared our credit history, but obviously, the mortgage (lien) remains on the property with probate.
It appears the statute of limitations to foreclose on the property due to non payment or sue to collect damages in Alabama is 10 years…which has also passed. But we would like the mortgage removed to begin the process of selling if possible. The property has been vacant 7 years and is underwater in terms of current value (first mortgage balance, condition, location) so its understandable why legal action has probably not been taken against us over the years.
I understand it will take a judicial order to remove the mortgage lien from the property (if that's lawful at this point). However...The Mortgage Outlet Inc., as it were, no longer exists. They went out of business in 2016. A simple probate records search on the home indicates The Mortgage Outlet Inc. is still the entity listed as a mortgage holder from 2006. No others. No transfers....even though other entities attempted to collect on the debt.
Advice? Guidance? Should I begin with a real estate attorney or a title company? Thanks!!!
June 16 of 2006, my wife and I took out a second mortgage on a home with The Mortgage Outlet Inc. (about 20k). Regrettably, in late 2008….we defaulted on the loan due to unemployment. The debt was sold and re-sold to various institutions over the years who attempted to collect including HSBC, Greet Tree Lending, Everhome, Everbank, DiTech, etc, etc. No entity has attempted to collect on the debt in3-4 years. The default has long since cleared our credit history, but obviously, the mortgage (lien) remains on the property with probate.
It appears the statute of limitations to foreclose on the property due to non payment or sue to collect damages in Alabama is 10 years…which has also passed. But we would like the mortgage removed to begin the process of selling if possible. The property has been vacant 7 years and is underwater in terms of current value (first mortgage balance, condition, location) so its understandable why legal action has probably not been taken against us over the years.
I understand it will take a judicial order to remove the mortgage lien from the property (if that's lawful at this point). However...The Mortgage Outlet Inc., as it were, no longer exists. They went out of business in 2016. A simple probate records search on the home indicates The Mortgage Outlet Inc. is still the entity listed as a mortgage holder from 2006. No others. No transfers....even though other entities attempted to collect on the debt.
Advice? Guidance? Should I begin with a real estate attorney or a title company? Thanks!!!
