Posted on: 05th May, 2011 08:27 am
I have a question, what happens if your mortgage was never recorded with the county? During a title search, I found out that my mortgage was paid off(when I refinanced a few years ago), and no records of my current mortgage were found. Now I need to refi again and the bank that has my current mortgage BoA is telling me that my mortgage was never recorded but my loan does exits, which I have been paying for the past 6 yrs. Countrywide had my original loan them it was transfered to BoA. BoA does not has a copy of my mortgage papers. Surely they are taking my payments every month. Should I stop paying my loan to them? What should I do? Can someone explain to me what are my rights in this situatuion? All I wanted to do was to refi and I encoutered this problem.
What state are you located in?
Welcome Tamara,
If your mortgage is not recorded, then legally you're not liable to pay off the mortgage. The mortgage is recorded as paid off. So, legally you own the property free and clear. You can stop paying the loan. However, you can even have a word with a real estate attorney and take his opinion before stopping the payments.
If your mortgage is not recorded, then legally you're not liable to pay off the mortgage. The mortgage is recorded as paid off. So, legally you own the property free and clear. You can stop paying the loan. However, you can even have a word with a real estate attorney and take his opinion before stopping the payments.
Located in New york
Tamara, I have a similar situation. How did yours end up? Please let me know.
[E-mail address deleted as per forum rules. Thanks.]
[E-mail address deleted as per forum rules. Thanks.]