Posted on: 07th Jun, 2008 11:32 am
Hello all, I have a situation that I am seeking any and all advice on. My husband and I recently got married and decided to build a house on some family land. His parent's have a total of 10 acres. Their house is on 5 of the 10 acres. We are hoping to build on 3 of the remaining 5 acres. However a few years ago when his parents decided to refinace their house the lawyer mistakingly added all 10 acres to the deed of trust. Now we have a lein on our land that is not supposed to be there at all. We went to the bank first and were told that we would have to go to the lawyer who made the mistake. We went and told her what was going on and were still giving run around and that no one would actually help us. the bank sold the mortgage to another company is Memphis. We went to another lawyer (the lawyer who deeded the 3 acres of the 5 to my husband and I) and he has written a letter asking for the release of the deed of trust. My question is..is this all i can be doing...sitting and waiting?? Should I call the mortgage company myself until I get something done?? How long do you think it may take to get it cleared up?? We have a building permit and do not want it to expire..we will be out another grand if it does..We were about to close on the construction loan when this all was discovered. And another question why was this not discovered when we got the land deeded to us from his parents. Well thanks for taking the time to read my situation and would be grateful for any adivice.
Wow this is a mess, I would be on the phone with the mortgage company myself trying to get it straightened out or to see if they actually recieved the letter yet and when they plan on dealing with the situation.
I would think the attorney that made the mistake in the first place should clear it up. If they only wanted the 5 acres on the original paperwork and they made the mistake and put the 10 on it then they should be on it and clearing it up or your inlaws should be taking them to court to make them clear it up.
I would think the attorney that made the mistake in the first place should clear it up. If they only wanted the 5 acres on the original paperwork and they made the mistake and put the 10 on it then they should be on it and clearing it up or your inlaws should be taking them to court to make them clear it up.
There is no use to contact mortgage company. You have the only option to wait for release of the deed of trust.
And I personally totally agree with Jbarto. The attorney who did the mistake should clear it up.
And I personally totally agree with Jbarto. The attorney who did the mistake should clear it up.
The mortgage co. would be more apt to deal with your husband's parents since it is their loan. They need to request a partial release for the land that has been deeded to you.
possible the lawyer did not make a mistake.
ask your parents for a copy of the appraisal done with the refinance. if the acreage was the full 10 acres, there could be a problem.
is the property in separate parcels? likely answer is a yes since you indicated 3 acre parcel had been deed to you. hmm that means lender might enforce the due-on-sale clause if you become too obnoxious.
look at parent's survey probably from original loan. is there a need for driveway easements to maintain viability of remaining property if there is a partial release of security?
in this time of declining property values, the mortgage holder may not be too keen on releasing security and the understanding of the lender may well have been to encumber the entire 10 acre parcel. this would have been the most likely scenario given that your parents may not have been intending to sell the excise landat the time of the refinance.
good luck. could work out if the ltvs (new appraisal requirement is likely) work out.
ask your parents for a copy of the appraisal done with the refinance. if the acreage was the full 10 acres, there could be a problem.
is the property in separate parcels? likely answer is a yes since you indicated 3 acre parcel had been deed to you. hmm that means lender might enforce the due-on-sale clause if you become too obnoxious.
look at parent's survey probably from original loan. is there a need for driveway easements to maintain viability of remaining property if there is a partial release of security?
in this time of declining property values, the mortgage holder may not be too keen on releasing security and the understanding of the lender may well have been to encumber the entire 10 acre parcel. this would have been the most likely scenario given that your parents may not have been intending to sell the excise landat the time of the refinance.
good luck. could work out if the ltvs (new appraisal requirement is likely) work out.
My husband is deceased. A few years ago he set up a family trust deeding son's house from son to family trust. I am now looking to sell this house--do we need to revoke the trust and have the house deeded back to my son before selling? My husband used a straw name as the trustee, so there is no trustee. We do not know why he did that and now cannot ask him. Any help will be appreciated.
Hi Helen
Yes, you will have to revoke the trust in order to sell off the property. As far as name of the trustee is concerned, it will be better if you can contact an attorney and take his suggestions on this regard.
Thanks.
Yes, you will have to revoke the trust in order to sell off the property. As far as name of the trustee is concerned, it will be better if you can contact an attorney and take his suggestions on this regard.
Thanks.
we paid off our house 7/9/12. should we have gotten the deed of trust marked "paid in trust" by now.
Hi dorothy!
Welcome to forums!
Once you pay off the mortgage in full, the lender should provide you with a lien release certificate.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once you pay off the mortgage in full, the lender should provide you with a lien release certificate.
Feel free to ask if you've further queries.
Sussane