Posted on: 29th Mar, 2009 04:26 am
I own 3 parcels of land in Maryland. I get 3 tax bills and have 3 different addresses. Two of the parcels are connected and the 3rd has a 1/4 acre owned by someone else in between the other 2.
I just found out that when I took out a mortgage on my home that the mortgage was recored on all 3 parcels! Only one parcel with a house and 2.92 acres was used for appraisal to get the mortgage.
Is there any hope of getting this fixed? I am having dire financial problems and planned on letting the house go to foreclosure and moving onto the other parcel which has a mobile home on it and I thought I owned outright. I do plan on consulting an attorney but can't sleep due to the stress of finding this out.
Any suggestions? Thank you.
I just found out that when I took out a mortgage on my home that the mortgage was recored on all 3 parcels! Only one parcel with a house and 2.92 acres was used for appraisal to get the mortgage.
Is there any hope of getting this fixed? I am having dire financial problems and planned on letting the house go to foreclosure and moving onto the other parcel which has a mobile home on it and I thought I owned outright. I do plan on consulting an attorney but can't sleep due to the stress of finding this out.
Any suggestions? Thank you.
Hi acradell,
It's good that you've have planned to consult an attorney in this regard. It is quite surprising to me that the mortgage has been recorded in all the 3 parcels of land when 1 of the lands was appraised. Apart from consulting the attorney I would also suggest you to speak to your lender and check out if he can help you in some way.
It's good that you've have planned to consult an attorney in this regard. It is quite surprising to me that the mortgage has been recorded in all the 3 parcels of land when 1 of the lands was appraised. Apart from consulting the attorney I would also suggest you to speak to your lender and check out if he can help you in some way.
Definitely speak to the lender about this. I would refer them to the appraisal and demand that they issue a partial release for the property that was erroneously secured by their mortgage.