Posted on: 13th Aug, 2009 09:49 pm
I purchased land from a county tax auction and it was sold to me very cheap. However it is landlocked, and the owner that forclosed on the taxes of the property i purchased owned the house in front of my land. The house went up for forclosure last month and the bank has the property listed as having 1.77 acres and the house itself sits on only 0.41 acres according to the deed. Is it possible the owner used my land in the mortagege to gain a profit and split? Also there was a pool built over halfway accross the line onto my property.
If you owned the land, then someone else will not be able to take a mortgage on it. The lender will check the fact whether or not he/she is the owner of the property. If you have any doubts regarding the land being used as a collateral, you can contact a real estate attorney and take his opinion in this regard.
Owner has legal right to take mortgage on his loan, I mean he can take loan on his own land. If you have proof (documents) with youyou can go ahead.
No one can fool you bye taking loan on your land as you are owner of it.
You can take legal action if someone can use your land for taking mortgage.
No one can fool you bye taking loan on your land as you are owner of it.
You can take legal action if someone can use your land for taking mortgage.