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My options

Discussion in 'Mortgages & Financing' started by Quietcountry35, Jun 5, 2020.

  1. Quietcountry35

    Quietcountry35 Law Topic Starter New Member

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    Jurisdiction:
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    I purchased a doublewide on a permanent foundation and 1acer of land 5 yrs ago. Recently the bank and myself realized that the titles to my home were mistakenly put free and clear in my name by the title company and sent to me. Can the bank force me to sign them back over to them or seize the legally. What are my options.
     
  2. army judge

    army judge Super Moderator

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    A mistake doesn't allow you to be unjustly enriched.

    You might consider working with the lender and others to make sure the MISTAKE is corrected.
     
    justblue likes this.
  3. adjusterjack

    adjusterjack Super Moderator

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    What loan are you talking about? A single loan on the home or a loan on the land and the home?

    Anyway, your loan contract gives the lender the right to foreclose if you default. Failure to cooperate could be a default event that allows foreclosure.

    Even if it doesn't your loan documents are recorded in the county records and if a separate lien is necessary to be recorded for the home the lender can just file it and you won't be able to sell or refinance without clearing the liens.

    There is no advantage to you holding title without a lienholder on it. But there could be consequences if you refuse to assist in the correction of the mistake.
     
    justblue likes this.
  4. Tax Counsel

    Tax Counsel Well-Known Member

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    Take the documents you have to a lawyer for the answer to that question. Much depends on the details of the contract you have with the lender and exactly what the title record shows. But even if the mortgage or lien on the trailer was not recorded that doesn't mean you don't still owe the lender the payments you agreed to pay. You'd still owe based on the contract and possibly the promissory note you signed. At best the failure to record the mortgage or lien would mean that the lender could not foreclose/repo to collect the loan. Rather, if you didn't pay, it would have to sue you first. It would take a little more time for the lender, but ultimately it would still be able to take the property to collect.

    Your contract may require that you cooperate in filing the mortgage/lien. If it does and you don't cooperate that could be enough to breach the lease and cause the lender to sue for the full balance of the loan.

    Note that if you want to take home mortgage interest deductions on the place you do need to have that mortgage/lien in place. Without it you don't qualify for the deduction.
     
  5. zddoodah

    zddoodah Well-Known Member

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    So...you purchased both a mobile home and a piece of land. Right?

    Options for what? I strongly suspect that the loan agreement(s) you signed at the time you bought the property and mobile home obligate you to cooperate and sign whatever is necessary to give effect to the agreed transaction. You weren't thinking that you'd get to benefit from this obvious clerical error, were you?

    That said, I agree with this:

     

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