If a bank closed, the mortgage was not transferred or assigned and the mortgage wasbought out of forecloser from the forclosed bank in a stack of annunities and they haveno security deed registered in the new bank's name, can you remove them as havinga secured debt against your property?
State/Country relating to question: Georgia
Hello, Im researching your answer now.
When you take out a mortgage, there are three documents to be concerened with; the deed, the mortgage, and the promisary. The original lender sold or asigned your mortgage to a new lender. The new lender does not have to have a security deed registered in thier name. In the event of forclosure, it would make forclosing much easier if they did. At closing for purchase or refinance of real estate, a borrower will usually execute a promissory note agreeing to pay the lender a specific amount of money over a given period of time according to the terms and conditions of the note. In order to protect its interests, the lender, depending on the state in which the real estate is located, will require the borrower to execute a mortgage, security deed or similar document.
A mortgage is an interest in real estate created by a written document providing security to a lender for the performance under the terms of a note. The legal title to the property remains with the borrower, while the lender has an interest inthe real estate to the extent of the amount of the note. A security deed is similar but transfers legal title to the lender for the term of the note. In the event of default by a borrower, a security deed provides the lender an opportunity to foreclose or seize the property without having to take the borrower to court. The mortgage also allows foreclosure but requires that the lender use a judicial foreclosure process to convert its interest in the real estate into legal title.
In Georgia, borrowers execute a security deed. But in New York, for example, borrowers execute a mortgage. While both a mortgage and security deed require the lender to provide notice to the borrower in the event of default, the foreclosure process is usually quicker through a security deed.
So to answer your question cleary, you cannot remove them as having a secured debt againts the property.
Let me know if you need anything else. Please contact me if you have any problems. You can request me directly or just put "to bart" at the beginning of your question. Please remember to "ACCEPT" so I can get credit for my work. Bonus is not mandatory but appreciated.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).