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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29022
Experience:  30 years of real estate practice experience.
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How to clarify property listed in a deed? Mortgage Co. has

Customer Question

How to clarify property listed in a deed? Mortgage Co. has listed 5.4 acres on the mortgage, when it was for a house on 2.9 acres!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.
Good morning. I am Loren, a licensed attorney, and I look forward to assisting you today.
Expert:  Loren replied 1 year ago.
Where is the extra property coming from?
Customer: replied 1 year ago.
We previously owned the additional acreage with a converted dairy barn on it that is an existing Antique business!
Expert:  Loren replied 1 year ago.
Thank you for the additional information. Was that property covered in the mortgage before it was sold?
Expert:  Loren replied 1 year ago.
Are you still online with me?
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from yo. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Loren replied 1 year ago.
Was the antique business property covered in the mortgage before it was sold?
Customer: replied 1 year ago.
it was never on the mortgage! The mortgage was to be on the new house on 2.9 acres! in title work they picked up both parcels, and the mortgage written up for 5.4 acres,(on which the Antique shop was located)!
Customer: replied 1 year ago.
They wrote up a residential mortgage for a property containing a commercial business!
Expert:  Loren replied 1 year ago.
Thank you for the additional information.
All you can do is alert them to the error. The fact that the legal description is wrong could render the mortgage unenforceable. That does not mean the loan is not enforceable, since you signed the note, just that the loan is unsecured.
Make sure you give them notice in writing of their error. The antique business owner my need to sue them to quiet title if the lender takes no action.
You can also notify the title insurer who issued the loan policy when the mortgage was issued. They will take action to force the lender to correct the loan documents since they are on the hook as insurer.
I hope this is helpful. If you have more follow up questions please let me know. It is never a problem.
Thank you.
Loren
Expert:  Loren replied 1 year ago.
Did you have further questions before you rate my answer?