Real Estate Law
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Answered in 3 minutes by:
7/25/2011
Dave Kennett, Lawyer
Category: Real Estate Law
Satisfied Customers: 27,690
Experience: 25 years experience
Verified-Could you explain your situation a little more?
Are you saying there is no deed on file for your house? Every parcel of real estate in America has a recorded deed so there has to be a deed of record.
Was the mortgage actually issued for the refinance?
Did your divorce decree make her responsible for any of the debt?
Did the decree require that she sign the property over to you regardless of the mortgage?
Dear JACUSTOMER - Without being able to look at the abstract of title I cannot specifically answer your question. If the court ordered the property transferred to you then that should be the last recorded act and not the old deed. The key is not the deed but rather the mortgage. If the mortgage isn't recorded then the bank can't foreclose on the note since it would be unsecured. So if you stop making payments they would first have to sue you on the note and get a judgment. Then they could file the judgment and start a foreclosure.
If the court transferred the deed into your name and you are not married at this time you have the power to sell or transfer the title. This would have no effect on an unsecured debt but it would not relieve you of the debt. I can see why the bank cannot take the deed in lieu of foreclosure since they don't have a right to foreclose if there is no recorded mortgage.
So you can either stop making the payments and wait to be sued or you can keep paying and keep the house. Based on the limited facts I have I believe the results will be the same in the long run, mortgage or no mortgage.
Dave Kennett, Lawyer
Category: Real Estate Law
Satisfied Customers: 27,690
Experience: 25 years experience
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