Real Estate Law
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.
I never heard of homeowners having a security lien in their own loan besides having the equity in it. In other words, the homeowners pay down the loan and have an automatic equity interest in the property, which is in affect their security lien. So, I am not quite sure what you mean. Maybe you can clarify it.
Either you record a mortgage agreement on real property or a UCC statement on personal property. Also, for services on property that would be a mechanic's lien. So, if a contractor did work on a property and was not paid, then the contractor could put a mechanic's lien. I am sorry I do not know of any other type of recordation or a security interest or lien.
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You are in the right category. I will open it to other attorneys to see if they have any further insight.
Good morning. I will be happy to take over from Damien at this point. You said: I believe it a reasonable provision to expect that a homeowner has a right to record their own financial interest in some format of effect, in their own property (not loan). As Damien tried to point out to you, that presumption is incorrect. One cannot hold a security interest in real estate that one holds title to. There would be no reason for that. When one holds title in fee simple absolute, both equitable and legal titles are automatically merged. The Merger Doctrine provides that any agreements or contracts involved in the conveying of property are "merged" with the deed. The doctrine's name, then, is a bit of a misnomer. The deed does not so much merge as it does supersede all the ancillary and outside agreements and contracts. Whatever promises are not expressed in the deed are effectively nullified under the Merger Doctrine. That said, you can record an affidavit as to the amount of money that you have spent on your home, but it has no legal significance or standing with regard to the title.
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The other posters are correct. Your deed is representative of your interest. With your deed, you take the market value, subtract the security interests (the amount you owe) and that is YOUR interest. You can't have a security interest in something you own. For instance, you can not be on the title to your car, and also be listed as a lien holder, thereby requiring you to send yourself a release of lien in order to own your car outright which is what you already do.