When I remortgaged my home, my previous mortgage provider sent me the original deeds to my home after they recieved full payment. Does this mean that I do Not have to pay my new provider as they do not hold the deeds to my house?
2006-09-25 02:42:05 · 26 answers · asked by smileyshovie 2 in Business & Finance ➔ Renting & Real Estate
They may not hold the deeds, but they do have you by the short and curlies!!!
You entered into a legally binging contract and failing to meet your responsibilities will probably result in repossession of your home - it doesn't matter who has the deeds.
Don't stop paying, or if you are having trouble paying talk to the bank now, before it's too late!!
2006-09-25 02:51:12 · answer #1 · answered by mark 7 · 1⤊ 0⤋
Lol, wouldn't that be nice.
When you borrow money from a lender you execute two instruments one is the promissory note which creates the agreement to the debt and two is the mortgage which is the borrower providing the lender with the right to take the borrower to court and take the property as the consideration for not paying the note (if enough money is not collected at the sale then a deficiency judgement can be seeked against the borrower) in other transactions a third uninterested party is appointed to sell the property at auction in the event of default. The seller provides the deed to the buyer upon payment received from the closing company who receives the funding from the lender the buyer then, depending on the type of loan instruments will retain the title, issue a mortgage, or deed to a trustee.
Buena Suerte
2006-09-25 02:52:15 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
They probably hold a legitimate lien on the house. Somewhere in the documents that you signed during the closing of the re-finance, the house was the collateral for the loan. The mortgage company can take that asset (your house) for non-payment. Depending on your state laws, your holding a deed may make it harder for them, but they would have the money and lawyers to foreclose.
If the load was an unsecured loan (not likely for a mortgage), the lender maybe able to garnish you wages for non-payment or otherwise make you life miserable until payed.
2006-09-25 03:01:11 · answer #3 · answered by mitch_5217 2 · 0⤊ 0⤋
Lenders hold mortgages, not the Deed. The owner holds the Deed. When you buy a home, all documents are sent to the County for recording. The mortgages are returned to the lender and the Deed is returned to you.
Your prior lender did not send you the "original deeds", they sent you the cancelled mortgage.
If you do not pay your mortgage, the lender will foreclose and then they will get the Deed to your property.
2006-09-25 03:13:15 · answer #4 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
You are at risk if you don't keep up with the payments and the acceptance you signed for the mortgage makes you liable to repay under the terms of your loan, the deeds are a secondary issue some societies give you the deeds as their policy.
Rest assured that you will lose your property if you try avoid payment of the loan, they will foreclose.
2006-09-25 03:26:10 · answer #5 · answered by ?Master 6 · 0⤊ 0⤋
Your mortgage provider does not need to hold the deed to your home to have a secured interest in your property.
In fact, your first mortgagor should not have held the deed. They should have had your mortgage and should have sent you the mortgage satisfaction piece.
Once you signed the mortgage, which has a decription of your property attached, and that mortgage is recorded, you are obligated to pay them or they have the right to foreclose.
2006-09-25 02:51:35 · answer #6 · answered by mand 5 · 1⤊ 0⤋
Your original deed was recorded in the public records & is now just a piece of paper. Your mortgage lender loaned you the money; you signed a note for it & they recorded your new mortgage. If you don't pay, they'll foreclose.
2006-09-25 02:51:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
thats a toughie
do u care about your credie? ok so you have the deeds to your home but you have a loan out there and it seems that you would be "getting over on the big guy" but in reality you will ruin your credit and the loan holder can put a lein on your home and take it from you, then you wont be able to ever purchase a home again. so i guess the answer is no you dont "have" to pay your loan
2006-09-25 02:49:58 · answer #8 · answered by cnderellah 2 · 0⤊ 1⤋
Doesn't matter who has the deeds you have a loan secured on you house. You can choose not to pay but they get your home and you go bankrupt!. Your choice.
2006-09-25 02:50:10 · answer #9 · answered by Mark G 7 · 0⤊ 0⤋
Nice try, but your lender will take you to court, get your deeds, and get you to pay for their legal costs.
Dont waste your time on stupid ideas. Banks have got legal teams bigger than your whole extended family (from both sides of your parents). The many pages of terms and conditons will cover this kind of thing.
2006-09-25 02:49:19 · answer #10 · answered by mehboobahmad 2 · 0⤊ 0⤋