was given them by my solicitors when i sold and bought, i still have a morgage on my property. ive asked around a bit and been told i should not have them. can i make any money out of this? or will i be in big trouble?
2007-02-19 21:06:17 · 10 answers · asked by sarah h 1 in Business & Finance ➔ Renting & Real Estate
i DO have the original deeds they go way back to about 1890 and theyre written on old parchment, with stamps and so forth.
as for how and why i think i could make money...............
dont get unless you ask! thats the difference between millionaires and skint people!
2007-02-19 21:31:18 · update #1
Some mortgage lenders now do not store them as keeping the folder for the million or so customers in a safe, fire-proof environment is expensive.
If you have them, it would wise to keep them somewhere safe although you can, at a price, get new ones if they are lost/damaged.
They have no value, and you would not be able to say that you do not owe the mortgage lender money as you have a legally binding contract them, and they can reposses your house with or without your deeds!
2007-02-19 21:13:05 · answer #1 · answered by Marky 6 · 0⤊ 0⤋
Well, in the US for you to be able to grant a lender the right to proceed against you in a court of law for not paying on the promissory note you must first have the right to do so legally. This can only be accomplished when you close and the seller of the property receives the money you borrowed and in turn they issue you a deed in your name not a deed in the name of the lender, then you simultaneously issue a mortgage to the lender allowing for them to lien the property until you pay off the promissory note. So if you have the original deed from the folks that sold you the property that's ok, but the public record will show that the title is encumbered and there is a lien on the property called the mortgage.
Sometimes another form of encumbrance is made in where a third party is named on the deed and they receive that deed with instructions to sell the property in the event that you do not pay on the note and the lender forecloses under the stated terms.
Buena Suerte
2007-02-20 09:58:23 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
I think MarkyMark is absolutely right. The deeds on your property outline all sorts of things such as when it was built, who built it, where the boundaries are etc. etc.
A MORTGAGE, however is a legal charge on a property, indicating that you owe money to the lender and that they have first call on its actual ownership until that loan is repaid in full. That mortgage charge is noted on the records held, in England and Wales, by The Land Registry.
Some mortgage lenders hold on to the deeds until the loan is repaid, some send you a copy, some send you the original. But Mark is right - the deeds are not directly related to your mortgage, and your lender can force the sale of the property at any time.
Keep paying your mortgage, or you could end up living in a tent!
KEITH
2007-02-20 05:24:04 · answer #3 · answered by Keith Rowland 1 · 0⤊ 0⤋
You do not have a copy of the current deeds to your property as they are held by your lender. Even when you have paid your mortgage up, I wouldn't boast about having them in your possession. They need to be put in a safe place, like a bank or on deposit with the solicitor.
I really do not understand how or why you think you can make money out of a set of deeds that are out of date - - they just give the house/land history.
2007-02-20 05:17:39 · answer #4 · answered by bluebadger 3 · 0⤊ 1⤋
Inexplicable. It appears to be a mistake by your solicitors. Why not simply ask them how it has arisen?
Except by fraudulently cheating by selling your house without declaring the mortgage I cannot see how you can make money from the apparent error.
In any case a new purchasers solicitor should automatically pick up the mortgage when he makes searches - presumably despite you having the deeds the mortgage has been registered at Land Registry
2007-02-20 05:17:56 · answer #5 · answered by trumps 2 · 0⤊ 0⤋
You can hold your own deeds but they are normally kept with the conveyancing solicitor until you decide to resell.
If by making money you mean selling the deeds to a third party, I would expect that you would jeapordise being able to live in your home. Bankruptcy and a criminal record maybe another outcome.
2007-02-20 05:18:07 · answer #6 · answered by Chrissy 2 · 0⤊ 0⤋
You probably no longer have the current deeds. When I paid for my home, a new deed was drawn up and filed with the county. I only have a legal copy of what is on file. Liens are also filed with the county. A mortage, I believe, is treated like a lien.
2007-02-20 05:09:48 · answer #7 · answered by Anonymous · 1⤊ 0⤋
The Deeds should have been sent to the Mortgage Company when you took the mortgage out. Get in touch with the company quick and tell them. It is ILLEGAL for you to have them loose in the house.
2007-02-20 05:11:02 · answer #8 · answered by k 7 · 0⤊ 1⤋
Hmmm. The mortgage company should have them, I think.
You need some legal advice. I doubt if you can make money out of it, but if you find you can, do let us all know!
2007-02-20 05:10:07 · answer #9 · answered by mcfifi 6 · 0⤊ 1⤋
the full deeds should be held by your lender....and probably are. Are you sure you have the full deeds?
2007-02-20 05:09:19 · answer #10 · answered by Frisky 5 · 0⤊ 0⤋