In 2005 We acquired a mortgage on the ajoing property to our home. They sent over a notery to do the closing. The page the states the collateral for the loan was blank. The Notery called the Mortgage lender and was told to add a addemdem sheet to the closing papers.
It stated that the loan was contingent upon it being on the adjoing property and not the home. All this information was using parcels and lot numbers. Signed by 4 people at the closing.
My wife and I paid the note for about 6 months, later we chose to take out a small loan on our house only to find the addemden was never recorded and the blank sheet now stated the house and the adjoing lot. Also the recording of the papers was done about 6 to 8 monthes after the closing date...
We attempted to get this corected but the mortgage company sold the note to another.
We it's now 7 years later and the note servicer is, as the several companys that were servicing the note before them trying to foreclose. They are stating to redue the loan, But are stating we need to add the house as well.
On the loan we took they said we would need to buy donw the loan because our loan to value was to high. So we did that at a expence of 30,000 which they gave us a second mortgage to offset our out of pocket. If in fact it was on both properties the loan to value would have been only 60% and no need for the buy down. And the lawyer has been working on this for over 6 years now, and were running out of money to fight.
The question is.? How binding is the mortgage and addemdem that should have been recorded. We have copies of the addemdem sheet and depasitions conferming the issue from all parties at the closing, including the closing agent. He states that he doesn't record it the mortgage company does.
Thank You for any Help,
Vinnie & Cheryl Pinto

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Originally Posted by Fr_Chuck

Where the papers you signed, already signed and accepted by the lender ?

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They were signed at the closing then 2 weeks later the person I purchased the property from received his check from them.

You have a lawyer and it's been 6 years and they still haven't resolved this??

I'd say your addendum and depositions is very convincing proof that the lender was negligent and has unclean hands. The problem is that the parties who purchased the loan after your lender when out of business may be considered purchasers "in good faith" and may not be bound.

What does your attorney tell you?

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Originally Posted by LisaB4657

Most likely when you signed the documents they included a paper that said you would cooperate with them in correcting any mistakes made during the closing. However they cannot change the terms of the loan. As long as the new closing papers are in agreement with the terms of the mortgage commitment they gave you then yes, it is legal for them to require new paperwork to be signed.

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I understand that but the fact is they can wait seven years to change the agreement. The addemdem stated that is was contingent that the loan was on the adjoing property and not the house.
We were never contacted of any changes made to the addemdem nor are there any signetures on the description only the two properties. And the addemdem is not included.

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Originally Posted by LisaB4657

You have a lawyer and it's been 6 years and they still haven't resolved this???

I'd say your addendum and depositions is very convincing proof that the lender was negligent and has unclean hands. The problem is that the parties who purchased the loan after your lender when out of business may be considered purchasers "in good faith" and may not be bound.

What does your attorney tell you?

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So far it seems keep sending him money... Isn't there someone that can help a family like ours in this situation. The Lawyer states if he drops off the case. They will come down hard on us for the property.

Please note the posts that you're responding to. The original post and answers were posted over a year ago. You piggybacked onto an old post. I've requested that your post and my recent answer have been moved.

Has your attorney filed a lawsuit of any type? In your situation I would have filed an action to quiet title. That way all parties would be brought in and all related issues would be heard.

We sat down for a medeation with the other lawyer. They offered 10,000. Toward the closing of a new loan with both properties to secure the note.
Our lawyer said he was filing a counter sute for a bunch of things I can't remember all the issues
Delphlamation of credit, denial of our 3 day ression, and a few others?? Sorry

It sounds like there is some type of lawsuit going on, and since you're represented by an attorney you should have at least some chance of getting this resolved in your favor. Make sure that your counter suit includes a claim for all of your legal fees.

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Originally Posted by LisaB4657

It sounds like there is some type of lawsuit going on, and since you're represented by an attorney you should have at least some chance of getting this resolved in your favor. Make sure that your counter suit includes a claim for all of your legal fees.

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Oh yea that to was part of the counter suit. Please forgive me... Good Morning.
Well you see, Ever since this issue snow balled. I have been under Doctors care for stress , angzity attacts, depression. And my source of income was I was a contractor buying old homes and restoring them to place back on the market or rent. Well since this killed my credit and medical well work has not been a option for me.
Then on the other hand my wife worked in banking all her life and since this her credit has stopped her from her normal line of work. The last bank she worked at had cut backs and she was let go. Now all of the banks she applied at turned her down and one of the banks that she knew the people said it was because of her credit. She was in management before and can't even get a tellers position.
I just don't understand that there isn't a part of the local government that to bring a stop to all this madness without bank rupting us.
Thank You for listening at times I feel like I'm trying to swim in quicksand.
Vinnie & Cheryl

This is a lawsuit, failure to record such paperwork might be considered fraud, you need to let your lawyer know that he needs to stop messing around.

Thank You for your response, However were still in the same boat. Our lawyer keeps saying he's responding to letters, and asking for more money or he's dropping the case. So we send him the money. I feel that if the court system is fair then we should be in a good position. We are living as a third world country family due to all this. But all our resources need to keep fighting the best we can, and trust in GOD alone.
Cheryl & Vinnie