So does the former lien holder, who has now consolidated / sold to ABM Amro, show as the owner of record…? I am assuming this is the case from what I am understanding of your question.
If so, then I would attempt to contact someone in the legal dept of ABM Amro… (You kind of hate to arouse that sleeping dog, but sometimes yo have to). See if for x amount of dollars, (whatever it is worth to you), they will Quit Claim the proeprty to you, thereby granting NO Warranty of ownership… I would also get some form of Corp Res that shows the purchase of the other institution, at the same time. This will be one of those that you may have to keep calling, bugging them, and eventually wear someone down… I know that you will not accept NO as an acceptable response… Good luck on it…
JT
PS. You might point out to them the liability that they assume simply by blindly being on title of the property, as an legatee. Sometimes you got to hit the Attys over the head with the obvious legal stick, that they should be aware of well in advance.
bank won’t grant release of terminated security - Posted by Eilzabeth (NJ)
Posted by Eilzabeth (NJ) on August 31, 2004 at 17:06:39:
I am buying a property which has an old mortgage on it. Title work and subsequent detailed research confirms that as a result of many assignments of the mortgage, it ended up in a lump of other notes in a trust managed by a bank which was subsequently taken over by Wells Fargo Bank. Wells Fargo confirms that the trust was terminated and all notes therein wiped out. FDIC told me that when trust was terminated, everything in there was also wiped out. The mortgage management co. confirms that they independently charged off the mortgage as uncollectible. So, everyone agrees that this mortgage no longer exists. An authorization was issued to discharge the mortgage so that I can close. The discharge was prepared by attys for the mortgage company and forwarded to the appropriate party for signature. It now sits on that person’s desk, and they have refused to sign the discharge, altho, once again, there is no question that the mortgage does not exist.
Now, the mortgage company is telling me I must make an offer to purchase the non-existent mortgage at which time they will give me an assignment of the note and I can them discharge it myself from title.
What’s up with this? I did not know that thieves were dealing right out in the open at the doors to the banks.
By the way, the property is a burned out shell which has been condemned by the city with a threat to tear it down and attach a lien for the cost of the tear down.
Does anyone have any ideas as to how to deal with this nonsense? Obviously, I want the property and have even toyed with the idea of taking it subject to that lien and suing the bank for the release, but I know that will take a lot of time.
To recap, all parties including the bank refusing to sign the discharge, agree that the mortgage was terminated and even charged off, but they still want me to pay for the release of the lien as if it were in fact a viable lien.
Posted by JT-IN on September 03, 2004 at 04:57:41:
Just by some chance someone here may have some influence or contact within the company. Knowing more about who it is may provide more detail as to why they are not releasing the mtg.
One other thing… you state the mtg does not exist… This is not the case. The mtg does exist, and that is what you are attempting to get cancelled, as I understand this. The note may be paid in full, or as you mentioned charged off, but that doesn’t release the Mtg. Whoever bought the remaining defaulted paper is under NO obligation to simply file a release, as you are requesting. They have every right to ask for compensation… and demand what the market will bear. BTW, what is the property worth…? How much are you paying the seller…? The reason that I ask this is that it may also lead to an idea of a strategy to deal with the mtg holder…
Posted by Ben (NJ) on September 01, 2004 at 12:36:10:
Elizabeth, you should be talking to your title company, not the bank, and ask them to insure over the old mortgage. You don’t say how old the mortgage is but if its more than thirty years old there is a legal presumption that it is unenforceable. If your title company balks, email me and I’ll give you the name of my title company who has done this for me many times.
Posted by michaela-ATL on April 28, 2005 at 15:06:33:
JT,
sorry, I can’t email you directly, since I’m in the library and the email program doesn’t open, when I click on your name. So I’m responding to an old post of yours.
You may have read my post about the vacant lots, that was foreclosed on in '84 by a mortgage company, that was also the high bidder. They merged with ABN ANRO in the late 80’s. I called them, finally got a hold of a person, who checked for both of these properties. She insits, that they do not have them in the computer, therefore there’s nothing they can do to convey themto me.
Re: Title company issue - Posted by Elizabeth (NJ)
Posted by Elizabeth (NJ) on September 01, 2004 at 16:15:30:
Hi Ben, thanks for your response. This is a good idea and may work on other properties in the future and I would welcome the information you have offered to provide. However, this mortgage is only 14 years old.
Since my posting I have been in contact with someone who may be able to exert sufficient pressure on the person who is refusing the sign the discharge so as to obtain the document from her.
Good luck on it…