Posted by Irwin on May 31, 1999 at 09:37:52:
You should definitely should get a mortgage release as well as a Warranty Deed from the father. You might be able to recite the release of mortgage in the body of the Warranty Deed and save a recording fee. You don’t want any title problems in the future over whether or not the second mortgage was or wasn’t released by the “doctrine of merger”.
Need Input on Foreclosure - Posted by BRnBA
Posted by BRnBA on May 28, 1999 at 18:55:40:
The mortgagor does not hold title to property, but her father does by way of quit claim deed from mortgagor. The father who holds title also has a second mortgage on the property.
This was done previous to title transfer. I have done a title search and come to terms with “them”. My question is, should I get a mortgage release, as well as a quit claim deed from the father?
Or… - Posted by David Alexander
Posted by David Alexander on May 29, 1999 at 02:43:50:
the X amount of dollars could be to buy the second mortgage. Then you could contact the bank and tell them that you are in second position and would like to
reinstate the loan. They don’t have to work with you but, probably would if you explain to them that you are protecting your position.
David Alexander
Clarification - Posted by BRnBA
Posted by BRnBA on May 28, 1999 at 23:19:00:
I’m taking title “subject to” the existing mortgage. The first position is foreclosing. I’m in a mortgage state and don’t know much about grant deeds. I’m not even sure they use them in Oklahoma. This is a Pre Foreclosure that I’m paying the owner X $'s to walk. It is just a little odd because the owner happens to hold a second on his own property. He recorded a second several years ago when the title was held by his daughter. He has since taken title by way of quit claim deed. The daughter is being foreclosed on from the first position mortgagee. I don’t know why some people do the things they do, I just know that the person that holds title to this property also holds a second position mortgage on his own property, thus should I get a mortgage release as well as a deed in this situation?
Re: Need Input on Foreclosure - Posted by Bill Gatten
Posted by Bill Gatten on May 28, 1999 at 21:17:16:
Assuming you are referring to being the buyer on a Subject-To arrangment of some sort, why woudn’t you simply get a Grant Deed from the title holder and a quit claim from the daughter?
Bill