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Old 05-08-2013, 01:47 PM
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Originally Posted by anchoragedan View Post
You can't claim adverse possession if the true owner is aware and acknowledges your trespass. Possession must be open and notorious.
Paying the property tax does that. Knew or should have known standard. May vary by state.
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Old 05-08-2013, 01:57 PM
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I think one question is, and, yes, it's for a RE lawyer, how is the lien recorded, and what mechanism blocks the transfer of the title? It used to be recorded with, IIRC, the county clerk, as part of the property record.

But during the boom, this didn't work fast enough for the banks/mortgage companies, so someone came up with something called MIRS, that was some sort of national centralized database, and they just ignored the local governments. However, I remember that there were challenges to MIRS's validity.

I'm not sure how you would legally challenge a lien, and I don't know what happens if it isn't properly recorded, and you sell the property.

And beyond that is the whole issue of the loan holder proving they hold a note, when that paperwork has been lost.

Originally Posted by lvoc View Post
I don't know what happens actually. The bank does not own the property unless foreclosed. Thus you can't have adverse possession against the bank. A squatter might do the five years and gain possession against the original owner...but the mortgage runs with the land and does not go away.

I suspect there is some way to quiet the title but I don't know what it is. RE lawyer question.
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