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Old 10-26-2012, 06:45 PM
 
Location: State of Superior
8,574 posts, read 13,376,432 times
Reputation: 2698

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Actually I went through last year a similar thing.here in Michigan. My home never had a lean or Mortgage , at lest while I owned the property ( I built my home with cash and private funds) After it was done I decided my chances would be better if I could prove a declared value, ( for a Government backed loan ), so we hired an appraiser. That went well , more than I paid to build, so, I thought it would be clear sailing......no it was not ! When I bought the property, paid for it,I thought it was mine. I soon found out i did not own the property I built a 500,000 house on.! The problem was the county did not have proof who owned the land. ( which they sort of record for taxes which I had been paying for 5 years) .I was buying the land under a land contract. Wells Fargo worked for 2 months to get clear title. It seems many people had owned the land through LLC Corps. In Michigan, land can be traded, sold, between principles of these LLCs without recording it with the county.We finally tracked down the last one about 6 month later.. It was a real mess., but It got done or so I thought. The LLC I paid over several years would not sign off, for what ever reason. In Mi. we have thousands of LLc property owners.. I had to hire legal council to get all this settled. I had to pay several thousand , both attorneys. BY this time Wells Fargo stopped lending. Never did get a loan.
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Old 10-26-2012, 07:32 PM
 
Location: Tucson/Nogales
16,280 posts, read 19,771,886 times
Reputation: 22064
Thanks so much for all the responses, but it's going to take awhile to digest all this, and do some re-reading and re-reading to see what direction I'll take next.
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Old 10-26-2012, 10:06 PM
 
Location: Denver & Boulder regions
166 posts, read 290,117 times
Reputation: 184
Congrats on paying off your house!
Not to confuse you even more but I would be inclined to contact a title/closing company... who can contact HSBC's payoff department, find out what's going on and possibly help organize the relevant docs needed (for them to sign too) etc; very least get insight from them.
At the same time, I'd really double check that nothing in arrears is outstanding, ie a final interest amount. These days, I don't trust banks to do anything correctly!!! I've heard of banks making grave errors and actually foreclose on 'paid off' properties because the left hand doesn't talk to the right hand...

Once all is said and done, it may now be worthwhile to talk to an estate planner; is it beneficial to put the property into a trust etc - your house is your biggest asset and now its free and clear, you want to protect yourself and 'it'... so noone can touch it but you.
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Old 11-10-2012, 08:32 PM
 
Location: Tucson/Nogales
16,280 posts, read 19,771,886 times
Reputation: 22064
I called a friend of mine, who has bought and sold a number of houses, and she instructed me to just go down to the Recorder's office, and go from there, which I did.

A conveyance letter had been sent to the office on 10/16 and I got a copy of the deed. No liens!
And not title given in the state of NV, they told me.

Now, I must look at Estate Planning issues.
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Old 11-11-2012, 02:54 AM
 
6,353 posts, read 7,209,852 times
Reputation: 10779
Quote:
Originally Posted by tijlover View Post
I called a friend of mine, who has bought and sold a number of houses, and she instructed me to just go down to the Recorder's office, and go from there, which I did.

A conveyance letter had been sent to the office on 10/16 and I got a copy of the deed. No liens!
And not title given in the state of NV, they told me.

Now, I must look at Estate Planning issues.
Thanks for reporting back. Glad to hear that the recording issue got resolved.
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Old 11-13-2012, 04:48 AM
 
Location: Southwest Arkansas
765 posts, read 620,299 times
Reputation: 815
a paid off mortgage? Oh man that must be nice, I still have over 17 years on mine (30 year)
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Old 11-13-2012, 08:58 AM
 
Location: State of Superior
8,574 posts, read 13,376,432 times
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Quote:
Originally Posted by onceahogalwaysahog View Post
a paid off mortgage? Oh man that must be nice, I still have over 17 years on mine (30 year)
The average person dumps their home every 7 years. ( That might be influenced by the economy of late ) few people nowadays have any real attachment to the house they live in, they never pay off the mortgage its just restructured into the next dwelling they buy. We are a mobile Nation, unlike Europe, even Canada to our north where more people own their homes, stay in them longer, and are not allowed to default with the debt , full recourse all across the Country. On average they take more pride in home ownership, and not how much they can make by flipping the house after a couple of years , as was done in Nevada., which may never recover. Its more likely the people will leave, never to return to the desert.
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Old 11-14-2012, 12:35 AM
 
Location: Tucson/Nogales
16,280 posts, read 19,771,886 times
Reputation: 22064
Y'all know about the real estate market in Las Vegas. Well, I almost succombed to utter insanity, back during the boom times, 2005, had my place up for sale at the peak, had a contingency offer on a $237k townhouse ( He wouldn't budge on the price back then!), was going to sell my place, put $100k down and then the black clouds moved in!

Ooofta whih-weeeee! If that transaction had gone thru, I'd be looking at paying off a mortage 15 years down the road! That $237k townhouse plunged to $50k during the crash! Yikes! What a narrow escape from years of misery!

I'm so enjoying not having this albatross around my neck, I was going to sell it, move to Tucson to retire, but the prices are higher here than Las Vegas ( In what city are they lower?) and won't do it unless it's cash for cash! So I'm going to enjoy this super-high, and stay put! Las Vegas isn't the worst city in the world to be stuck in, perhaps permanently, as I now have extra money for getaways!
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Old 11-15-2012, 12:33 PM
 
4,512 posts, read 11,462,162 times
Reputation: 3002
Quote:
Originally Posted by darstar View Post
The average person dumps their home every 7 years. ( That might be influenced by the economy of late ) few people nowadays have any real attachment to the house they live in, they never pay off the mortgage its just restructured into the next dwelling they buy. We are a mobile Nation, unlike Europe, even Canada to our north where more people own their homes, stay in them longer, and are not allowed to default with the debt , full recourse all across the Country. On average they take more pride in home ownership, and not how much they can make by flipping the house after a couple of years , as was done in Nevada., which may never recover. Its more likely the people will leave, never to return to the desert.
That is a changin. Lots of people cannot afford to sell their homes now with the loss of equity/value. Add in the fact that so many people now have fixed interest that are so low, it will be hard to leave that behind when rates go back up to 6%+. I foresee people staying put much longer than they have in the last 50 years.
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Old 11-15-2012, 03:47 PM
 
Location: State of Superior
8,574 posts, read 13,376,432 times
Reputation: 2698
Quote:
Originally Posted by TimtheGuy View Post
That is a changin. Lots of people cannot afford to sell their homes now with the loss of equity/value. Add in the fact that so many people now have fixed interest that are so low, it will be hard to leave that behind when rates go back up to 6%+. I foresee people staying put much longer than they have in the last 50 years.
I hope you are right. We all know why all these people moved to vegas, and it was not for the weather. Many were retirees wanting to cash in on the great deals, you know 110 per cent loans.
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