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Old 03-01-2008, 08:44 PM
 
2 posts, read 5,049 times
Reputation: 10

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Greetings,

I have a question that I need some help with.

I live in Michigan but dabbled in real estate in Ft Myers. One "investment" I got involved in was loaning a property owner $10,000 on one of his investment properties. It was recorded as a second mortgage and was done in my name personally and not in a corporation's name. He paid off the loan as promised and the title company sent me the satisfaction of mortgage that I completed and sent back to them.

Turns out the title company went out of business and never had the satifaction of mortgage recorded in Lee county, which I never knew about until now.

Fast forward a year later and the property that I loaned money on is being foreclosed. I received a summons showing me as a defendant in the foreclosure which is quite unsettling to me. I have since recorded the satisfaction of mortgage with Lee county and sent it to the law firm handling the foreclosure. I am awaiting word from them hopefully dismissing me from the case but it has been 10 days and I have heard nothing.

I just need to know from any experts out there if I have anything to really worry about, I just don't know. Any help would be greatly appreciated.

Regards From Michigan,

SPG
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Old 03-01-2008, 08:47 PM
 
Location: Boca Raton, FL
6,575 posts, read 10,429,764 times
Reputation: 9877
Smile 2nd mortgage

You did the right thing. As a mortgage broker, we see this often.

I know Lee County has had a hard time.
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Old 03-01-2008, 08:52 PM
 
2 posts, read 5,049 times
Reputation: 10
Hi Bette,

Thanks so much for the quick reply.

I need some reassurance here!

Do I have anything to worry about financially(credit-wise) or legally because of this? The property has not yet foreclosed and the law firm handling the case has a copy of the recorded satisfaction, but they are slow to respond.

Tell me evrything is A-OK so I can enjoy the rest of the weekend!!!!

Regards,

SPG
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Old 03-02-2008, 12:01 PM
 
Location: Utah
68 posts, read 229,945 times
Reputation: 32
And I'm guessing you haven't had a lot of dealings with lawyers or the legal system. 10 days? They maybe have the envelope opened by now. Be patient. If you are in the right these things "almost" always work out for the best inthe end.
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Old 03-03-2008, 05:51 PM
 
Location: New York
26 posts, read 93,195 times
Reputation: 15
Quote:
Originally Posted by spg356 View Post
Hi Bette,

Thanks so much for the quick reply.

I need some reassurance here!

Do I have anything to worry about financially(credit-wise) or legally because of this? The property has not yet foreclosed and the law firm handling the case has a copy of the recorded satisfaction, but they are slow to respond.

Tell me evrything is A-OK so I can enjoy the rest of the weekend!!!!

Regards,

SPG
Everything is A-OK. You were a lien on the property not a borrower or co-signer. Im sure the bank sent you the letter just to make it known that as the 1st lien holder they would be foreclosing and collecting their money before You (the 2nd lien position) had a chance to collect yours (which according to you, have already been paid) Based on this scenario you are all GOOD.
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