Do we have a legal road to pursue if our former bank placed 2 liens on our property when we refinanced our loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Do we have a legal road to pursue if our former bank placed 2 liens on our property when we refinanced our loan?
We took out second mortgage and then refinanced it 4-5 years ago. The bank has since gone under. The new bank informed us when we tried to refinance with them that the old bank never consolidated the 2 liens. The new bank wants us to come up with the money to get rid of one of the liens ( about $60,000). We cannot afford that, and I don’t feel we should have to based on the old banks bad practices. Just to be clear, we have 2 loans with 3 liens.
Asked on August 11, 2012 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Whether or not you have a legal basis to bring some legal action with respect to the liens placed on your home concerning loand by your former lender based upon what you have written is best addressed to reading the loan documents that you signed including the promissory note or notes as well as the trust deeds. Your answer will lie with those documents.
I suggest that you consult further with a real estate attorney to discuss such documents and what your legal recourse would be.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.