Can I "walk" from my mortgage?

[quincy]

fedup84, there should be a place on your mortgage documents where it actually says "legal description." It will also be listed on your property tax bill.

For example, my address might be 123 Maple Street but, even if it is erroneously listed as 124 Maple Street, my legal address will describe exactly where the property is located - a lot number, named subdivision, specific plat, county. This "legal description" is what identifies your property, not the street address or unit number.

I agree with the others, though, that you will want an attorney involved to review everything - so it is probably best for you to just wait until Monday to get some answers.

Good luck.

 

[fedup84]

fedup84, there should be a place on your mortgage documents where it actually says "legal description." It will also be listed on your property tax bill.

For example, my address might be 123 Maple Street but, even if it is erroneously listed as 124 Maple Street, my legal address will describe exactly where the property is located - a lot number, named subdivision, specific plat, county. This "legal description" is what identifies your property, not the street address or unit number.

I think you are under the impression that I live in an "apartment style" condo - multiple "units" inside one structure which would all have the same physical address. That is not the case.

My condo is essentially a duplex. When the association is complete there will be 16 individual "structures". Each structure has 2 "units", side by side.. there will be a total of 32. Each unit then also has a unique address.

On my mortgage note, it specifically says "Description of Property: Unit 7 in XXX XXX (x'd intentionally for privacy) Condominiums, a condominium declared and existing under and by virtue of the Condominium Ownership Act of Wisconsin...." yada yada.

My deed, however, says I own Unit 8.

As it stands now, my mortgage note states I own the "unit" (house) next door.

 

[quincy]

I think you are under the impression that I live in an "apartment style" condo - multiple "units" inside one structure which would all have the same physical address. That is not the case.

My condo is essentially a duplex. When the association is complete there will be 16 individual "structures". Each structure has 2 "units", side by side.. there will be a total of 32. Each unit then also has a unique address.

On my mortgage note, it specifically says "Description of Property: Unit 7 in XXX XXX (x'd intentionally for privacy) Condominiums, a condominium declared and existing under and by virtue of the Condominium Ownership Act of Wisconsin...." yada yada.

My deed, however, says I own Unit 8.

As it stands now, my mortgage note states I own the "unit" (house) next door.

Actually, it was the duplex-type or even a detached-condo type of condo that I thought you owned, not a unit inside one building apartment-style.

You may have to get the legal description, then, from your city/township/county office, but I find it very odd that it is not on your mortgage documents anywhere. I can almost guarantee that the legal description is not a unit number.

Is your unit number included as part of your mailing address?

I guess this is all academic, though, as you will want an attorney in your area to review everything on Monday. It sure confuses me.

 

[fedup84]

You may have to get the legal description, then, from your city/township/county office, but I find it very odd that it is not on your mortgage documents anywhere. I can almost guarantee that the legal description is not a unit number.

Is your unit number included as part of your mailing address?

I guess this is all academic, though, as you will want an attorney in your area to review everything on Monday. It sure confuses me.

No my unit number is not part of my mailing address.

I don't know how better to explain this. When we bought into the association we were given declarations. In those declarations was a map. This map is a "certified survey map" which is on file with the register of deeds. The map specifies the appropriate legal description for each individual condo as a "unit". Unit 1, Unit 2, and so on. This is how, at least in this instance, the county identifies a specific individual property.

Now according to the map, and the legal description on our deed, we are Unit 8 (address, although currently incorrect, would be irrelevant as I understand it). However our mortgage note (documents as you put it) states we are Unit 7 in the legal description. Yes, legal description is on there, but it is incorrect. Unit 7 would actually be my neighbors house.

 

[justalayman]

=fedup84;3216410]I think you are under the impression that I live in an "apartment style" condo - multiple "units" inside one structure which would all have the same physical address. That is not the case.

nope. In fact, the default setting in my brain is single unit housing until reprogrammed otherwise.

but given the fact it is a duplex, sure makes moving next door a lot simpler.

My condo is essentially a duplex. When the association is complete there will be 16 individual "structures". Each structure has 2 "units", side by side.. there will be a total of 32. Each unit then also has a unique address.

and again, address is irrelevant.

As it stands now, my mortgage note states I own the "unit" (house) next door

your mortgage note does not, I can assure you of that because a mortgage note does not confer ownership., Only a deed does that so, what the deed states is what you own.

so, do you live in the unit your deed says you own?

 

[quincy]

... This map is a "certified survey map" which is on file with the register of deeds. The map specifies the appropriate legal description for each unit. This is how, at least in this instance, the county identifies a specific individual property.

Now according to the map, and the legal description on our deed, we are Unit 8 (address, although currently incorrect, would be irrelevant as I understand it). However our mortgage note (documents as you put it) states we are Unit 7 in the legal description. Yes, legal description is on there, but it is incorrect.

Okay. Hmmm.

So, if your condo burns down, you would still own the property upon which it sat, and this chunk of property is identified on your mortgage papers and on your property taxes and on the deed and on the certified survey map simply as Unit 7 (or Unit 8, as the case may be)?

I think justalayman and LdiJ were probably wise to bow out of this thread.


(oops, I see justalayman is not so wise afterall - haha)

 

[justalayman]

(oops, I see justalayman is not so wise afterall - haha)

I'm a masochist

actually, the more the OP posts, the simpler this looks. If his deed reflects the unit he lives in, the rest is a matter of correcting apparent errors. Given that addendum OP spoke of, I wonder if there were actually any true errors and this is something that really is not that difficult to remedy as the only actual errors were that an incorrect lot number was used in the mortgage paperwork. In the end that really wouldn't be a big issue to correct and luckily for OP, it is something he is not likely to have to pay for.

During this second attempt I come to find out from our County Land Records that we signed "amendment" in February 2012 to correct an issue of an incorrect "unit number" in the legal description. We were unit 7 and supposed to be 8 or some damn nonsense.

so, if OP ever comes back and answers as to whether the legal description on his deed reflects his actual physical residence...

 

[CameronNewport]

I was recently told by a friend who deals in commercial lending that, due to these issues, it may be possible for us to "walk" from the mortgage because (according to him) if the address is incorrect the mortgage is void.

Nonsense. You borrowed a bunch of money, and you owe that money regardless of whether the address on the mortgage documents is wrong.

Also, so far as your property taxes are concerned, you should ignore your mortgage documents, as they are irrelevant as to what you own. You own the property that was conveyed by your deed, and you must pay taxes on that property. I suggest you simply pay the bill that you were given regardless of the unit number on your bill. You can provide a copy of your recorded deed with the payment, and ask that their records be updated to reflect the proper unit number if necessary. Problem solved.