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Guest
What is the name of your state? AL.
Let me see if I can get this right. 2 years ago we bought the lot next to my house for $30,000. On this lot we built a 4 stall barn for $25,000. The total is $55.000 for both ans we financed them with out local bank. When it was all said and done, all the building was done on the barn, I went to the bank to talk about refinancing the thing, our house and lot, new barn and lot at a cheaper interest rate. Their rate was around 6.5% at that time so I did some shopping around and found an out of town mortgage company with the same deal except 5% interest rate--he was highly recomended--so there is where we went. Had the appraisal done--July of 2003--everything appraised for $281,000 which was enough to do all our refinancing, we needed $220,000. Now about a month ago I looked into getting a home equity loan, our daughter is going off to college soon, I got another appraisal and this one was for $162,000--I thought this aint right--come to find out when the company recorded everything at the court house from the re-financing they kept the 2 lots seperate so on my mortgage note that shows the $220,000 the description of the other lot with the barn is NOT on the note. This means there is no mortgage on the lot with the barn so that is why my last appraisal was $162,000. When I was doing my research last month I called the person I delt with on the refinanceing and he told me that his mortgage missed that and if the ever had to forclose on us they couldn't get the lot with the barn so now as of today they want to re-record and add this other lot and I am telling them I am not sure I want them to do this. Do we legaly have to let the mortgage company do this? I feel it's their screw-up and they will have to live with it and if I hadn't ever tried to get the home equity loan they would of never known this. What would my choices be?
Any help would be appreciated!!
Let me see if I can get this right. 2 years ago we bought the lot next to my house for $30,000. On this lot we built a 4 stall barn for $25,000. The total is $55.000 for both ans we financed them with out local bank. When it was all said and done, all the building was done on the barn, I went to the bank to talk about refinancing the thing, our house and lot, new barn and lot at a cheaper interest rate. Their rate was around 6.5% at that time so I did some shopping around and found an out of town mortgage company with the same deal except 5% interest rate--he was highly recomended--so there is where we went. Had the appraisal done--July of 2003--everything appraised for $281,000 which was enough to do all our refinancing, we needed $220,000. Now about a month ago I looked into getting a home equity loan, our daughter is going off to college soon, I got another appraisal and this one was for $162,000--I thought this aint right--come to find out when the company recorded everything at the court house from the re-financing they kept the 2 lots seperate so on my mortgage note that shows the $220,000 the description of the other lot with the barn is NOT on the note. This means there is no mortgage on the lot with the barn so that is why my last appraisal was $162,000. When I was doing my research last month I called the person I delt with on the refinanceing and he told me that his mortgage missed that and if the ever had to forclose on us they couldn't get the lot with the barn so now as of today they want to re-record and add this other lot and I am telling them I am not sure I want them to do this. Do we legaly have to let the mortgage company do this? I feel it's their screw-up and they will have to live with it and if I hadn't ever tried to get the home equity loan they would of never known this. What would my choices be?
Any help would be appreciated!!