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Mortgage question

  • Hey guys, I purchased a house on 9 city lots in 2001. Six of the lots and the house set on one block and the other 3 lots set on another block. All 9 lots and the house is fenced off and I have a few horses on the property. I refinaced the property in 2005 with another company. Just recently i asked for an appraisal on the property and when the appraisal was finished they only appraised the 3 lots on the seperate block. I asked about this and was told they can only appraise what the mortgage co has listed as the legal description. After hearing this I call the county and they tell me the only property that shows a lien and has a mortgage on it are the 3 lots, the other 6 lots and the house show to be free and clear. Does anyone know what could of happened?

    This post was edited by bootleg27 on 2/25/2011 at 9:31 PM

    bootleg27

  • do you have your mortgage paperwork?
    it should list all the lots.....
    if it doesn't ....someone screwed up...

    87sooner

  • bootleg27 said...

    Hey guys, I purchased a house on 9 city lots in 2001. Six of the lots and the house set on one block and the other 3 lots set on another block. All 9 lots and the house is fenced off and I have a few horses on the property. I refinaced the property in 2005 with another company. Just recently i asked for an appraisal on the property and when the appraisal was finished they only appraised the 3 lots on the seperate block. I asked about this and was told they can only appraise what the mortgage co has listed as the legal description. After hearing this I call the county and they tell me the only property that shows a lien and has a mortgage on it are the 3 lots, the other 6 lots and the house show to be free and clear. Does anyone know what could of happened?

    How many acres is the total land sit on? Usually the mortgage will be the dwelling and 5 acres.

    You also may need to make sure that your property sits on one (1) legal description. If it is not, that will also answer your question as well.

    When you say you talked to county, are you referring to county assessor, or the county register of deeds? If its someone other than register of deeds, or a title company then I really wouldnt out much credence in what they tell you.

    A bit more info and we can get to the bottom of this for you.

    "These people don't know what it means to be champions...Oklahoma invented it!"- Barry Switzer

    Sooners2007

  • Thank for the replies so far. I called the county assesor first and after talking to her, she transfered me to the register of deeds. After looking at my mortgage paper work again, nowhere does it list anything about the house and 6 lots. It list lots 1,2,3 in block 77, thats it.

    bootleg27

  • bootleg27 said...

    Thank for the replies so far. I called the county assesor first and after talking to her, she transfered me to the register of deeds. After looking at my mortgage paper work again, nowhere does it list anything about the house and 6 lots. It list lots 1,2,3 in block 77, thats it.

    It looks like a typographical error. It happens more than most would think.

    I assume your escrow payments for taxes and insurance includes all of the properties.

    RKE

  • If you closed with a title company go back and have them correct this situation!!

    ouroadkill

  • Do i want it corrected? My insurance and taxes are payed seperately, not in an escrow.

    bootleg27

  • Hell, yes...I am going through something similar with my parents house..a problem with a half lot that was added to their property...for 40 years the survey was screwed up...sold the place a year ago and still trying to get the mess cleaned up for the new owners...everybody is pointing fingers now...

    Do you show title for all of the lots with some on the mortgage and some in the clear?

    pphilfran

  • Yes. My deed is correct, it shows all the property. Some are on the mortgage and the other 6, including where the house sits show to be in the clear.

    bootleg27

  • Then that is standard. The land value would not be allowed to exceed 25% of the loan! So you could build another house on that property and have a built in 25% down payment..or sell the lots off separately.

    ouroadkill

  • Thanks roadkill

    bootleg27

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    oulabman

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