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Lender Left Some Property Off the Note

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  • 02-25-2011, 08:09 PM
    limiman
    Lender Left Some Property Off the Note
    My question involves real estate located in the State of: Oklahhoma

    Hello, i purchased a home and 9 city lots in 2001. In 2005 I refinanced this property with a different lender. I just now noticed in the legal description that the lender only has 3 of the 9 lots included and none of these 3 lots include the house. I called the county and had them look up what lots have a lien on them and all their information points to only the 3 lots listed above to having a lien. The other 6 lots and the house have no lien attached to them. What needs to be done?
  • 02-26-2011, 06:38 AM
    flyingron
    Re: Lender Left Some Property Off the Note
    Well what do you want done? If the loan contract (note, whatever) does cover the properties, they are free to install the lien (or whatever security instrument) at a later time. Their failure to do so timely means that someone might get in there with a more senior lien.

    Frankly, I would be tempted to not do anything, or at the minimum write a letter to the lender informing them of their error. It's really their job to fix things if they care.
  • 03-14-2011, 08:25 PM
    mdindestin
    Re: Lender Left Some Property Off the Note
    The mortgage holder may claim this was a mere scrivern's error. Do they have any proof that the intent was to loan you money on the improvements. For instance, did they reference an address in addition to the lot and blocks?

    Not sure what you're wanting to do. If you're just wanting to correct the error, contact the lender and tell them about the error. They can record a corrected instrument in the public records.

    It's really just a problem for them. After all, you could encumber the property with another mortgage on the "free and clear" lots.
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