Consumption and Real Estate
tax assessment records – why is mortgage company in the name?
Question : tax assessment records – why is mortgage company in the name?
I am handling a case and without doing a full title exam. Cost and time is too involved for the amount of the claim. Tax assessor records are showing the mortgage company as the second name listed underneath the property owner (as owners). I assume that this indicates either a data entry mistake, reverse mortgage, or possible foreclosure. I did not see any foreclosure legal notices online for that property. I did not think a reverse mortgage would also list the mortgagee and mortgagor as the ‘owner’. Any ideas?
Please only answers pertinent to the question.
mortgage company names
Best answer:
Answer by Big Woof
My first thought is that there must still be something owed the mortgage company. If not, this may have been a holdover from when there was something owed. They would have been the ones to receive the property in the event the mortgagee died.
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#2 written by bostonianinmo 1 year ago
This isn’t all that unusual especially in states that use a traditional mortgage instead of a deed of trust to secure the lender’s interest. With a deed of trust there is a separate document recorded against the property record showing the lender’s interest. With a traditional mortgage there is no separate deed to protect the lender’s interest so adding their name to the deed serves as notice that the property is encumbered.
Just contact the lender and ask for proof of their claim against the property. If the mortgage has already been retired, they should issue a quitclaim deed releasing their claim to the property. Normally this is automatic, but it does slip through the cracks from time to time.
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Lienholder or else your lender pays your taxes through an escrow account so the tax bill goes to them.