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Lien on apartment

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Lien on apartment

Postby tyra_snowbanks » Thu Feb 15, 2007 3:00 am

When I went to refinance my co-op I discovered that there was a lien on my apartment because one of a series of banks that had held my original mortgage apparently did not file a UCC form when it sold the mortgage to the next bank. The new loan did go through and the bank suggested that I have the lien removed, but didn't tell me how. So my question is, how do I get that lien removed, since I really do not owe that money and the bank (Dry Dock) is no longer in business? I live in Queens.

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Postby elderlytenant » Thu Feb 15, 2007 5:28 am

I had a similar situation with my car loan long time ago. A savings bank was offering car loans, which in fact were being financed by a commercial bank. Saving bank INCORRECTLY advised me to put savings bank’s name as lien-holder on the title. So, I told the seller to put savings bank’s name as lien-holder on the title. Commercial Bank also put its name as lien-holder separately and held the title with itself. When the loan was paid off, commercial bank had its name removed as lien-holder and returned the title to me. Savings Bank’s name was still on the title as lien-holder. So, I went to savings bank. Nobody at savings bank knew how this was to be handled. They contacted the commercial bank, and commercial bank told SB to write some kind of letter to motor vehicles that they had lost or misplaced the paperwork and that they no longer held the lien. Then I got my clear title.

I don’t know how this is handled for mortgage loans. However, you say:

“did not file a UCC form when it sold the mortgage to the next bank”

Which was that next bank that held the mortgage? Contact them to see if they can advise something. If you know where UCC form was supposed to be filed, contact that place. You can also contact FDIC. They do provide assistance to consumers. They are not just about deposit insurance. There was a problem I had with sale of PLUS student loan from savings bank to Sallie Mae. FDIC did help me with that.
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