We own an investment property. We obtained a loan from an individual 5 years ago to start our own business in which the individual used our investment property as collateral and filed a 2nd mortgage on it. We paid the 2nd mortgage off in full 9 months after obtaining the loan, and the individual refuses to file the release of mortgage, there are no other penalties owed to him etc. He is also the landlord on the commercial space we rent for our business, and he likes having the mortgage lien on the investment property as insurance he will get his rent every month. Rediculous! We are now trying to sell the investment property and he has caused us to lose one buyer because of the title issue, by some miracle we have another buyer, does anyone have any creative ideas other than a lawsuit in civil court? This guy is not a brainiac, but he does have a decent lawyer, everything he owns is in a trust and the mortgage was funded out of that trust. There just has to be a way to force this guy to do the right thing and stop using these mafia tactics to push us around. Help!
Posts Tagged ‘Paid’
Credit is good I have an investment property that is paid in full should I refinance or get home equity loan.?
19
Mar
I want to consolidate my credit card bills and use some of the cash for more property.
I want to consolidate my bills and use some of the cash to purchase additional properties.
i want part time job without investment online job but to paid correctly?
18
Mar
i want job which keeps me going with out any risk.that is without investment any one to advice?
Paid off investment home. Can I take a 1st mortgage on that property or must I go with a home equity loan?
12
Mar
My brother and I need cash for a business venture and would like to take a loan out against an residential investment property that we co-own free and clear. Is our only option a Home Equity Loan? Ideally we would like to take advantage of the lower rates of a standard mortgage.