Legal Question in Real Estate Law in Illinois

Statue of limitation on bank mistake

WE BOUGHT A HOUSE AND LATER TOOK OUT AND SECOND MORTAGE.WE DECIDED TO CHANGE BANKS FOR OUR SECOND MORTAGE.THE BANK REALEASED BOTH MORTAGES . THUS WHEN A TITLE SEARCH WAS DONE TO SELL THE HOUSE THERE WAS NO LEAN ,SO ALL THE PROCEDES FOR THE SALE OF THE HOUSE WENT TO ME. HOW LONG WAS THE BANK RESPONSIBLE TO CORRECT THAT MISTAKE'' STAUE OF LIMITATION???

iS THER ANY RECOURSE FOR THE BANK?? THANK YOU


Asked on 8/07/02, 4:15 pm

2 Answers from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Statue of limitation on bank mistake

probably ten years , see illinois statute of limitations, definitely a weird situtation

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Answered on 8/07/02, 4:46 pm
David Shestokas Shestokas, & Associates

Re: Statue of limitation on bank mistake

Even if the mortgage lien was released, there typically would be a personal promissory note associated with the loans. Regardless of the releases it is likely that you are still liable to the banks for the money that was due on the loans when the house was sold. In fact, it is likely that they continue to accumulate interest. Your failure to arrange for payoff of the loans may subject you to criminal liablilty if not handled properly. You should contact counsel in how to handle this matter. It may be dangerous to just wait and determine if the bank will take action. If you wish to discuss the matter, I can be reached at 630-243-0099.

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Answered on 8/07/02, 5:01 pm


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