Legal Question in Real Estate Law in New York
Colaterel mortgage
We loaned a lot of money to an
individual and in return we received a
colateral mortgage. We just found out
he transfered the property to his wife.
Is the mortgage still valid or have we
lost everything
Asked on 5/02/07, 7:24 am
2 Answers from Attorneys
Robert R. Groezinger
GroezingerLaw P.C.
Re: Colaterel mortgage
What does the mortgage itself say? Without resorting to the words in it, no one can give you an answer.
Good Luck
RRG
Answered on 5/02/07, 8:43 am
Michael Moberg
Moberg & Associates
Re: Collateral mortgage
A mortgage is recorded against the property and runs with the land. Yes, it would encumber the subject property regardless of any subsequent deed transfers. Provided the mortagge was properly drafted, signed and recorded, your interests are still protected.
Answered on 5/02/07, 9:56 am
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