Legal Question in Real Estate Law in New York

Post-closing question

Initially purchased home in 1993 with mom. Refinanced in 2004 and we executed quitclaim deed and real property transfer report. Last month, during the process of securing a home equity loan, search disclosed that mom�s name is still on title. At home equity closing, mom signed mortgage, not note. Spoke w/county clerk; quitclaim deed and report are filed and recorded. Clerk could shed no light on how this was missed/overlooked during the search. I am also in possession of these documents. Query: can the home equity closing documents be amended or an addendum attached? In no way do I want my mother to be responsible for repaying this loan. Thank you.


Asked on 10/13/05, 2:06 pm

4 Answers from Attorneys
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: Post-closing question

Contact your closing attorney and/or the Title Company Attorney. Either would be in a better position to answer and respond to your questions and concerns.

An answer here, without the docs, could confuse you or the issues even more.

Good luck,

Phroska L. McAlister,ESQ

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Answered on 10/14/05, 12:43 pm
Peter Moulinos Moulinos & Associates LLC

Re: Post-closing question

If your mom didn't sign the Note, then she wouldn't be liable. Her signing the mortgage is just a consent to having a lien placed on the property as she is still a record owner. You probably want to file a confirmation deed with the county clerk to confirm transfer of her interest in the property.

Please feel free to contact me if you need any further help on this matter.

Kind regards,

Peter Moulinos

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Answered on 10/13/05, 2:22 pm
Robert R. Groezinger GroezingerLaw P.C.

Re: Post-closing question

She is on the mortgage, no the Note? No Problem. Only if she signs the Note is she on the hook. Lenders want all owners of record on the mortgage so that they know the property has been "liened".

Good Luck

RRG

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Answered on 10/13/05, 5:21 pm
Walter LeVine Walter D. LeVine, Esq.

Re: Post-closing question

I agree with Peter and Bob. It appears they either used the old title search or ran a new search before the new Deed was recorded. Either way, the title company should be informed of the new status and be provided with a copy of the recorded Deed. Since Mom did not sign the Note, she has no financial liability.

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Answered on 10/15/05, 1:10 pm


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