I refied 5 condo's, my lender funded loan, but title did not record deed until 30 days later, I
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The lender funded our loan and paid out 1st and 2nd mortgage. I just learned that the Grant deed did not record until yesterday, 30 days after the loan funded. And, there is still 1 condo that has not recorded yet because they are saying the deed was not notarized (it was!). What is going on? Is that legal? Technically I signed loan doc's , but I don't own the property yet becaus the deed had not been recorded. Do I have to pay mortgage for the month that the deed was not recorded? Anyone? Who messed up? Title tells me they just received the documents, escrow is not saying anyhting. Any suggestions?
I refied 5 condo's, my lender funded loan, but title did not record deed until 30 days later, Is that legal?If you already had a mortgage (1st and 2nd) on the properties that were re-financed, then you already owned the properties - the property was already in your name.
If you're talking about the deed of trust (for the mortgages), then yes, you still have to pay. The deed of trust is for the mortgage purposes - it gives other people notice that these companies loaned you money and they have a note/lien on the property until they are paid off.
It is typical for mortgage companies to delay recording the trust deed - because they usually turn right around and sell them to other companies - but that doesn't mean that you aren't required to pay.
So yes, pay the mortgage. Otherwise, you will find the mortgage recorded and a notice of default recorded at the same time for the failure to pay.
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