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Posted by Jim V on August 27, 2003 at 19:14:23:
In Reply to: 2nd Not Recorded...HELP ME ON THIS posted by mark on August 27, 2003 at 10:24:59:
: The first is foreclosing...the 2nd never recorded their 27k equity loan. In the mean time I recorded my new deed as 'trustee'.
: I was going to offer the 2nd $2,500 but before I got the chance they said their records show they are going to 'charge off' the loan and take the loss.
: Can I now 'buy out' or reinstate the first without having to worry about the 2nd? I'm especially curious because they never did record their mortgage. By the way, this house goes to sale sept. 8th and I'd like to get it before the sale. Thanks for all 'speedy' responses. Mark
Recording a document provides constructive notice to the world that the document(transaction) exists. Recordation doesn't make a loan valid, and not recording it doesn't invalidate the loan.
If, as an innocent party, you purchased a property and had no knowledge of an unrecorded loan, you'd be fairly safe reinstating the first and not worrying about any unrecorded loans.
The safest way to proceed would be to attempt your discount with the second. The boldest way would be to pretend you never had any knowledge of it, and proceed with reinstatement and possession.
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