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Recorders Office/ Unperfected Mortgage Company lein

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Sjohn1
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Recorders Office/ Unperfected Mortgage Company lein

Postby Sjohn1 » Wednesday September 16th, 2009 9:59 am MDT

I have found at the county recorders office here in Illinois, that there's no present mortgage company lein filed with interest to my property. The past mortgage company has released their interest. Question is .....Can I file a UCC financial form with a security agreement placing someone in the secured party interest for the balance due on my exisiting mortgage. What happens to the mortgage company if I do this?

Searching4freedom
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Re: Recorders Office/ Unperfected Mortgage Company lein

Postby Searching4freedom » Wednesday September 16th, 2009 10:19 am MDT

How long have you had a mortgage on your property?

Sjohn1
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Re: Recorders Office/ Unperfected Mortgage Company lein

Postby Sjohn1 » Wednesday September 16th, 2009 10:24 am MDT

With the current mortgage company about 2 years now….
Does anyone have any ideas about this situation?

Thanks

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Re: Recorders Office/ Unperfected Mortgage Company lein

Postby Admin » Wednesday September 16th, 2009 7:38 pm MDT

:h: Sjohn1:
Before we respond we must remind you the purpose for our Open Forum system is to provide people with a way to learn about Team Law while eliminating e-mail to and from Team Law. The idea is, if people can ask us their general questions about Team Law and our services in our Open Forum, others can read their posts, learn about Team Law and our work to preserve our country and thus eliminate the repetitious need for others to send us similar e-mail; thus, we can disseminate massive amounts of information without repeating ourselves much. The volume of inquiries and responses on our forum shows the system is working.

Your inquiry regards a personal matter and is the kind of thing a Team Law beneficiary could ask us in our Beneficiary Forum and receive direct educational support that could help the beneficiary learn how to solve the matter through learning the law and how to apply it.

However, we can only provide that level of support to those that are Team Law beneficiaries, so such inquiries can only receive direct support if they are from Team Law beneficiaries. And, personal matters need to be addressed to Admin in our private message system.

Because we have had so many people recently asking questions about how they can eliminate mortgages obligations, we chose to address that matter as it relates to your inquiry instead of moving your inquiry to the private message system; thus, we are here addressing the general matter of such things and not your specific situation. (To address that you would have to be a Team Law beneficiary and we would have to have all of the details to properly respond.)

Generally, because of the terms of the mortgage contract, the mortgage holder does not need to file a separate lien in the Clerk and Recorder’s Office. This is especially true if a Trust Deed is recorded securing the deed. The language of the Trust Deed will suffice for all such recording purposes. The same goes for many mortgages, especially if they are recorded (in some cases they are). In other words, there are many ways in which a mortgage can be enforced without the need for a lien due to the terms and conditions spelled out in the mortgage contract.

The U.C.C. 1 form is used, in some jurisdictions, to secure the right to collect a debt. The party holding interest in the debt files the form. Accordingly, the one owing the debt cannot file the form because they owe the debt and that debt is bound by the mortgage contract. This should be self-evident in reading the code, and that which follows, as it is related to the use of the form (asking third parties about such matters without actually reading the code, and that which follows, is a mistake that would set the inquirer up for marketers looking for a ripe sucker ready for the plucking).

Accordingly, using such a form improperly to allege a balance due on a mortgage (as you suggested) would constitute fraud. If the lender was an FSLIC secured lender or the loan was a VA loan (Corp. U.S. secured lender) and such forms were used in any form of mail or mail like delivery service, that fraud could easily constitute mail fraud involving a federal person, which could result in a $1,000,000.00 fine and a 30 year jail term per violation (per mailed instrument).

Your final question asked what would happen to the mortgage company if you did this. From the details you provided, they would likely end up with the property, while you would get a new place to live with three meals a day provided.

We hope this information is helpful to you.
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