Third mortgage discharge

[KM1122]

I had a mortgage on a commercial building and the bank also required a security instrument.
They placed a mortgage on a out of state property as the security, a third mortgage on that property.
The mortgage on the building was satisfied and the bank pursued a foreclosure action on the security, 3 rd. mortgage.
They were unsuccessful, and I had to file a chap 13

I need to get the mortgage off the record asap any ideas?

[justbroke]

The only way to remove the mortgage lien is to satisfy the mortgage. Since this is an out-of-state property I'll assume it's not your homestead. In that case you can modify the rights of that mortgage holder, reduce the interest to the Till rate (but Till is pretty bad right now), reduce the value down to the current FMV, and pay it off over the course of the Chapter 13. There are a lot of factors in the Chapter 13 including, but not limited to, funding a Chapter 13 and whether or not you'd be in a 100% plan.

Or I'm confused as to which "building" is which because you say the mortgage was satisfied yet they still pursued foreclosure?

[despritfreya]

From your post, I gather we are dealing with commercial property.

1. Is the property titled to you or to an entity you control?

2. What is the value of the property?

3. How much is owed to the senior lienholder(s)?

4. Does the property generate income?

5. If it generates income, does the income at least cover ALL of the debt service (all mortgages), taxes and other upkeep of the property?

6. Do you have an attorney?

Des.