Legal Question in Real Estate Law in New York

Colaterel mortgage

We loaned a lot of money to an

individual and in return we received a

colateral mortgage. We just found out

he transfered the property to his wife.

Is the mortgage still valid or have we

lost everything

Asked on 5/02/07, 7:24 am

2 Answers from Attorneys

Robert R. Groezinger GroezingerLaw P.C.

Re: Colaterel mortgage

What does the mortgage itself say? Without resorting to the words in it, no one can give you an answer.

Good Luck

RRG

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Answered on 5/02/07, 8:43 am
Michael Moberg Moberg & Associates

Re: Collateral mortgage

A mortgage is recorded against the property and runs with the land. Yes, it would encumber the subject property regardless of any subsequent deed transfers. Provided the mortagge was properly drafted, signed and recorded, your interests are still protected.

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Answered on 5/02/07, 9:56 am


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