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
2 Answers from Attorneys
Re: Colaterel mortgage
What does the mortgage itself say? Without resorting to the words in it, no one can give you an answer.
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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