HELOC And Encumbrances On Title...

Comments(6)

• 
  tinman17555th July, 2004

  Most local banks do not record the Line of Credit against the property. National Banks that lend throughout the state or more than one state have a local closer take responcibilty for this matter.
  
  Lori
  [addsig]

• 
  InActive_Account5th July, 2004

  Lori,
  
  Thanks. But this is Wells Fargo and they are all over the western United States. Maybe I didn't sign anything in my loan docs giving them deed to the property if I defaulted, but I thought I did. I'll have to go back through my loan docs I guess.
  
  Thanks,
  
  Robert

• 
  cjmazur5th July, 2004

  check the county recorder site.
  
  search by name
  date
  and if possible APN
  
  This can / do get misfiled.

• 
  InActive_Account5th July, 2004

  Quote:
  On 2004-07-05 12:52, cjmazur wrote:
  check the county recorder site.
  
  search by name
  date
  and if possible APN
  
  This can / do get misfiled.
  
  
  Thanks, I'll try that. I guess if it was misfiled, the only one who would ever know would be the lender. Sounds like another good reason to get title insurance.
  
  Do you know of any good online sources that have help on how to read the title docs?
  
  Thanks,
  
  robert

• 
  vasiliy6th July, 2004

  I work for Wells Fargo, and here's my opinion on this:
  
  A HELOC should have been recorded at closing.
  
  As your escrow company, or an attorney if you are in an attorney state, to give you the recording numbers for the heloc documents as evidence that it was recorded.
  
  The above scenario works if you did a combination first/second mortgage, and your documents went through escrow/attorney.
  
  If you got a HELOC after your purchase or refinance, then the bank should have recorded the documents anyway, and you should contact the customer service department to obtain verification of this.
  It usually takes more time for standalone seconds to get recorded.
  
  Hope this helps.
  Vasiliy

• 
  InActive_Account6th July, 2004

  Vasiliy,
  
  Thanks. This is actually a 3 year old HELOC. There's been more than enough time for this to be recorded. I guess I'm going to have to look this up via the doc numbers.
  
  My real question is though, what happens if I buy a property and the same type of thing happens. I get the property and there's a missed recording in the county records. I guess that is what title insurance is for.
  
  Robert
  [addsig]