How do I find if I hold a deed of trust on a property?

I sold some land with someone else acting with Power of Attorney under an Owner Financed Mortgage... I hold the mortgage and they paid me monthly. My POA didn't really know what she was doing as the realtor managed everything and that was fine for years. Now they stopped paying taxes and the town wants to take it back while I'm stilled owed 1/3 the cost of the land.

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  • 7 months ago

    If you didn't have an attorney....get ready to pay one 10 times what you would have to simply set this up correctly.

    You cannot hold the mortgage if you own the property...that would be a contradiction of those terms.

  • 7 months ago

    Look up the deed at county courthouse

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  • 7 months ago

    If you "hold the mortgage" then the property has been transferred (deeded) to the new owner. Check with the tax assessor in your county. Failure to pay taxes is (should be) a violation of the terms of the mortgage and you should be able to foreclose. You could step in and pay the taxes but check with the county first. In many states it takes 3 years of unpaid taxes before a sale can be forced. Perhaps just a threat of foreclosure will get them to pay. If not, foreclose.

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  • 7 months ago

    Check the county records. If you don't know how to do that, hire a lawyer. It shouldn't cost too much just to research the county records.

    Source(s): Certified Paralegal, with 25+ years' experience & with Real Estate law experience.
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  • 7 months ago

    time to lawyer up......you may need to pay the taxes.

    you acting as the bank had the responsibility to make sure the taxes were paid quarterly, either by having buyer pay you in the mortgage payments or checking the tax records on a regular basis

    even if you had a POA, why didn't you read and make sure you understood....you should know whose name the deed is in

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  • 7 months ago

    If you sold the property, then the deed should be recorded in the name of the buyer. You don't need to care about that. What you need to care about is that the mortgage was recorded in the same government office as the deed. The mortgage is what protects you against default by the party you sold to. And you need to care about the mortgage document giving you the right to foreclose on the mortgage if the party you sold to doesn't pay the taxes. If the document does not say that, then you stepping in and paying the taxes before the town can have a tax sale might only benefit the party that you sold to. Because if they are not in default on the mortgage, you may have no grounds to foreclose on them.

    I suggest getting an attorney on this tomorrow.

    Edit: Whoever gave this thumbs down is clueless. When you sell, you transfer the title subject to any mortgage you may have taken back. That mortgage gives you the right to foreclose and recover the title if the loan goes into default, and MAYBE if the taxes (and/or hazard insurance) are not paid. Any mortgage you get through a bank contains language addressing the requirement to keep taxes and insurance current and spells out what the bank may do if they are not. Banks will pay those taxes/insurance to protect their property rights and then they will foreclose.

    Which is why any mortgage that you are holding needs to have something to that effect written into it. If it does not, again, then the party you sold to is not in default on the mortgage until they stop making the mortgage payments.

    I dare anyone to, instead of giving a gutless anonymous thumbs down, to explain how and where I am wrong.

    Now, if this was some sort of land contract, where the buyer doesn't get the property until all of the payments are made, then the deed would of course still be in your name. But it's not. Real estate professionals don't get involved in these land contract deals.

    Again, you need to get a lawyer...immediately. One more day you wait is one day closer to the government holding a tax sale.

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  • 7 months ago

    The county tax records will tell you if your name is still listed as the owner. Mine are listed online. Google “<your county> county tax records”

    You didn’t have an attorney help you? You could have had a consult and a proper contract drawn up for less than $500 and probably less than $300.

    Now it’s time to consult one. You need to look for an attorney specializing in contracts and property law.

    If you are still owner, *you* are 100% responsible for the taxes. If this is the case, you probably have cause to end the contract and retain all payments.

    If *they* are the owners, you’ll need to discuss with an attorney how to file a lien so you’ll be in the first spot if they property is foreclosed on. You may be able to sue for the remainder of the contract money.

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