My husband was checking the county online records yesterday to see if the deed was recorded yet for the gas rights we recently sold on some acreage. It wasn't there, but he did find a surprise. There was a "Satisfaction Piece" filed by the bank that holds the mortgage on our primary residence in January 2010 stating that our mortgage has been satisfied/released. We're only 6 years into our 30 year term.
My reaction is to call the bank and make them fix it. My husband, on the other hand, is a dork. His first instinct is to file bankruptcy while our mortgage is technically "unsecured" and wipe away everything that we owe (which is a lot). The bank will never be notified because the court house doesn't have a record of us owing anything on the house. And since we have the "Satisfaction Piece" he thinks they can't foreclose on it. I think the bank can get this whole mess fixed in their favor...there seems to be some case law out there stating that fraudulent or mistaken releases can easily be reversed.
Anyway, what do you think? I think my husband knows that's I'm right and we should tell the bank, but he's sort of giddy with glee over this. And to think he works in the mortgage industry.....ugh. No ethical dilemma there, eh?
My reaction is to call the bank and make them fix it. My husband, on the other hand, is a dork. His first instinct is to file bankruptcy while our mortgage is technically "unsecured" and wipe away everything that we owe (which is a lot). The bank will never be notified because the court house doesn't have a record of us owing anything on the house. And since we have the "Satisfaction Piece" he thinks they can't foreclose on it. I think the bank can get this whole mess fixed in their favor...there seems to be some case law out there stating that fraudulent or mistaken releases can easily be reversed.
Anyway, what do you think? I think my husband knows that's I'm right and we should tell the bank, but he's sort of giddy with glee over this. And to think he works in the mortgage industry.....ugh. No ethical dilemma there, eh?