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Mortgage company error - to settle or not to settle?

I have a unique property that is 11.6 acres divided into 4 parcels of 0.4, 0.4, 0.8 and 10 acres. I bought it in 2006. At the time I bought it, the mortgage company had me survey off the 0.8 acres so that they could make the loan for the 10 acres. Now I have found out that they made a mistake in recording the deed and have mortgaged the 0.8 acres, which means that the 10 acres is free and clear. I am trying to refinance but the new mortgage company wants the whole property resurveyed. Because of this I have already missed one chance at a better interest rate (under 3%  APR on a 15 year fixed), and now if this current deal goes through it is going to cost me thousands of dollars out of pocket to get it resurveyed.  I am current on my loan and have never had a late or missed payment. What are my options? Try to settle with the current mortgage company? If so, how? For how much?
  • August 26 2013 - US
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Answers (2)

Did you not get title insurance when you bought it??? They should fix that for you.
  • August 26 2013
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Profile picture for larryeul
Did you have the property surveyed when purchased in? (Meaning all 10+ acres). If yes, maybe the original survey company will certify old survey, or whatever term they may use in your area, at a lower fee.
Best to you.
  • September 09 2013
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