I may be about to get 5 properties quit claim over to me and if I do I am going to get them free and clear via quiet title. The workaround I need is I think some or all of them have small mortgages on them that the owner hasn't paid on and the mortgage company never foreclosed on. Maybe 12 years. How do I get rid of these mortgages? I think the main thing I'm concerned about is fixing them up and then they become desirable to the mortgage company again but it's not my mortgage even though everything else is. I'm in Ohio.
You’ll have to contact them and see If they will release the mtgs. You may get this done for nothing, depending on the status of the mtg, or you may have to pay a small or full balance to release them.
So how cut-and-dried is that anyway? Do I just contact them and say hey I've got these five small mortgages that you haven't foreclosed on and the other person hasn't paid on and 12 years will you go ahead and release them? Or does it take a more sophisticated approach than that? I mean if they're answer is going to be the same no matter how I approach it then I imagine I shouldn't put a lot of effort into anything except being polite and diplomatic.
Start by getting a title report on each property, then contact your real estate attorney to review the titles. Probably best to have your attorney start Quiet Title actions. Once those are completed, you'll have clear title and can do what you wish with the properties.
I get that part and I have an experienced attorney that does Quiet Title actions like people get out of bed in the morning. But that doesn't seem to resolve what happens to the mortgages because in Ohio probably like anywhere else people can quitclaim everything over to me with the exception of a mortgage that remains in their name. So it seems my problem is how to most easily get rid of the mortgage that's remaining after I assume everything else in the quiet title. I know the guy is going to tell the bank he has no intention on paying them ever but that doesn't really get them in my hands and out of his name and released so the devil is in those details there.
Please check with your attorney. The reason for a Quiet Title action is exactly what you are trying to accomplish--extinguish the mortgage lien/claim on title to the property.