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OT lawyers - reinscription of mortgage
Posted on 4/3/15 at 9:25 pm
Posted on 4/3/15 at 9:25 pm
Why would you need to re inscribe a mortgage? What is the purpose of doing this?
No i'm not in law school so please don't berate me for not knowing.
No i'm not in law school so please don't berate me for not knowing.
3
Posted on 4/3/15 at 9:35 pm to horsesandbulls
Uh oh...someone got a lien?
It's so your mortgage company can make sure it stays as first lien holder. The initial inscription period is supposed to be for 10 years but I think that has changed depending on which parish it is filed in. If it hasn't, then your lender is simply making sure they maintain that first lien holder status so they can foreclose on you without having to pay off any other liens first.
It's so your mortgage company can make sure it stays as first lien holder. The initial inscription period is supposed to be for 10 years but I think that has changed depending on which parish it is filed in. If it hasn't, then your lender is simply making sure they maintain that first lien holder status so they can foreclose on you without having to pay off any other liens first.
Posted on 4/3/15 at 9:36 pm to horsesandbulls
Not a lawyer and don't pretend to be, but, It extends the date to which your mortgage is good against third party claims and it preserves the original date that it became affective against third parties.
Basically you're making sure that someone with a claim to your mortgaged property doesn't have a leg to stand on because everything has been properly recorded in the public records. Best I got for ya.
Basically you're making sure that someone with a claim to your mortgaged property doesn't have a leg to stand on because everything has been properly recorded in the public records. Best I got for ya.
Posted on 4/3/15 at 9:40 pm to stout
haha no, no lien here. my fiance is and i was nosey and flipping through her notes. she could tell me about it, but couldn't tell me why. my thinking is since the mortgage was already inscribed, why would you need to continue to reinscribe it. its not like the record is going to "forget" that the mortgage was there in the first place?
Posted on 4/3/15 at 9:44 pm to horsesandbulls
quote:
its not like the record is going to "forget" that the mortgage was there in the first place?
It's going to depend on the Parish best I understand. Some have extended it to 30+ years while others still require 10 year reinscription. Liens in my parish fall off after 10 years so someone would lose their position in line if they let it slide.
Posted on 4/3/15 at 10:25 pm to horsesandbulls
Posted on 4/4/15 at 3:34 pm to NEWBIE
There's your answer.
I've never really thought about it, but I would suspect that reinscription is required so debts do not sit in the record FOREVER.
For example, I sue you, get a judgment, and record it with my local clerk. Neither of us ever do anything with it again. I don't know about you, but I'd hate to have to thumb through 327 year old records that were still valid. Further, I'd hate to be the judgment debtor who has to track down the grandchildren of his judgment creditor for his 40 year old debt.
I've never really thought about it, but I would suspect that reinscription is required so debts do not sit in the record FOREVER.
For example, I sue you, get a judgment, and record it with my local clerk. Neither of us ever do anything with it again. I don't know about you, but I'd hate to have to thumb through 327 year old records that were still valid. Further, I'd hate to be the judgment debtor who has to track down the grandchildren of his judgment creditor for his 40 year old debt.
This post was edited on 4/4/15 at 3:55 pm
Posted on 4/4/15 at 3:41 pm to NEWBIE
Also, I've never noticed the state's site having two copies of the articles on the same page. Thanks for giving me something to do during my nightly bouts with insomnia.
Also, before anyone asks about the second link, I'll briefly explain.
If you have a 30 year mortgage (more than nine years), it would not need to be reinscribed for 36 years (6 years after the final payment is due).
And, it's a state law. It does not change parish to parish.
Also, before anyone asks about the second link, I'll briefly explain.
If you have a 30 year mortgage (more than nine years), it would not need to be reinscribed for 36 years (6 years after the final payment is due).
And, it's a state law. It does not change parish to parish.
This post was edited on 4/4/15 at 3:45 pm
Posted on 4/4/15 at 3:42 pm to stout
quote:
It's going to depend on the Parish best I understand.
No. The law is the same statewide. The inscription of a mortgage that secures an obligation that matures in 9 years or less (or does not describe the maturity date of the obligations it secures) lasts 10 years. If the mortgage secures an obligation that matures in more than 9 years and this is described in the mortgage, the inscription of the mortgage lasts 6 years from the stated maturity date.
This post was edited on 4/4/15 at 3:47 pm
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