Do I need to have a payment agreement on a 2nd mortgage recorded?
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Do I need to have a payment agreement on a 2nd mortgage recorded?
My father passed away leaving his home with a 2nd mortgage (payable to my uncle) to me. The 2nd mortgage is recorded at the county and my father left it in his Will for me to pay my uncle or sell the house to pay him. I am repaying the 2nd and have made up an agreement with payment a schedule which states it will be in lieu of the 2nd mortgage recorded at the county. Do I need to have this new agreement recorded? I am having the new agreement notarized.
Asked on May 25, 2012 under Estate Planning, New Hampshire
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am so sorry for your loss. If you are modifying the agreement then I would seek legal help to do so and yes, I would record what ever agreement modifies the mortgage recorded. You may need a satisfaction of the second mortgage or it may appear that you have two encumbrances on the home. Please do this properly. Good luck.
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