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HOW TO MORTGAGE AN ALREADY MORTGAGED PROPERTY

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1 HOW TO MORTGAGE AN ALREADY MORTGAGED PROPERTY on Mon Nov 01, 2010 9:38 pm

kenkenjames


Arresto Menor
a parcel of land has been mortgaged to my friend. This time while the mortgage is still in full force and effect, he wants to mortgage the said property to me. I know its possible. please help me on what form or legal document to execute. i am interested in he said transaction. thank you.

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attyLLL


moderator
yes, it is possible, but take note: it is not the property itself that is being mortgaged to you, but only the right of redemption in case he defaults on the first mortgage. you will have to pay his debt to the first creditor.

the deed is the same as any other deed of mortgage.

is the title still with the mortgagor? is the first mortgage inscribed on the title? make sure you also verify at the register of deeds.


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