LouisCribben
Registered User
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Not if there was a new DD set up to pay the mortgage. Wasn't this one of the wheezes one of the other property related fraudulent conveyances is alleged to have used to avoid discovery? (apologies for the tortuous naming no names sentence).It could be that when a sale was closed that a vendor received all of the closing funds with no deduction for the outstanding mortgage but surely vendors would have known enough to know that this was an issue. Or the vendor was paid the closing figures less the figure for the outstanding mortgage and that mortgage was not in fact redeemed. That is a real issue because the new purchaser will still have the old mortgage on title. It would become very obvious very quickly though as the vendors would find that the mortgage payments continued to be debited from their accounts.
Yeah, it's probably a good thing it isn't easy!
Some more details of the wheeze I read about - the solicitor in question transferred the mortgage into his name so the original mortgage was vacated, but the property was still mortgaged. The new owners only found out about it when they started getting demands from the bank after the solicitor defaulted. Sorry, can't remember the specific case.
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