UCC discrepancy

Get a VERY good lawyer.

I had the same issue when I sold my apartment and found out that my original mortgage was never terminated after I refinanced. It wasn't a big deal, just a headache. You need to contact the bank attorney you dealt with and they will need to file it for you. You can do it yourself or hire an attorney, but as long as you have your loan #, it shouldn't be a huge deal. They may just charge you again for the filing fee which is $100 or so.

Thanks for the replies:
Considering the collective experience on this forum and the number of Coop transactions that occur in NY each year, I actually expected a few more war stories with this topic. I can't imagine I'm the only person who has discovered UCC discrepancies.

As a civilian I've heard at least one horror story just by talking with friends who have had real estate transactions recently.

Thanks for your personal experience cwny. I'm actually attempting to contact the original people but these forms were filed 15 years ago so it's proving to be quite difficult.

I appreciate your advice malraux. It should go without saying. Getting a lawyer is certainly something that I have on my list of things to do. What I'm trying to do is take preemptive steps to make a coop sale go as smoothly as possible. I'm just trying to do as much leg work myself so I don't end up up paying a lawyer thousands of dollars to do high school level administration. Or even worse, have a sale fall through or get sued because I'm unable to close.

UCC discrepancies are clerical oversights and I can't imagine that there aren't standard procedures in place to deal with issues like abandoned UCC-1 files. especially if they are more than a decade old.

Thanks,

g

Hi I have the same problem here in 2023 and there's like no information on the internet about this situation. Can you help and point to the right people?

I would start by contacting Titlevest.