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UCC Fixture Filing vs Blanket Mortgage

Started by multicityresident
almost 6 years ago
Posts: 2431
Member since: Jan 2009
Discussion about
Just came across something I haven't seen before, but it looks interesting. I was trying to discern amount of underlying coop mortgage (blanket mortgage) on a building, and found that its $400,000 blanket mortgage from 1998 has been refinanced twice (one in 2008 and once in 2018) via UCC Fixture Filings, the amount of which one cannot discern through ACRIS. Is this a creative way for the building to refinance without putting the underlying land at issue? (The building is not a landlease).
Response by 30yrs_RE_20_in_REO
almost 6 years ago
Posts: 9877
Member since: Mar 2009

Sounds like someone was trying a mortgage recording tax avoidance scheme.

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Response by 30yrs_RE_20_in_REO
almost 6 years ago
Posts: 9877
Member since: Mar 2009

Also the creditor can get screwed up if they don't renew the filings, because unlike a recorded mortgage they expire in 5 years time.

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Response by multicityresident
almost 6 years ago
Posts: 2431
Member since: Jan 2009

@30yrs - I knew you would have some insight on this. Really helpful. I went back and reexamined, and sure enough, there was a continuation filed in 2013 in addition to those filed in 2008 and 2018. Is there any way to find out the amounts with these things?

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