BARBADOS LENDERS NOTE: DEFECTIVE TITLE, HELD BY "OWNERS" OF REAL ESTATE MAKE PAYMENTS ON MORTGAGES THAT ARE LEGALLY UNSECURED

Having been a real estate attorney at a Miami law firm in my misspent youth, I know that, for financial institutions engaged in lending large sums of money to bank clients who then execute purchase money mortgages, insuring that they have good and marketable title to the real property that they are purchasing is by far the most important element of each transaction. Otherwise, the loans are unsecured, meaning that, in the event of default of the borrower, the bank's counsel fully intends to foreclose upon that collateral. That is how loans in default are generally handled, in order to reduce the bank's risk of loss, and hopefully recover sufficient funds to cover the loan amount.

However, and unfortunately, as we have previously warned our readers, much of the real estate sales during the past 50 years, conducted by attorneys practising law in Barbados, have occurred as the result of the forgery of wills, unlawful and unauthorized diversion of realty owned by deceased individuals and in probate, bogus warranty deeds, the alteration of land records, and other illegal acts. Add to the legal nightmare the sad fact that there is NO company known to be writing title insurance, to underwrite this bank exposure, and you have a perfect storm of risk. This means that all those outstanding mortgages are potentially worthless, as they do not secure the promissory notes executed by all the borrowers, including foreign entities in the resort and hospitality industry who have purchased oceanfront property for hotel development. 

A court of competent jurisdiction, after adducing the evidence that I have previously reviewed, and which is clear and convincing, could at any time in the future, declare the mortgages to be null and void, and of no force and effect, and void ab initio, as the underlying deeds do not transfer good title. This is a real estate attorney's worst nightmare.

In the event that there is any doubt about the fact that such mortgages exist, we are providing a hyperlink to a list of some of the properties located in Barbados, where such bogus instruments have been filed in public records. These are located in KINGSLAND ESTATES, and we shall be detailing the massive fraud involved in the theft of this land in future articles on this blog. This story alone should dissuade any foreign entity from even considering the purchase of real property in Barbados, for one can never be sure that land purchased there can be conveyed from a seller who has good title.

https://drive.google.com/file/d/1GlR4AnfQrs2I8IvaGlEkSy3CMzFrW14E/view?usp=sharing

This is the hyperlink, not the URL above:

https://drive.google.com/file/d/1GlR4AnfQrs2I8IvaGlEkSy3CMzFrW14E/view?usp=sharing