Q: How can I get an old mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. lienA Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a contractor on the property that has not been paid for). For a lien to be attached to the property's title, it must usually be filed or recorded with a local county government office. removed from my titleTitle refers to the ownershipOwnership is the absolute right to use, enjoy, and dispose of property. You own it! of a particular piece of property.? I paid off my loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. and the settlement agentAn Agent is an individual who acts on behalf of a consumer. A real estate agent represents a buyer or a seller in the purchase or sale of a home. Licensed by the state, a real estate agent must work for a broker or a brokerage firm. An insurance agent helps a consumer purchase an insurance policy. Insurance agents are also licensed by the state. gave me a statement indicating that all funds had been disbursed.
Does the settlement agent have an obligation to make sure that the lien is removed?
A: To pay off a loan, you first need to request a payoff letter or demand letter from your lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate.. The payoff letter or demand letter asks your lender to give you the exact amount necessary to completely pay off you loan.
When you receive the statement from the lender, you will then need to forward a cashier’s or certified check to the lender for the exact amount needed to pay off the loan on the date indicated in the letter.
Once your lender receives the payoff letter and funds, the loan is paid off in full. Lenders then need to prepare a release deed or release of lien to clear the title to the property. The release, once recorded, gives notice to the world that you have paid off the loan and that the lien is no longer valid.
Unfortunately, over the last several years, lenders have become overwhelmed by the refinance boom and some have failed to keep up with the documentation. Some never send out the release deeds or release of lien letters.
You should call your lender and request that the company prepare and send out the release for recordingRecording is the process of filing documents at a specific government office. Upon such recording, the document becomes part of the public record.. The document must be recorded at your recorder of deeds office or other office charged with recording documents in your county.
You can request that the settlement agent make the call, but it may take just as long to get the settlement agent and explain to them what you want them to do as it would to get a copy of the documents from your payoff and call the lender yourself. If you call the lender, ask for the department that handles release of liens.