Q: I took out a second 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.A Second Mortgage is a mortgage that is obtained after the primary mortgage, and whose rights for repayment are secondary to the first mortgageA First Mortgage is a mortgage that takes priority over all other voluntary liens.. on my house in 1994 that has since been paid off. However, no satisfaction of mortgage was recorded by the mortgage company to the counter clerk’s office.
The mortgage company, it seems has gone out of business and I cannot find anyone with their records. How can I get this 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. off of my house?
A: Here’s the short answer: You can’t. The lien will be there until release is filed by mortgage holder. When you sell your home or get a new mortgage, the 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. companyA Title Company is the corporation or company that insures the status of title on real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. (called title insuranceTitle Insurance is insurance that protects the lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate. and the property owner against losses arising from undisclosed defects or problems with the title to property.) at a closing, and may handle other aspects of the real estate closing. may accept a cancelled note indicating that the 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.. is paid. If you don’t have that, how will you or anyone else know that the loan is paid off? You’ll have to prove it and find the successor company to then get the mortgage release.
There are always successor companies to mortgage lenders. They don’t just disappear. Mortgage companies always get bought out, particularly if there are loans still on the books. Loans are assets because folks like you make monthly payments of principalPrincipal is the amount of money you borrow if you're getting a home loan. If you're buying a bond, the principal is the amount you're lending. Typically, you'll buy bonds with a face value of ,000. If you buy a ,000 bond, your principal is ,000. and interest.
I’m sure there is a successor company to your mortgage company – you just have to know where to look for it.
You should research the company through any means possible, but a local title company may be able to expedite the process.
Feb. 8, 2007.