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Recording The Payoff |
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Dear Ms.Lank--You had an inquiry about paying off a mortgage in your recent column. Here's our experience. During the course of 20 years, our mortgage was bought and sold several times. We paid our mortgage off in 2003--what a joy! It took nearly four months for us to receive our document proving the payoff. When we went to the county clerk to have it recorded, we learned that the last bank had never been recorded as the holder of the mortgage, even though we had been sending the payments to them. It took a number of weeks to finally get it all straight. Is that a frequent occurrence? Is there anything one can do to avoid something like that happening? It was a very frustrating and time-consuming situation. I hope no one ever has to go through that. |
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I don't know what you could have done to avoid the problem. Congratulations on sticking with it til the matter was straightened out. If you hadn't seen it through, you or your heirs would have had worse complications some time in the future. Having that certificate of satisfaction or reconveyance deed in the public records is absolutely essential. |
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Edith
Originally published on June 5, 2006 |
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