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Mortgage Not Cleared |
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Dear Edith, I applied for a home equity line of credit this March. The bank had a title search performed and discovered a mortgage lien with ___ bank that was never removed from the records. That old loan has been paid off for ten years. I have contacted ___ many times via telephone, E- mail, fax and am getting nowhere. Even the bank I am now working with contacted them. They didn't get anywhere either. My records only go back as far as 2001 due to basement flooding, so I don't even know if I ever received the lien release. They just don't seem to want to help me. Other than contacting an attorney, what canI do? I'm worried that if I decide to sell my home in the future, I'll have a big problem. |
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Clearing up the matter now will certainly save complications when you go to sell. Of course following through in the first place, right after you made that last payment, would have been much easier. I'm printing your letter mainly to remind homeowners again, how important it is to check their county's public records to make sure a release is entered within a few months after the payoff. I'm not sure what you mean by getting nowhere with the bank. If they aren't answering your questions or responding to your calls, it's time to contact the state banking department. Send a copy of your letter to the bank president. A librarian can help find the addresses you need. But if they simply don't have the necessary records, you need a lawyer's help to clear up what is known as a cloud on the title. You may be able to solve the matter by simply filing some papers, or you may have to go to court. |
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Edith
Originally published on June 18, 2005 |
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