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Mortgage pay off question in NYS

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ConLaz Joined: 16 Oct 2006 Posts: 1 1.23 Dollars($)	Posted: Mon Oct 16, 2006 5:53 am    Post subject: Mortgage pay off question in NYS Is there a law in NYS that specifies the length of time a mortgage holder has to issue a release for a mortgage that has been paid off? It has been nearly five months and I have nothing beyond a reciept from the mortgage holder indicating that it has been paid off.
mcole Community Experts Joined: 11 Oct 2006 Posts: 53 18.36 Dollars($)	Posted: Mon Oct 16, 2006 7:48 am    Post subject: I'm not sure if NY is any different, but typically it's 30 days. I would definitely follow up on this as soon as possible. _________________ Loans: Investors, Residential, Commercial – All States
colin Moderator Joined: 30 Jun 2006 Posts: 602 Location: Waltham, Massachusetts 112.61 Dollars($)	Posted: Mon Oct 16, 2006 10:50 am    Post subject: Hi, Normally the lender will provide you with a document called, release of mortgage or satisfaction of mortgage. You should also contact the county recorder's office and check whether the lender has recorded the release there or not. Thanks Colin
sara Joined: 05 Jul 2006 Posts: 1020 Location: New Brunswick, New Jersey 194.50 Dollars($)	Posted: Mon Oct 16, 2006 10:57 pm    Post subject: RE:Release of mortgage in New York Hi, I have heard that a borrower gets the satisfaction or release of mortgage document within 45 days of paying off the loan in full. Thanks, Sara
demonact Guest 0.10 Dollars($)	Posted: Mon Oct 16, 2006 11:58 pm    Post subject: In New York, it is the borrower's liability to obtain the release of mortgage document and get it recorded in the public records.

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