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When a person has paid last payment on a recorded loan, how can you get it off the state records?

Posted: Thu Jun 16, 2011 8:11 am Post subject:

If the loan was recorded with a deed of trust or something similar, the lender will issue a reconveyance. The reconveyance will release the lien and create clear title as long as there are no other jr, or sr. liens left.

gmakerley · Posted: Thu Jun 16, 2011 11:48 am Post subject:

The "recorded loan" would not come off the records. What takes place is that the lender in question issues a release that becomes part of the records, reflecting the debt and indicating that it has been satisfied.

Posted: Fri Jun 17, 2011 7:06 am Post subject:

Many states have laws specifying time limits during which satisfaction of mortgage documents must be recorded on residential loans. Also, if a GSE mortgage, this is typically in the servicing contract, e.g. VI, 103 of FNMA

gmakerley · Posted: Fri Jun 17, 2011 3:44 pm Post subject:

I've never heard that the states (or some of them) had passed legislation mandating a specific timeframe for the recordation of a satisfaction of mortgage.

What penalties ensue in the event of a breach of this law? And, of course, I don't expect chapter and verse for every state that does this, but an example would be pretty neat.

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removal of recorded loan

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