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Guest

I am trying to sell my home but every time it goes for title check, the title company finds out a mortgage against it. But the mortgage has been paid of since 15 years. The mortgage company who offered the loan has been sold and bought several times by other companies and that is why I cannot get verification from the buyers that the mortgage has been paid. I need to come up with some proof or else I'll lose every buyer that comes my way. Is there any way out of this problem

Guest

Well remo, you need to find out some proof of your mortgage payoff as soon as possible and then records an affidavit stating that the proof attached to it ensures that you have cleared the debt. Take help of a real estate attorney.

The title company may be able to research and tell you who is supposed to service your loan provided you haven't paid the entire balance. The company who first dealt with can also be able to tell you by going through past records of the company transactions.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Did the lender send you the original deed of trust & promissory note by marking them as paid and cancelled?

If he did then you can take these to the land records office (County recorder of deeds) and have the release of mortgage recorded yourself.

Miller

kenstampe · Posted: Fri Apr 20, 2007 1:03 pm Post subject:

If you don't have what Miller_st suggested above, it's time to hire a title attorney. They can assist you in tracking down the note holder and if not, in preparing legal documentation to perfect (clear) your title of that lien. I must warn you....it won't be a fast process so you need to get started.

Guest

I have seen many people face this kind of problem as the lender often forgets to get the mortgage released from title records and later on borrower faces difficult in getting hold of the actual lender.

And it is quite natural that any new buyer will not agree to purchase a property on which a mortgage is still showing.

You need to act fast to get the mortgage removed from title.

Guest

Does a warranty clear a deed of trust if it is paid in full?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Linda, a warranty deed is used in property transfer.

When a warranty deed is used it means that the grantor is warranting a clear title to the property.

Now if the mortgage has been paid off and you want to sell the property then a warranty deed can be used. If there is no lien on the title then warranty deed is the most common title transfer deed used at the time of house sale.

Miller

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Linda,

When your loan is paid in full amount, you can easily sell your property by using a warranty deed. When the property will be sold through the use of the deed, then the full title will be transferred by the trustee of the deed to the buyer.

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What to do if title report still shows paid off mortgage?