Posted: Thu Nov 13, 2008 3:01 pm Post subject: Release of Lien
I recently paid off my home mortgage. I am not the original Lien Holder on this house. When I tried to get a Release of Lien, the mortgage company told me it was filed with my county records building, but in the original loan holder's name. That was over 30 years ago that this person owned my house.
I believe you mean you assumed the loan? (This is nit picking but actually the lien holder is the lender.) When the loan was first recorded it was filed by name, but the lien is against the property itself. When you assume a loan, you assume the indebtedness on the original lien and you aren't creating a new lien. As long as the original lien has been released, the property is free and clear. It does not have to have your name on it. As a matter of fact, it would cause substantial confusion if it did have your name on it.
You can double check it by finding the document in the county records and making sure that it has a stamp on it indicating it was released and the book and page number where the release is recorded. There is no need for you to even have a copy of it personally for the lien to be released. _________________ Carl Pruitt
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Sharon Guest
Posted: Thu Nov 13, 2008 8:41 pm Post subject: Release of Lien
Thanks for your response. These eases my mind some. What papers do I need to get to show I own the house free and clear? Deed of Trust? Or some other papers? I've never paid off a house before.
As long as they are recorded at the county clerk's office, you don't actually need to have any documents. If you sell or refinance, an attorney or title company will do a title search at the courthouse to verify that it is paid off.
I agree with Carl Pruitt. In order to get a copy of the recorded deed, you can contact the county recorder's office.
Thanks
John L Guest
Posted: Wed Dec 10, 2008 3:35 pm Post subject: I purchaced a home owner finance, and paid it off with a H/E
I never received a release of lien from the seller and that was 10 years ago what steps do I need to take to clear my home, Chase sent the paid in full balance to the owner in 1998
As far as I can understand, if you have paid off the lien, you need to contact the person who has placed the lien and get a lien release certificate from him/her. You have mentioned that
"Chase sent the paid in full balance to the owner in 1998". Was it sent to you?
Feel free to ask if you have further queries.
Sussane
sgottlieb Guest
Posted: Fri Jan 23, 2009 2:47 pm Post subject: Home
Hi Mr. Pruitt. About two years ago, I finished paying the mortgage on my home. I am disabled and am working part-time. Can Creditors put a lien on my home on unsecured loans? Thanks.
For an unsecured debt, the creditor would have to sue you and get a judgment in order to place a lien on your property. Whether they could do this or not would depend on the statute of limitations in your state and the age of the debt and also whether or not you had filed for bankruptcy. It is not uncommon for unsecured debtors to take the issue to court. _________________ Carl Pruitt
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richorcindy Guest
Posted: Tue Jul 07, 2009 11:41 am Post subject: Finding Mortgage Holder
My mortgage has been transfered to three different companies since i purchased the home in 1995. Now i cant find the new mortgage co and all the ones previously claim they no longer have the mortgage. What now?
You'll have to contact the second mortgage holder and get to know who your new mortgage holder is. If you do not know who your mortgage lender is, it would be difficult for you to pay your mortgage dues. _________________ Procrastination is the enemy of your financial success
bbomb Guest
Posted: Mon Sep 14, 2009 5:10 pm Post subject: Time frame for receiving release of lien from lender
Hello,
I contacted the mortgage company that serviced my loan. When I inquired as to when I might expect to receive the release of lien I was told six months. The length of time seems to be a bit long. Is there anything that I can do in order to receive the release sooner?
You need to check with your state about what their compliance law is--in Texas when a mortgage is paid in full, the lender is required by law to release the lien in 60-days. Perhaps your state allows 6 months, if so I don't think there is anything you can do since they are in compliance with the law. If it is less, then the mortgage company is required by law to release the lien in the specified time.
smahany
