Lien on title, trying to refinance

[tengadave]

What is the name of your state?What is the name of your state? Michigan

We finally went to refinance and found a lien on the title .

The company that sold and installed our windows 15 years ago, and went out of business 13 years ago, had put a lien against the title when they went out of business. We finished paying off the loan (financed through the window company) and thought nothing of it. Nothing ever on the credit report or elsewhere. We have no statements showing the loan paid off (don't have much from that long ago) or any cancelled checks from that time. Also, the lien is for DOUBLE the amount of the windows .

The refinance company suggested a "quiet deed", but also hedged 'that it might get expensive and take awhile'.

Any suggestions???

 

[nextwife]

This sort of problem is not that uncommon. Likely, when you paid off the lien, they sent a release to you with a note to have it recorded. Not yourtself realixzing what it was, it probably got put away and eventually thrown out. I've run across many paid off open liens from old finince companies now gone.

It IS possible that a title insurer might review and agree to offer affirmative coverage to the lender so you don't lose your loan. You'd still need to clear it up, and yes, a Quiet Title action is the best way. There will be legal, court and publication costs, but it would likely be uncontested.

You could also do some research and see who, if anyone, acquired the assets of the window company or their finance arm and see if they can issue a release. Start at your Sate Consumer protection office. They can direct you to whatever government agency would have any records of the assets of that finance entity being acquired by anyone.