lost 'satisfaction of mortgage'

[chickweed]

What is the name of your state? New York

My dad died yrs ago, and left me the house. The house was paid off. The mortgage company no longer exists, and I cannot find the satisfaction of mortgage document. Apparently, the mortgage co was either absorbed by another, or sold, or something. I cannot get an equity loan on the house w/o this document. The town clerk doesn't have a copy. I have the deed which has my name only on it, but, I am told, w/o the Sat. Of Mort. document from the now non-existing bank, I am up the creek w/o a paddle.
Oh, did I mention I need an equity loan to pay the taxes so I do not lose the house? The house the bank does not recognize as 'mine'?; yet they say they have the right to take the aforementioned property from me. Yes, that is right folks, they say hey have the right to seize my property for back taxes.....(therefore they must believe I OWN the proprty) but, I CANNOT use the property as collateral, because I cannot prove I satisfied the mortgage!!!


Anyone know how I can find a copy of the Mortgage Satisfaction document? Thanks

[ice5146]

I'm assuming you are attempting to obtain financing through a Broker or Lender and they requested a Title Search which came back w/ an open Lien on the said property, is this correct?

The Title Company normally asks the potential borrower for a Satisfaction of Mortgage to aid them in clearing the Lien quicker. In your case, you can't provide this. The Title Company has a roof over their head because they assist their customers with this very, very common issue.

Lenders are a dime a dozen that never forward the necessary paperwork to the Co. Recorder to clear Liens and Title Companies jump in and clear the issue.

Ask your Loan Officer to call the Title Company's Agent and assist you with the Search.

[HomeGuru]

Originally Posted by chickweed

What is the name of your state? New York

My dad died yrs ago, and left me the house. The house was paid off. The mortgage company no longer exists, and I cannot find the satisfaction of mortgage document. Apparently, the mortgage co was either absorbed by another, or sold, or something. I cannot get an equity loan on the house w/o this document. The town clerk doesn't have a copy. I have the deed which has my name only on it, but, I am told, w/o the Sat. Of Mort. document from the now non-existing bank, I am up the creek w/o a paddle.
Oh, did I mention I need an equity loan to pay the taxes so I do not lose the house? The house the bank does not recognize as 'mine'?; yet they say they have the right to take the aforementioned property from me. Yes, that is right folks, they say hey have the right to seize my property for back taxes.....(therefore they must believe I OWN the proprty) but, I CANNOT use the property as collateral, because I cannot prove I satisfied the mortgage!!!


Anyone know how I can find a copy of the Mortgage Satisfaction document? Thanks

**A: we looked all around our FreeAdvice office and could not find it either.

[nextwife]

I checked all those loose papers under my car seat, and couldn't find it there either!

I have actually tracked back many old missing releases. You start by contacting the Secretary of States office for the state in which the original lender was located. The Department of Financial Institutions is another source.

Odds are they were merged into another, then another. Also, any older title company can probably tell who who became who, etc. I've worked with some thrifts that are now in their fifth merger since 1980. But they are still legally able to issue a release on loans thatv were paid off twenty years ago!

Do the legwork. You keep calling, working backwards and explaining you need a "duplicate original release for a paid off loan on an estate property". BE prepared to fax them a copy of the actual recorded mortgage and the title report. It CAN be done.

For a refi, a title company may be willing to offer affirmative coverage ("insure over") this mortgage, depending on the date and whether the amortization would have had that mortgage down to nothing by now if still open. If this lender's title company won't, call some others. I see title reports cancelled and ordered elsewhere over title clearance issues like this.

[HomeGuru]

[quote=nextwife]I checked all those loose papers under my car seat, and couldn't find it there either!

**A: did you find some loose change, old stiff french fries and some cookies? How about that McDonald's shake you lost driving home from work in the rain?

[nextwife]

Copies of Business Journals, Crumbles of Granola Bars in my daughter's booster seat, candy wrappers, Pay-at-the-Pump gas reciepts, some blank lien waiver forms, fax cover sheets, brochures, a zillion business cards, adaptors for cel phones I don't use any more, paper clips....

See, I drive my old van NOT because I'm cheap, but because it's too much of a pain to empty out the car.

But that Mortgage Sat wasn't there anywhere!

[HomeGuru]

Isn't a van one of the first mobile homes?

[screwedpooch]

I love when you guys throw in some comedy relief from time to time! Just want to say thanks for your help in here. Definitely a big help when needed! Thanks again. (Now where was that paper trail....)

[HomeGuru]

Originally Posted by screwedpooch

I love when you guys throw in some comedy relief from time to time! Just want to say thanks for your help in here. Definitely a big help when needed! Thanks again. (Now where was that paper trail....)

**A: hire a hound dog**************