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Mortgagee can not find original note?! HELP!

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Its2Die4

Guest
Hi,

I own a commercial building (18 units) that I purchased 5 years ago and I have recently negotiated a short payoff with the mortgagee, via our respective attorneys. Thus, I have given my short payoff amount to my attorney along with the deed in escrow and I have been patiently awaiting the exchange of the all important full release from the mortgagee's attorney. However, my attorney is now saying that the mortgagee is unable to locate the original note that we signed at closing (5 years ago) and my attorney is further saying that the mortgagee MUST find it first in order to effectively release me completely and contractually. I am in Illinois and wonder if you can please tell me is there an alternative way to effectively release me without the original note? If not then what can I do if they are never able to find it? HELP!

Thanks Much!
Marvin


 


HomeGuru

Senior Member
The mortgage should be recorded on title. All that needs to be done is to file a Release of Mortgage.
 

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