Certificate of Satisfaction/Who is responsible...

[tweed]

What is the name of your state? Virginia

If 'mortgage company A' is the noteholder for a first mortgage and that mortgage is later sold to 'mortgage company B', who is responsible for making sure that the certificate of satisfaction for the deed of trust on that first mortgage is recorded as satisfied? Is company 'A' responsible for recording the certificate of satisfaction, or company 'B'?

 

[HomeGuru]

What is the name of your state? Virginia

If 'mortgage company A' is the noteholder for a first mortgage and that mortgage is later sold to 'mortgage company B', who is responsible for making sure that the certificate of satisfaction for the deed of trust on that first mortgage is recorded as satisfied? Is company 'A' responsible for recording the certificate of satisfaction, or company 'B'?

**A: in this case there is no satisfaction invovled as satisfaction arrives only when the mortgage is paid off. When one lnder sells the mortgage to another, there is no pay off and the mortgage remains as an emcumbrance on title.

 

[tweed]

What if mortgage company 'B' paid off the remaining balance due on the first mortgage and wrote out a new mortgage agreement with the mortgagors, who is responsible for recording the certificate of satisfaction?

 

[HomeGuru]

What if mortgage company 'B' paid off the remaining balance due on the first mortgage and wrote out a new mortgage agreement with the mortgagors, who is responsible for recording the certificate of satisfaction?

**A: I don't play " what if's". If you have a real problem state it.