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Closing nightmare

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angie0523

Guest
What is the name of your state? Virginia
My mother is attempting to close on her mortgage. The attorney's office has found a lien on her deed to her land. The house that used to sit there burned down 18 years ago. The deed still has the motgage holder listed as having a lien. She has a copy of the cashier's check which was sent to the motgage company (18 years ago) along with a letter from her bank stating they had mailed it to them. The loan has obviously been paid (or the land would have been sold years ago for the loan balance). The savings and loan (First Federal of South Carolina) appears to have gone out of business. Since the loan was paid in full there was no account to be sold. What action can she take at this point? The lady at the clerk's office informed her that it would come off the deed in 2 more years (20 years total) but she doesn't want ot wait that long before buying her own home.
 


HomeGuru

Senior Member
angie0523 said:
What is the name of your state? Virginia
My mother is attempting to close on her mortgage. The attorney's office has found a lien on her deed to her land. The house that used to sit there burned down 18 years ago. The deed still has the motgage holder listed as having a lien. She has a copy of the cashier's check which was sent to the motgage company (18 years ago) along with a letter from her bank stating they had mailed it to them. The loan has obviously been paid (or the land would have been sold years ago for the loan balance). The savings and loan (First Federal of South Carolina) appears to have gone out of business. Since the loan was paid in full there was no account to be sold. What action can she take at this point? The lady at the clerk's office informed her that it would come off the deed in 2 more years (20 years total) but she doesn't want ot wait that long before buying her own home.

**A: have her ask the attorney to get the mortgage released by working with the title company.
 
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angie0523

Guest
Closing Nightmare

I believe the problem is that the title company can't be located (it went out of business). Is there any other recourse if they have? Thanks.
 

HomeGuru

Senior Member
Re: Closing Nightmare

angie0523 said:
I believe the problem is that the title company can't be located (it went out of business). Is there any other recourse if they have? Thanks.
**A: you stated that the S&L went out of business, not the title company. The title company that I referred to would be the title company that you are currently working with.
 

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