What is the name of your state (only U.S. law)? NY
We have a private mortgage on the house that was made in 1985, it was a 15 year term. It was paid out and we went further on with life. Now I hear that we need a satisfaction of mortgage in case we try to sell the house or refinance. The problem is that the person who gave the mortgage is deceased.
His children are willing to cooperate.
I understand there is something called a heir satisfaction of mortage can anyone be kind enough to explain to me what is needed for this.
Additionally I have been told that you have made no mortgage payments in the past 6 years you can get the mortgage cancelled and as the same question as above what is needed to do this.
Thank you all for reading my question and taking the time to answer. Thank you.
We have a private mortgage on the house that was made in 1985, it was a 15 year term. It was paid out and we went further on with life. Now I hear that we need a satisfaction of mortgage in case we try to sell the house or refinance. The problem is that the person who gave the mortgage is deceased.
His children are willing to cooperate.
I understand there is something called a heir satisfaction of mortage can anyone be kind enough to explain to me what is needed for this.
Additionally I have been told that you have made no mortgage payments in the past 6 years you can get the mortgage cancelled and as the same question as above what is needed to do this.
Thank you all for reading my question and taking the time to answer. Thank you.