urgent question about refusing to release the lien

[jian2008]

Would you please help me about the situation?

Here is some details:

1) on April 10, 2014. We bought a house from Toll Brothers (closing Date is April 10, 2014); The lender is the TBI (a subdivision of Toll Brothers);
2) on April 20, 2014, we received the title of the property with local County recording stamp; The title specifies TBI (and one trustee name) is our lender with the mount of $xxxx.xxx of loan;
This title Company is a subdivision of Toll Brothers;

3) on April 23, 2014 we received letters from TBI and Suntrust that TBI sold/transferred our loan to SunTrust and let us pay the principle and interest to SunTrust
4) on May 2014 and now: we are paying the principle and interest to SunTrust
5) on August, 4, 2014, we sent emails to TBI to request the release of Lien from TBI
6) on August 5, 2014, TBI sent email back with a copy of paper dated on April 23, 2014 and this paper said that TBI and SunTrust agreed this sold/transferring transaction.
So, TBI refuse to release the line with public filing (local county).

Both TBI and Title company are the subdivision of Toll Brothers.


TBI and one Trustee of TBI is our lender forever?


What I should do?

Would you please advice?

Thanks a lot in advance.

 

[jian2008]

my understanding about the release of lien

based on my understanding:

1 The title of the property has TBI and one Trustee names of TBI with the loan mount and it is filed on the local County; it is a public recording
2. after TBI sold/transferred our loan to SunTrust, we are paying the principle and interest to SunTrust;
3 So, TBI should issue the release of Lien and file it on the local county; I should keep this copy;
4 After we paid off the loan, SunTrust should issue the release of Lien and file it on the local county.

Am I correct?

thanks.

 

[OK-LL]

What state are you in?

In general, the original lender has simply transferred the original mortgage to the new lender. The original mortgage has not been extinguished and therefore no Release is recorded at transfer. Instead, an assignment of mortgage is recorded to show that the original mortgage was transferred to a new lender. Once you have paid the mortgage in full, the new lender will record a Release of the original mortgage.