Helping Homeowners, Realtors, and Real Estate Attorneys
Solve Title Exam Issues.
The great power of the internet is in its ability to reach so many people. With the right keyword, you are likely to land a vast amount of visitors that all were searching matching words.
I rely on the internet’s power to reach many of my new clients. I want to say “Thank you for your business” to all my current clients. To all prospective clients, please feel free to contact me with any questions at MortgageDischarge@gmail.com.
Today, I wanted to discuss whether it makes sense to purchase blank forms online. I was reviewing information about mortgage discharge documents that is commonly found with most searches.
For most of you, it does NOT make sense to pay for any blank forms. A mortgage discharge is specialized document that only lenders are required to produce. Most commercial lenders already prepare these documents internally. I am certain that if you see enough Bank of America, or Citizens Bank discharges, you would recognize them without having first read a single word.
If you a private lender, then there is a chance that you may not be familiar with the language of a typical mortgage discharge, or spacing and structure per the Registry of Deeds recording requirements. If that is you, you may still not need to purchase blank forms online.
In reality, if you can search the registry of deeds (or copies of sample documents on the web), you can get an idea of what language needs to go into the document, and you can just draft it in a blank document yourself. Alternatively, there is a good change you may have an attorney already working on the matter, and can quickly prepare the document for you if you require it.
Many servicers I work with prepare the documents and send them directly to me, or the registry of deeds for recording. Other clients require that I first prepare a draft and then sent it over for execution.
I actually enjoy preparing the documents myself because it ensures that the information the Massachusetts Registries require will be accurate. In addition, servicers that accept draft documents for execution are able to provide me the signed document a lot faster than national lenders which have a two to three week turn-around time.
As always, the sooner I get a request, the sooner I can begin researching it.
You are likely to have received an original mortgage discharge after having paid a loan in full. This occurs when you refinance your property, where you get a new loan that pays off an older loan, or when you just finished paying your only mortgage. If that applies to you, Congratulations!! (It must be a great feeling knowing that you own your home free and clear!) For the rest of you, it is only a matter of years to reach the same results.
So, what should you do with the original mortgage discharge?
First, review any correspondence that you may have received from the lender. The letter is likely to provide you very important information. What you want to concentrate on is whether you are responsible for recording the original document with the Registry of Deeds, or City, or County records in your area.
Some banks will send you the original document, and inform you that you are responsible to have the document properly recorded. Others will indicate you are only receiving a copy, and that a duplicate original was sent to the recorder’s office.
If you are responsible for recording the original discharge or release:
- Determine where you need to go to record the document
- Verify the proper fee to record the document with the Registry. (The fee varies from place to place.)
- You can either mail in the original discharge with the recording fee made payable to your specific recorder’s office, or you can just stop by the office if it is located close to where you live.
Some Registry offices will mail the original release after recording to the address listed on the document, whereas others will mail it to whom ever presented it for recording.
What you should do is contact the recorder’s office within a week or two and just verify the discharge was properly recorded. Remember, the recorded mortgage remains a lien on your property up until the moment the discharge is filed with the Registry records.
Over the last month my office has received a few request from lenders that are nowhere in sight. We have been successful in obtaining missing mortgage discharges for the following lenders:
- Cityscape Mortgage Corp.
- First Fidelity Bank
- Fleet National Mortgage
- Union Federal Savings Bank of Indianapolis
- Fleet National Bank
- New Century Mortgage Corp.
If you need assistance in obtaining a missing assignment of mortgage, or mortgage discharge, please contact our office at MortgageDischarge@gmail.com.
Please be sure to forward a copy of the mortgage and title exam cover page.