Helping Homeowners, Realtors, and Real Estate Attorneys
Solve Title Exam Issues.
If you have ever fallen behind on your credit card bills, and just ignore them as the creditor attempts to collect a debt, you can be assured the creditor will do all within its power to make sure you eventually pay up.
Generally most credit card debt is unsecured, which means that you did not provide any collateral in exchange for the bank’s credit line that has been provided to you.
But, if you happen to own your own home, while it is true that you have not put up any collateral, should you completely ignore a small claims court notice, there is a chance that if the credit prevails, they will attach the execution on to you property title.
Let’s assume you didn’t know about the court hearing and therefore didn’t go, regardless of whether you owe the money or not. If the court grants a judgment in favor of the creditor, they will take that judgment and file it with the Registry of Deeds.
Many people end up negotiating the dept and settle for a lot less than the full balance. But negotiating such reductions is not my concentration here. What many people don’t realize is that the payoff should be conditioned on the proper release being forwarded to the registry of deeds.
Many homeowners don’t pressure credits to provide a proper release. The most common alternative to clear up an execution or attachment from the property after you have confirmed the debt has been paid off is to obtain a document from the court acknowledging the debt has been satisfied.
When the court rules in someone’s favor, it’s called a Judgment. That judgment is given to the plaintiff, if he won, and upon receiving the money expected will sign the Judgment and mark it “Satisfied”. He is then obligated to return it to the proper court so it becomes public record.
If the execution/judgment was recorded with the Registry of Deeds, after you have confirmed that the Court received the Judgment marked “satisfied”, you will need to request a “Certificate of Judgment”.
From past experience, a “Certificate of Judgment” has been known to cost about $20.00, but that could change.
Upon receipt of the “Certificate of Judgment”, make sure you received the correct one. On more than one occasion I have been sent the wrong one. You can assure yourself that got the right one by verifying the Docket Number listed on the Execution to match the “Certificate of Judgment”.
Once you are sure you have the right one, you’ll need to either stop by or mail it in to the property registry of deeds along with the proper recording fee which can range between $75 to $77 per document. Be sure to include a marginal reference for the book/page, or Land Court Document Number.
Upon recording, the attachment or execution will be officially released and discharged.
If you are interested in having me help you obtain a release for your property, please forward your request to: MortgageDischarge@gmail.com, fax your request to: 617-500-9931. I am always happy to answer your questions.
Feel free to comment if you found this article helpful.