Helping Homeowners, Realtors, and Real Estate Attorneys
Solve Title Exam Issues.

Obtaining a confirmatory discharge

Share this on:
Facebook Twitter Linkedin Digg Delicious Reddit Stumbleupon Tumblr Posterous Email Snailmail

Wells Fargo Bank, N.A.  has a subsidiary servicing company called ASC or America’s Servicing Company. ASC recently issued an incorrect discharge of mortgage for a client.

The original mortgage lender was Union Federal Bank of Indianapolis and the mortgage was subsequently assigned to MERS, Inc. (Mortgage Electronic Registration Systems, Inc). The property must have been distressed with the collections process started. The discharged that was issued and recorded listed the mortgage holder as Wells Fargo Bank, N.A., as Attorney in Fact for JPMorgan Chase Bank, N.A., as Trustee for Mortgage Pass Through Certificates, Series 2005-5.

The Discharge would have been correct if the assignment of mortgage from Union Federal Bank of Indianapolis was for Wells Fargo Bank, N.A., as Attorney in Fact for JPMorgan Chase Bank, N.A., as Trustee for Mortgage Pass Through Certificates, Series 2005-5. Because an assignment of mortgage had already been recorded transferring title of the mortgage to MERS, Inc; to officially release the mortgage with the Registry of Deeds, only a MERS, Inc discharge will do the job.

ASC acknowledged the error and just sent me a new Mortgage Electronic Registration Systems, Inc. discharge which I will have recorded with the Registry of Deeds as soon as possible.

Had I not reviewed the recording information with the Registry of Deeds, this would have been something that I would still need to resolve at some point in the future. As with most requests, the longer it has been since the loan was paid off, the harder it gets to quickly get a confirmatory discharge.

A careful review of incoming discharges can save you a lot of trouble, time and money in the future.

This article was written by: Francisco

  1. 1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

*