We have a problem with a title search

Zoe52January 13, 2014

We are looking to close on our home on Weds. as sellers. But have a problem with our title search

We have lived here for almost 30 years. During the title search, it was found out that one of the banks we used to refinance our home did not record our payoff to them. After going through our files we have found that the loan was paid off but we probably neglected to pay a $29 fee at the time in order to have the mortgage payoff officially registered. It was paid off in 1995, now that bank is no longer in existence. So what does one do??

We did roll over the remainder of our mortgage payment into our current bank and paid it off the remainder through a home equity loan. So we do have another bank that has said since then that we paid off our loan.

Our lawyer is coming over tonight to discuss this with us. What is our recourse at this time?? We need to sell this home. Anyone have any suggestions??

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Luckilly for us we found an official letter from our county stating that our mortgage payment had been paid off when we refinanced to home equity in 2003. Problem is SOLVED!

    Bookmark   January 13, 2014 at 3:17PM
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Glad it worked out.

    Bookmark   January 28, 2014 at 8:58AM
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Good for you for holding on to your papers!

Otherwise, for others who find themselves in a similar situation--you have to find the title company who originally recorded the debt... The title company, not the bank, are usually the point of "fixing" for this, as I understand it.

    Bookmark   January 29, 2014 at 3:56PM
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