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Household Finances

We have a problem with a title search

10 years ago

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??

Comments (3)

Zoe52
Original Author
10 years ago
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!
jannie
10 years ago
Glad it worked out.
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kirkhall
10 years ago
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.

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