 Need your advice-Rental M (by Baman [AL]) May 5, 2025 9:28 AM
 Need your advice-Rental M (by J [IN]) May 5, 2025 9:41 AM
Need your advice-Rental M (by Scott [IN]) May 5, 2025 9:42 AM
Need your advice-Rental M (by RB [TN]) May 5, 2025 10:25 AM
Need your advice-Rental M (by MikeA [TX]) May 5, 2025 10:38 AM
Need your advice-Rental M (by Sisco [MO]) May 5, 2025 11:14 AM
Need your advice-Rental M (by Ken [NY]) May 5, 2025 11:17 AM
Need your advice-Rental M (by Ray-N-Pa [PA]) May 5, 2025 11:33 AM
Need your advice-Rental M (by BRAD 20,000 [IN]) May 5, 2025 11:43 AM
Need your advice-Rental M (by GKARL [PA]) May 5, 2025 12:02 PM
Need your advice-Rental M (by Deanna [TX]) May 5, 2025 12:34 PM
Need your advice-Rental M (by Sean [OR]) May 5, 2025 2:45 PM
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Need your advice-Rental M (by Baman [AL]) Posted on: May 5, 2025 9:28 AM
Message:
Happy Springtime everyone,
I bought a SFH from an investor and he carried the mortgage. I recently paid off the mortgage last year. The problem I am having is that after several conversations he has not filed a full satisfaction of lein. Otherwords the mortgage is still on the title. How do i remedy this situation. What legal recourse do I have? Thanks...
--69.228.xxx.xxx |
Need your advice-Rental M (by J [IN]) Posted on: May 5, 2025 9:41 AM
Message:
This is a good question. I have often worried about this but never had it happen yet. Or what if the mortgage holder passed away or dissapeared? Great question --207.113.xxx.xxx |
Need your advice-Rental M (by Scott [IN]) Posted on: May 5, 2025 9:42 AM
Message:
A threatening letter from your lawyer is a good start --162.204.xxx.xxx |
Need your advice-Rental M (by RB [TN]) Posted on: May 5, 2025 10:25 AM
Message:
Cattle prod. --204.10.xxx.xx |
Need your advice-Rental M (by MikeA [TX]) Posted on: May 5, 2025 10:38 AM
Message:
By law in most states he has 30 days to produce the release to be filed. If he does not do this then you need to consult a lawyer to bring a civil suit to have the judge issue the release, you should be able to recover your legal fees in the process from the note holder.
That said, I would pick a date a couple of weeks out. I would meet with the note holder and explain that you are upset and that the law requires him to file the release and he is putting you in a very difficult situation if something happened to him. Explain that you will be pursuing legal action on (date) and he will likely end up footing the entire legal bill if he doesn't get it done.
--209.205.xxx.xx |
Need your advice-Rental M (by Sisco [MO]) Posted on: May 5, 2025 11:14 AM
Message:
You prepare the documents, set an appointment for him to sign, you take it to be recorded.
If he refuses, file suit. If he has used for collateral, find out what other properties he owns that could be substituted. --149.76.xxx.x |
Need your advice-Rental M (by Ken [NY]) Posted on: May 5, 2025 11:17 AM
Message:
he probably doesnt know how to do it and cant or wont pay his lawyer to do it.Have your attorney prepare the document and call him and ask him to meet you at his bank, hopefully that is easy for him or have him go to your attorneys office to sign. --98.98.xx.xx |
Need your advice-Rental M (by Ray-N-Pa [PA]) Posted on: May 5, 2025 11:33 AM
Message:
What dies the note say about who pays the cost of creating and filing the release? --67.140.xx.xxx |
Need your advice-Rental M (by BRAD 20,000 [IN]) Posted on: May 5, 2025 11:43 AM
Message:
Baman,
My bank just stamps them SATISFIED.
"He who controls the paperwork controls the deal"
That also means *I* take it to the courthouse to be recorded.
I agree with Ken - probably does not know or is a DIY guy without great business systems.
Is the mortgage recorded?
Next time meet him with a Mortgage Satisfaction form you prepared. He signs it before you hand him the last payment.
BRAD
--68.50.xx.xx |
Need your advice-Rental M (by GKARL [PA]) Posted on: May 5, 2025 12:02 PM
Message:
"Next time meet him with a Mortgage Satisfaction form you prepared. He signs it before you hand him the last payment."
That's exactly how I handled a seller second mortgage. We met at a notary so she could sign and I then walked it into my county recorder to record the satisfaction. I used the language from a satisfaction from a mortgage I had paid off. I agree with Ken, he doesn't know how to do it and this sort of thing I more comfortable handling myself anyway.
--23.28.xx.xx |
Need your advice-Rental M (by Deanna [TX]) Posted on: May 5, 2025 12:34 PM
Message:
In my state, if I've taken a mortgage from the bank, and the bank hasn't filed the Satisfaction of Mortgage documents within 45 days of it being paid off, then I'm entitled to penalties. Whether or not I actually try to pursue those penalties is a totally different matter--- but they exist.
Does Alabama have something similar? Consult with an attorney. Hire him to draft the paperwork which will request the default penalty, attorney's fees, and any other remedies that are necessary. If the paperwork gets filed-- which is your primary goal-- then that's great. If the paperwork still doesn't get filed, then you proceed with the terms you've outlined in the letter. --137.118.xx.xxx |
Need your advice-Rental M (by Sean [OR]) Posted on: May 5, 2025 2:45 PM
Message:
We always use a third party escrow company to track payments and take care of the paper work. It's an additional $7.50/month or each party, but small price to pay for someone to track the payments. --208.127.xx.xxx |
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