Legal Question in Real Estate Law in Florida

With all the mortgage questions arising because of "notes" being sold from one investor to the other - I became concerned and went online to see who was the "registered holder" of my mortgage. It was the orignial holder. The note has been sold twice from originating.

When the mortgage is paid (nine years) will I be able to get a free and clear deed to my home? Does the mortgage holder have to be on file as the owner of the "note"?

I am very concerned.


Asked on 10/08/10, 10:47 am

1 Answer from Attorneys

David Labovitz Labovitz Law Firm, P.A.

I don't think you have anything to be concerned about. Under Florida law, the lender is required to record a satisfaction of mortgage no later than 60 days after payment in full:

701.04 Cancellation of mortgages, liens, and judgments.--

(1) Within 14 days after receipt of the written request of a mortgagor, the holder of a mortgage shall deliver to the mortgagor at a place designated in the written request an estoppel letter setting forth the unpaid balance of the loan secured by the mortgage, including principal, interest, and any other charges properly due under or secured by the mortgage and interest on a per-day basis for the unpaid balance. Whenever the amount of money due on any mortgage, lien, or judgment shall be fully paid to the person or party entitled to the payment thereof, the mortgagee, creditor, or assignee, or the attorney of record in the case of a judgment, to whom such payment shall have been made, shall execute in writing an instrument acknowledging satisfaction of said mortgage, lien, or judgment and have the same acknowledged, or proven, and duly entered of record in the book provided by law for such purposes in the proper county. Within 60 days of the date of receipt of the full payment of the mortgage, lien, or judgment, the person required to acknowledge satisfaction of the mortgage, lien, or judgment shall send or cause to be sent the recorded satisfaction to the person who has made the full payment. In the case of a civil action arising out of the provisions of this section, the prevailing party shall be entitled to attorney's fees and costs.

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Answered on 10/14/10, 3:58 pm


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