Legal Question in Real Estate Law in Massachusetts
Discharge of mortgage under chapter 240
Need to obtain a discharge for a mortgage granted in 1969 for a term of 7 years.
Mortgage granted to a small loan company that went out of business in 1980.
How long and expensive is this process and what will the Land Court require.
2 Answers from Attorneys
Re: Discharge of mortgage under chapter 240
There are a few questions which immediately arise, including whether you have title insurance which might provide some help.
Also, even though the loan company is out of business, if it transferred assets elsewhere, it may be possible to obtain a discharge from the successor in interest.
You should speak with an attorney in your area experienced in real estate law. As noted, the land court may not be the only option.
Re: Discharge of mortgage under chapter 240
There may be inexpensive ways to obtain a discharge without the need of filing an action in land court. If the legal action is not contested, it should be a fairly reasonable price, keeping in mind that this type of litigation is specialized and complex. You need an attorney or you will likely get nowhere.
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