Legal Question in Real Estate Law in New Jersey

Lien not released

We had 2nd mortgage 97' with co. A (county clerks office reflects their name on lien) Co. B bought mortgage from co. A (the lien was never changed into co. B's name) 2001 refinanced 1st mortgage which paid off 2nd mortgage to co. B Reflects on HUD company B's name and payoff figure obtained from co. B, have canceled check front and back from title co. that paid them Co. A no longer exists We got a new mortgage commitment 9-15-07 to refinance and county clerks office still shows lien in co. A's name Who was responsible for reassigning the lien to Co. B's name when it was sold? Have been faxing and speaking with Co. B for a month now and the Executive Task Force Team told me it is being handled by the legal department. I asked to speak to the legal department and I was told they do not speak to the general public. I explained my new mortgage commitment was about to expire. Can they legally hold me in the dark on info and timeframe to rectify? Do I need a lawyer? Many thanks


Asked on 10/10/07, 9:57 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Lien not released

It would help for you to have a lawyer. You should also ensure that the title insurance company that covered the last refinance as well as the title agent that closed escrow are aware of the problem.

New Jersey law obligates the creditor to give a document that satisfies the mortgage whenever a mortgage is paid. If they did not do that, they are, among other things, liable for slander of title and you can collect any damages that you might incur because you are unable to refinance.

See also: http://info.corbettlaw.net/lawguru.htm

Read more
Answered on 10/10/07, 10:34 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey