Legal Question in Real Estate Law in New Jersey
who is responsible legally?
is the company that sells your mortgage responsible to reassign the lien in the county clerks office in the name of the company buying said mortgage or vice-versa?
1 Answer from Attorneys
Re: who is responsible legally?
No. The recorded mortgage is simply notice that there is a lien. It is not changed every time the loan is sold. The property owner knows who currently holds the note because that is where the payments are going. When the note is paid, the mortgage securing its payment is discharged as a matter of law and, when proper papers are filed with the clerk, is descharged as a matter of record. Whoever hold the note when the final payment is made should issue the Notice to Satisfy Mortgage.
See also: http://info.corbettlaw.net/lawguru.htm
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