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Category: Real Estate Law
Satisfied Customers: 24003
Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
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I am reading your correspondence with the customer in Arizona

Customer Question

I am reading your correspondence with the customer in Arizona who has been in his house for 3 years during his Bankruptcy but thinks the Bank can not produce the original note on the mortgage- do you have the info from your discussions with him
(as I am reading what you all talked about and have clicked on get an answer underneath your back and forth discussion with him) or do I have to give you some kind of a link? My situation is very very similar to his ( I am in South Carolina) but I have an additional step that has occured- they have sent me a notarized ( & recorded in my county) a "Lost Mortgage Satisfaction" document stating they have lost the mortgage paperwork ( signed by a Bank Of America Vice president & notarized in the county up in North Carolina where their corp offices are) and that "the debt secured by the mortgage above is paid in full and the "lien of the instrument identified above is saitisfied" ( my primary home) The second page of the document is an affidavit stating the name of the exec representative from Bank of Am " appeared before me" ( the notary) and stated "Bank of America is the owner or representative of the owner and holder of the above described Mortgage, that the Mortgage has not been assigned, hypothecated or disposed of, and that after a proper review of the business records the undersigned has concluded that the original Mortgage has been lost and cannot be found" Does this mean they are giving up on the foreclosure and have decided to just write it off as a loss and I will be able to stay in my property?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Pro replied 1 year ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.

The document specifically states:

I have an additional step that has occured- they have sent me a notarized ( & recorded in my county) a "Lost Mortgage Satisfaction" document stating they have lost the mortgage paperwork ( signed by a Bank Of America Vice president & notarized in the county up in North Carolina where their corp offices are) and that "the debt secured by the mortgage above is paid in full and the "lien of the instrument identified above is satisfied" ( my primary home)???

Customer: replied 1 year ago.

Dear Sirs: So sorry- not sure what is going on with the JustAnswer -website- I tried to send an email to reset my password XXXXX they said it was sent, but I never received it. It also states above this a Pay for service website ( I filled out all the payment info) and that I needed to click on 3rd,4th, or 5th face or the star below, but there isn't anything other than this reply box not sure how to proceed- thank you! Dave

Expert:  Law Pro replied 1 year ago.
That's only when I give you an answer.

Do you have the documentation that you can forward as to this?


The document specifically states:

I have an additional step that has occured- they have sent me a notarized ( & recorded in my county) a "Lost Mortgage Satisfaction" document stating they have lost the mortgage paperwork ( signed by a Bank Of America Vice president & notarized in the county up in North Carolina where their corp offices are) and that "the debt secured by the mortgage above is paid in full and the "lien of the instrument identified above is satisfied" ( my primary home)???

Customer: replied 1 year ago.

Thanks- sorry! Kind of a rookie at this.. do you mean can I scan the document and send it to you?

Expert:  Law Pro replied 1 year ago.
Yes, if possible and you have a scanner.
Customer: replied 1 year ago.

Hello Fred! Thank you for your time thus far on this. I don't have a working scanner right now, but the notarized document was recorded and blue-ink stamped by my county. I would really love to stay anonymous as well, if at all possible. I tried to detail the wording of the document in my -opening request to ask your opinion. It is a very short, basic document


" LOST MORTGAGE SATISFACTION"


State of South Carolina RMC office recorded 12-5-2007


County of Beaufort Page 0639,etc.(this was my orig.


mortgage info)


"My Name"


To


 


Original Mortgagee


The debt secured by the mortgage referenced above is paid in full and the lien of the instrument identified above is satisfied. the Register of Mesne Conveyance/Clerk of the Court/register of Deeds,as applicable,is hereby authorized to enter this cancellation on the record


WITNESS my/your hand this 1-22-2013


 


then it is signed by the Bank of Am rep & the notary


 


the second page simply is the notary stating that this day, the Bank of Am rep appeared before me and being duly sworn,etc, states that the rep has concluded that the original mortgage has been lost and can't be found


That is pretty much it, Fred. Would you take that to mean they have abandoned any claim to the property and are just probably going to write it off? Thanks so much- Dave in SC

Expert:  Law Pro replied 1 year ago.
Thank you for that information. I understand wanting to keep anonymity in the matter.

A "lost mortgage satisfaction" basically means at some point the mortgage in question was paid in full and the company responsible for filing the release (OR SATISFACTION) with the county courthouse lost the paperwork without filing it.

When you payoff your mortgage, the records at the county Registrar or Records dept showing that there is a lien against the property must be "released," proving that you now own the property free and clear. This is done through a Lien Release or "Satisfaction of Mortgage/Lien document filed with the same county office where the original lien (mortgage) was filed. That document needs to reference the place and date where the original lien or Deed of Trust is recorded in their filing system, but if the mortgage company can't locate the original docs or where they are filed, they have to file a "lost mortgage satisfaction" instead.

Basically, this document, if it is stamped and dated by the county recorder, proves that your mortgage is paid-off and you don't owe the bank anything anymore.

So, given what you posted - the lender/lienholder "satisfied" the lien or mortgage against the property and there is no longer that lien or mortgage against the property.

You asked:

Does this mean they are giving up on the foreclosure and have decided to just write it off as a loss and I will be able to stay in my property?

Answer - the lender satisfied that mortgage and unless there is another filed lien against the property - you own the property "free and clear" of any liens against the property.


Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24003
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Law Pro and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you so much Fred- please let me know you got your fee for your input. Had 2 golf buddies ( one owned one of the largest mortgage companies in the Southeast and the other was Corp VP of another rival bank of Bank Of AM) who both echoed what you said. I am just getting a few


experts opinions before I proceed with anything further. Thanks again-Dave in SC


 

Expert:  Law Pro replied 1 year ago.
Yes, thank you.

I agree with both your friends' opinions - the mortgage or lien is "satisfied" and, therefore, the property is "free and clear" of that lien.

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