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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 33166
Experience:  17 years of legal experience including real estate law.
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I have bought a commercial property from Millers (husband and

Customer Question

I have bought a commercial property from Millers (husband and wife) in 1997. It was owner financed with twenty year note. In 2012, I paid off the note when I received a loan from the Regions Bank. The same property was used as lollateral with Regions loan. The Regions loan was paid off in February 2015 and I have received the Trust Deed Release from the Regions. The problem is this. I have found out that the Deed Release from the Millers was never filed although we had all signed the documents at one of the escrow title companies, which I can not remember which one. And, Millers are all passed away and I have been trying to search for their heirs. My question is this: Shouldn't Regions Bank have demanded and received the Trust Deed Release from the Millers in 2012? Regions employee had admitted that their employee had made a mistake. But, Regions will do nothing to fix it. What can I do?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Tina replied 1 year ago.
Hello and welcome.
My name is ***** ***** my goal is to provide you with excellent service today. I am sorry to hear of your difficult situation. Before I can give you an accurate answer to your question, please provide the following additional information:
Do you have a copy of the release from Millers?
I look forward to assisting you as soon as I have received this information. Thank you.
Customer: replied 1 year ago.
No. A copy of the release should have gone to Regions Bank upon paying off the Millers and Regions was new the new owners of the deed since the same property was used as a collateral
Expert:  Tina replied 1 year ago.
I see. Millers should have filed the release in your chain of title typically, although Regions would have an interest in ensuring it was filed. Now that the Regions loan is paid off, it is not surprising they are not being cooperative.
Since the holder of the Millers security interest is deceased and you have been unable to locate their heirs, there would typically be two options for attempting to get the lien released from your property.
First, you could locate an estate law attorney to try to locate the heirs of the interest, or you could file a petition in the local court seeking an order releasing the lien. Upon showing that the debt was satisfied, the court should enter an order that the lien be released.
If you locate the heirs, you could typically threaten to pursue a claim of wrongful attachment if they do not release the lien, but that is not an option unless you are able to locate them.
I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!
Tina
Customer: replied 1 year ago.
Since I can not locate the heirs ( I am trying), does Regions Bank have any legal liability for not discovering their errors sooner?
Expert:  Tina replied 1 year ago.
Hello again,
No, Regions would not typically be liable to you unfortunately, although their interests could have been compromised too if the loan had not been paid off.
Customer: replied 1 year ago.
The Regions loan was obtained after Millers were paid off. That was their condition of the loan
Expert:  Tina replied 1 year ago.
It was the obligation of the Millers lender to release the lien once you paid it off, period. The fact the Regions lent you money without the lien being released reveals an error on their part, but the error compromised their interests--their liability would not extend to you typically. I'm sorry.
Customer: replied 1 year ago.
thanks and bye
Expert:  Tina replied 1 year ago.
You're very welcome and good luck to you with this.
Bye bye

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