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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 36117
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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I have a line of credit real estate loan in va with Wachovia

Customer Question

I have a line of credit real estate loan in va with Wachovia bank. The loan was taken out in 2000 the bank in 2001 said they have no record of loan refused my payments the loan ended feb 2015 and has been charged off according to credit report how can I get lien released on property no payment since 2001 and no calls etc for payment
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.
Good afternoon,
I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.
I am very surprises. That simply doesn't happen very often---that a lender loses all your paperwork and refuses payment on a loan you took out.
The reason that the debt was charged off was because they did not seek payment from you within the applicable statute of limitations (5 years under VA law) based on their own error.
However, the fact that they didn’t seek to collect from you does not mean that the lien against the property that was placed there at the inception of the loan is positively not valid. In fact, even after they can no longer collect the debt from you personally because of the statutes of limitations, they still have a legal security interest in the property----IF, and only IF, they can find the loan paperwork with your signature granting them the lien on your property.
However, it is likely a safe presumption that they still do not have any proof of the loan, the note or the right to the lien and so the obvious route is to ask them to please issue a release of the lien so the property is no longer encumbered by the lien.
If they do not agree to release the lien by filing the lien release with the county land records office, then your sole remedy will be to file a lawsuit against the lender---a lawsuit known as a "Quiet Title" action----and seek a court order which will give you ownership of your property as against their claim, and force them to remove the lien, if they cannot in the lawsuit prove their entitlement to the lien by showing the documentation for the loan.
Finally, if they force you to go to court despite the fact that they cannot prove up the lien for lack of documentation, then you may ask the court to award you your legal costs and attorney fees as well.
Please keep in mind that, even though you have already paid your deposit money over to JustAnswer, until you rate me highly for my service, I will not be paid for having assisted you with your questions.
You may of course reply back to me and I will be happy to continue to assist you further.
I wish you well,
Doug

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