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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31593
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I need help trying to obtain a release of mortgage letter.

Customer Question

I need help trying to obtain a release of mortgage letter. The mortgage amount is $6000.00 and dates back to the 1980 and i have no proof of payment. The financial institution listed on the title as the mortgagee has since went out of business. I'm not sure how to proceed.
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Roger replied 10 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

If the lender is out of business and there is no successor company.....you likely would have to claim the statute of limitations has expired and that the mortgage lien should be released/vacated. However, in order to do this, you'll have to file suit for slander of title and obtain a court order vacating the lien and canceling it in the land records.

Expert:  Roger replied 10 months ago.

The statute of limitations on a mortgage is 6 years from the last payment due date. So, hopefully, you are outside of the timeframe and you can claim the statute of limitations has expired and you can get the lien document removed without having to seek out the lender or a proper signator.

Expert:  Roger replied 10 months ago.

Thanks for your question and please let me know if you have any additional questions.

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