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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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How to have a private mortgage on a business property that

Customer Question

How to have a private mortgage on a business property that was recently paid off removed from county recorder's office
What specific steps as the business owner do I have to take.
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 11 months ago.

Dear Customer,

Thank you for using our forum. My name is ***** ***** I hope to assist you today.

To remove a lien from property records after the debt is paid, the mortgage holder is required to file a satisfaction of debt with the county recorder's office.

So as the owner of the property there is nothing that you have to do, the mortgage company (the one that was paid off) is the one that has to complete the recording to show that the loan was paid in full (was satisfied) and remove the lien.

If the creditor fails to remove the lien there is a judicial process that you can use called a "quiet title" action - this is a very complex lawsuit that you do not want to have to go through (and your creditor will not want to either, it costs money for both sides), but if the creditor is refusing for whatever reason to record the satisfaction, you can retain a lawyer to threaten filing this lawsuit and make a demand that the company file the satisfaction (the reason you hire the lawyer is to make a "show of force" (it increases the likelihood of you actually filing such a lawsuit and hopefully increases the likelihood of the creditor doing what they are supposed to do - this is where hiring the lawyer to make your demand can really help level the negotiations field with a large mortgage company/lender).

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