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I am selling my house. It came up on the title search that…

Customer Question
I am selling my...

I am selling my house. It came up on the title search that the wrong bank gave mortgage satisfaction. It’s causing serious problems because the bank supposed to give satisfaction went out of business, to make it worse, the title company involved in the sale of the property when l bought it 8 years ago also went out of business. What’s surprising is l have refinanced twice and this issue never came up. I am loosing my mind. How do I resolve this?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New York

Lawyer's Assistant: Has any paperwork been filed?

I have records from the bank when l closed 8 years ago stating they paid off the loan. The previous owner had her mortgage sold to another bank. The new bank was paid off but somehow the previous bank ended up on the paperwork and it was recorded

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 6 minutes by:
12/8/2017
Real Estate Lawyer: Ray, Lawyer replied 8 months ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,804
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Real Estate Lawyer: Ray, Lawyer replied 8 months ago

You are likely looking at a local lawyer to file a suit to quiet title.Court will clear out the lien here and by order award you clear title.The court order serves as deed and you are able to close.

n New York, having clear title is critical when real property is sold or refinanced. A cloud on the title can cause delay and possibly even cancellation of a transaction. Where serious title issues exist, it may not be possible to get title insurance on the property.

To clear up title on a piece of property once and for all, New York law provides a remedy in the form of a quiet title action. The action is brought in civil court when the plaintiff, who can be anyone claiming an interest in the property, files a complaint and gives notice to any other parties who might have a claim on the property. The other parties must then come forward to defend their claim. Once the court has heard the competing claims, it issues a judgment that is conclusive as to all parties, including any unknown parties who failed to come forward and appear in the case.

In many cases, especially those involving very old title defects, the potentially adverse parties simply fail to appear. The judgment entered by the court effectively bars anyone from raising those claims again and establishes conclusive title in the plaintiff.

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I appreciate the chance to help you tonight.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Real Estate Lawyer: Ray, Lawyer replied 8 months ago

Thanks for rating 5 stars at top of page and Happy Holidays.

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