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[+] Source of Title's new look... - Robert Franco/OH (6 replies)
8/27/2005 10:10:33 AM (2386 views)

[+] Title Direct non-payment - Anne Gilbert/VT (5 replies)
8/26/2005 6:25:10 PM (2383 views)

[-] Mortgage over 30 years old, but no release - David Kossman/MO (19 replies)
8/25/2005 3:16:53 PM (2650 views)
Re: Mortgage over 30 years old, but no release - Robert Franco/OH
8/25/2005 4:22:52 PM (3049 views)

This is an interesting title question... the forum needs more of these.  I would like to hear what people from other states think about this issue.

In Ohio, our mortgages are good for 21 years, plus the life of the loan.  Therefor, this would still be an enforceable mortgage, until 2021.  I would require a release.  Someone needs to track down the mortgage holder and get a release.  The only other option I can think of would be a quiet title action, in the event that the mortgagee cannot be located.

However, I have seen underwriters accept the risks of some older mortgages and insure over them on title policies.  This would have to be decided by the underwriter on a case by case basis.  In the event of a mortgage that old to an institutional lender, when they cannot be located due to various mergers, and it is no longer reported on the credit report, it may be deemed insurable.  When the mortgagee is an individual and never would have been reported on a credit report, this is a bit more risky and may not be insurable.

Either way, I think your responsibility is to report it on as an encumbrance on the title and clearing it should be the duty of the seller to transfer marketable title. 

Just my opinion...

Robert A. Franco
SOURCE OF TITLE

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Re: Mortgage over 30 years old, but no release - David Kossman/MO
8/25/2005 4:39:48 PM (2990 views)
Re: Mortgage over 30 years old, but no release - Robert Franco/OH
8/25/2005 5:23:39 PM (2795 views)
Re: Mortgage over 30 years old, but no release - Lisa Ramsey/TX
8/25/2005 6:46:54 PM (2906 views)
Re: Mortgage over 30 years old, but no release - Jeanne Mendes/CA
10/7/2005 3:46:42 AM (2641 views)
Re: Mortgage over 30 years old, but no release - Robert Franco/OH
10/7/2005 12:44:27 PM (2804 views)
Re: Mortgage over 30 years old, but no release - Patrick Scott/IL
8/25/2005 7:05:29 PM (2842 views)
Re: Mortgage over 30 years old, but no release - Kevin Ahern/CT
8/25/2005 7:32:06 PM (2941 views)
Re: Mortgage over 30 years old, but no release - LAWANDA MCMILLIAN/AR
8/25/2005 9:33:34 PM (2808 views)
Re: Mortgage over 30 years old, but no release - Lisa Ramsey/TX
8/26/2005 9:02:34 AM (2857 views)
Re: Mortgage over 30 years old, but no release - Kevin Ahern/CT
8/26/2005 11:51:44 AM (2859 views)
Re: Mortgage over 30 years old, but no release - Lisa Ramsey/TX
8/26/2005 2:28:31 PM (2793 views)
Re: Mortgage over 30 years old, but no release - Scott Perry/PA
8/26/2005 8:05:28 PM (2874 views)
Re: Mortgage over 30 years old, but no release - Jay Duncan/MO
8/28/2005 6:57:05 PM (2804 views)
Re: Mortgage over 30 years old, but no release - Scott Perry/PA
8/28/2005 7:43:29 PM (2774 views)
Re: Mortgage over 30 years old, but no release - Jay Duncan/MO
8/29/2005 7:31:14 AM (2737 views)
Re: Mortgage over 30 years old, but no release - James "Lin" Toney/MS
8/26/2005 10:48:04 PM (2856 views)
Re: Mortgage over 30 years old, but no release - Donna Grady/NC
8/27/2005 7:50:27 PM (2870 views)
Re: Mortgage over 30 years old, but no release - Scott Perry/PA
8/27/2005 8:08:16 PM (2822 views)

[+] Back to school - monica froese/ME (11 replies)
8/23/2005 4:16:43 PM (2299 views)

[+] Liability Disclaimer - Danielle Nelson/WI (12 replies)
8/23/2005 2:01:59 PM (2411 views)




[+] The Jordan Group - Any experience with any of these affiliated companies? - Matt Papsch/MD (2 replies)
8/22/2005 5:41:51 PM (2450 views)

[+] Gasoline Trivia - Who Would Have Thought? - Lisa Ramsey/TX (6 replies)
8/19/2005 8:45:16 PM (2388 views)

NALTEA committees... - Robert Franco/OH
8/18/2005 12:25:11 PM (1793 views)

thanks anyway - Kim Haase/MT
8/18/2005 12:18:26 PM (1849 views)

[+] VIEWS - LAWANDA MCMILLIAN/AR (8 replies)
8/18/2005 9:28:38 AM (2394 views)

You asked for it... - Jay Duncan/MO
8/17/2005 5:05:10 PM (1897 views)

[+] fees - Lynn Hammett/SC (6 replies)
8/16/2005 7:53:23 PM (2489 views)

[+] The royal shaft! - Robert Franco/OH (9 replies)
8/16/2005 1:51:13 PM (2591 views)

[+] Anyone Hear from Jason Sheppard? - Lisa Ramsey/TX (7 replies)
8/16/2005 9:56:01 AM (2604 views)

[+] Gas Prices...here we go again!!! - Jay Duncan/MO (7 replies)
8/15/2005 9:42:28 PM (3207 views)


<< get older messagesget newer messages >>

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