Locally, we often go through a lot of hoops to find the current holder of a mortgage that remains unsatisfied (but, probably paid off) after FDIC, RTC takeovers. We have a lot of mortgages that are released by an institution that is not the record holder of the lien. Getting the proper assignments can be quite a challenge. The title companies have a wide variance on how much they will rely on a release from a party other than the record lender.
We have been getting a lot of "affidavits of lost assignment" and corrective assignments which change the assignee the last few years. Both are self-serving, and not really allowed in Ohio, but it seems that people are relying on them.
I find the different standards from state to state, and even within certain states to be quite interesting. Several years ago I was training the examiners in Nashville, Tennessee on a new system their Recorder had installed that was similar to the one I use in Franklin County, Ohio. I was showing them how nice it was for cross-referencing to assignments. I was surprised to learn that they did not chase assignments in Nashville, they just relied on a release from whoever, provided it was a known lender.
Our legal remedies for getting a mortgage released from a missing lender sound similar to what Kevin mentioned they do in Connecticut. Here, however, it is a bit more time consuming than what Connecticut seems to have.
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