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Lawfare: Mortgage Satisfaction
Eric Odum tells the real life ongoing story about a borrower and a private lender, and the importance of ensuring that when a loan is paid off, that the mortgage satisfaction has actually been recorded. In this case, the borrower wanted to sell his property. However, although the borrower had paid off the mortgage to a private lender 16 years ago, and the lender supplied a satisfaction of mortgage to the borrower, it was never filed. The borrower did find the mortgage satisfaction document, but the title company said it was not sufficient satisfaction and they would need to issue a new document, and to make matters worse, the lender did not remember the transaction.
The bottom line is this: When you pay off a mortgage, always ensure that the satisfaction of mortgage has been recorded and filed.
Key Discussion Points
[01:03] Opening remarks by Eric Odum
[02:29] The client situation: Mortgage satisfaction was not recorded
[06:07] Quiet Title and how this can help in this situation
[07:38] Key advice: Always ensure the satisfaction of mortgage gets recorded
About our Guest
Eric Odum is the host of the Invest Florida Real Estate podcast with updated episodes dropping every 2 weeks. Hear from top experts in the real estate industry with a focus on Florida.