Share Register William P. O’Donnell reminded homeowners of Norfolk County the importance of submitting a mortgage release after the mortgage has been repaid.
“When a mortgage has been paid off, a mortgage exemption document must be registered with the Deeds Register to cancel a homeowner’s title deed for that loan,” he said. “This is particularly important in light of the many homeowners who are currently taking advantage of historically low interest rates to refinance their mortgages. Please note that a discharge is a document (typically one or two pages) issued by the lender , usually with a title like “Mortgage waiver” or “Mortgage satisfaction”.
“There are cases where discharges are filed directly by banks or settlement closing attorneys at the registry as part of a property sale or following a refinancing operation. In other cases, the disbursement of the mortgage is sent to the owner who then becomes responsible for the registration of the document. Regardless of whether a discharge is registered by the lender or by the individual owner, it is important that the owner makes sure that all necessary documents have been recorded in the records.
“To verify their title, homeowners in Norfolk County can access the online registry records at www.norfolkdeeds.org and verify whether all mortgages associated with the property have been downloaded. Remember that failure to pay a mortgage will result in the issuance of a security and will therefore affect the home sale process.
O’Donnell said there have been cases where there has been no resignation against a long-paid mortgage.
“Unfortunately, some of the lenders who provided funds for these mortgages no longer exist,” he said. “In other cases, financial entities have merged with another credit institution.”
If a homeowner needs to recover an original mortgage resignation and it is unclear which lender is now responsible for providing the document, an option is to contact the Massachusetts banking division at 800-495-2265, int. 1 and therefore ext. 61501. Another option is to log in to the Federal Deposit Insurance Corporation at www.fdic.gov. Then find the BankFind card approximately in the middle of the home page, enter the lender in question, then click on the link of the lender and you will be able to determine who is responsible for the mortgage.
When recording a download, the original document is required. The Registry of Records does not accept photographic copies or copies of documents by fax. The filing fee, set by state statutes, is $ 106.
“After paying all the mortgages on their property, homeowners want to have the peace of mind of having a clear title on their property, especially if they are thinking of selling,” said O’Donnell. “Being on top of what is required will go a long way in giving the homeowner the guarantee of having a clear title deed. I strongly urge homeowners to make sure their mortgage disbursement has been filed with a once the mortgage has been paid. “
The Norfolk County Record of Records is made up of a team of customer service representatives who can be reached from 830 to 16:30 Monday to Friday at 781-461-6101. These representatives have been trained in the search for documents and are experts on mortgage discharges and what, if necessary, must be done to clear the title of a property.
To learn more about these and other actions and events in the Action Register, such as on facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and instagram.com/NorfolkDeeds.
William P. O’Donnell is the Norfolk County Share Register.