Posted on: 09th Jul, 2010 05:04 am
i am applying for home equity line. I was told I needed to show them a mortgage release. I own the home free and clear, doesn't the title search show this. The first mortgage co. is defunct, I can't locate the second one.
Hi faithbily,
Your query is not clear to me. It could have been better if you could have explained your query in details.
Once you mention that your property is free and clear but again you also state that your first mortgage company is defunct. If you had a mortgage, then you need to pay it off in full and receive a mortgage release certificate from the lender. If you've paid off the loan, then the title search will not reflect any kind of lien on your property.
Thanks,
Jerry
Your query is not clear to me. It could have been better if you could have explained your query in details.
Once you mention that your property is free and clear but again you also state that your first mortgage company is defunct. If you had a mortgage, then you need to pay it off in full and receive a mortgage release certificate from the lender. If you've paid off the loan, then the title search will not reflect any kind of lien on your property.
Thanks,
Jerry