You just finished your refinance. You could not be happier. You shortened you loan term and lowered your rate. What could be better? Little did you know that the closing you completed would prevent the timely sale of your home. If you had just chosen an attorney to do your refi that knew what he or she was doing. When you refinanced you were paying off your existing loan. The loan was held by Big Bank and serviced by Mega-Servicer. The attorney that closed the loan sent your payment to Mega-Servicer and received a discharge. The discharge was then recorded at the registry of deeds. This process is completed thousands of times every day, but there are hundreds of things that could go wrong. What happened in this case was the refi-attorney that received the discharge did not check it before sending it to be recorded. The discharge was executed by Mega-Servicer but your loan was held by Big Bank. The discharge that was recorded is ineffective and the mortgage that was paid-off at your refi is still outstanding of record. You are now selling your home. The closing attorney contacts you to let you know that your mortgage has been improperly discharged and a new discharge has to be obtained and recorded. The buyer is requiring that you convey good marketable title free from all liens; your paid-off mortgage is still a lien. What are you going to do? The terms of your purchase and sale agreement may allow you to continue the sale for 30 days but now you cannot buy your new house because you were relying on the money from the sale of your old home. You may not be able to resolve your title issue within thirty days; maybe your buyer will walk. Total panic sets in. You may be defaulted under the terms of the agreement to buy your new home. You could lose your deposit. The dominoes that were supposed to be falling in such an orderly fashion are now stuck behind your improperly discharged mortgage. What if Big Bank has been merged or has been taken over by the FDIC how will you get the discharge and how long will it take. This all could have been avoided if the closing attorney that did your refi knew what he was doing. So when you are meeting with your lender let them know that you want to select the attorney to close your loan, do not let them make that decision for you, tell them you want to use Topkins & Bevans. Our years of experience dealing with real estate transactions allow us to make sure that not only is your closing conducted professionally and without incident but we will also make sure that all matters are properly taken care of. The mortgage we payoff will be discharged and the record title will be cleared properly. So when you go to sell your home you may encounter other issues but you will not encounter the improperly discharged mortgage we paid off.<\/p>\n","protected":false},"excerpt":{"rendered":"
You just finished your refinance. You could not be happier. You shortened you loan term and lowered your rate. What could be better? Little did you know that the closing you completed would prevent the timely sale of your home.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[40,29,3,41],"tags":[445,446],"class_list":["post-868","post","type-post","status-publish","format-standard","hentry","category-closing","category-mortgages","category-real-estate-law","category-title","tag-closigs","tag-title-issues"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":893,"url":"https:\/\/blog.topbev.com\/?p=893","url_meta":{"origin":868,"position":0},"title":"Mortgage Servicers Required to Review Foreclosure Files and Compensate Veteran Victims","date":"March 7, 2012","format":false,"excerpt":"On March 6th, 2012, the White House announced two methods to provide relief for the struggling U.S. housing market pursuant to the February settlement between the Federal government and 49 state Attorneys General.","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":393,"url":"https:\/\/blog.topbev.com\/?p=393","url_meta":{"origin":868,"position":1},"title":"The Title Abstract as a “Family Tree” for the Home your Client is Buying–Help your clients learn the “Rest of the Story”","date":"July 12, 2010","format":false,"excerpt":"In Massachusetts, where I practice real estate law, the closing agent (almost always an attorney) requests a title abstract, which provides an at least 50 year history of the property in question. The Abstract,\u00a0among other things, will show a \"chain of title\" which indicates dates and purchase price paid for\u2026","rel":"","context":"In "Marketing \/ Communication"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":280,"url":"https:\/\/blog.topbev.com\/?p=280","url_meta":{"origin":868,"position":2},"title":"Refinancing Your Present Mortgage–Make sure that the Lenders, and Closing Agents, are Financially Able to Perform","date":"July 2, 2010","format":false,"excerpt":"In today's edition of the Boston HERALD, there is an article about a Borrower in Illinois, who recently refinanced his mortgage with a mortgage lender. The check which the refinancing Mortgage Lender sent to the person's then mortgage lender \"bounced\", and the former mortgage lender is now foreclosing on the\u2026","rel":"","context":"In "Mortgages"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":897,"url":"https:\/\/blog.topbev.com\/?p=897","url_meta":{"origin":868,"position":3},"title":"White House Lowers Refinancing Fees for FHA-Backed Mortgages","date":"March 8, 2012","format":false,"excerpt":"The second method of the Administration's recent acts to alleviate the down-trodden U.S. housing market applies to borrowers with FHA-backed mortgages. These borrowers will inflatable tent be able to refinance their mortgages to secure lower interest rates while paying a lesser up-front charge for the mortgage insurance premium. The White\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":872,"url":"https:\/\/blog.topbev.com\/?p=872","url_meta":{"origin":868,"position":4},"title":"The Cash Buyer Needs an Attorney","date":"February 3, 2012","format":false,"excerpt":"The cash buyer walking the transaction tight-rope needs the safety net that the experienced real estate attorney provides.","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":361,"url":"https:\/\/blog.topbev.com\/?p=361","url_meta":{"origin":868,"position":5},"title":"Massachusetts Buyer Beware!!!! If there is a foreclosure in your back title, you may not be getting what you are expecting","date":"July 9, 2010","format":false,"excerpt":"Here is a tale of woe that is real, and may be repeated many times in the future for Massachusetts real estate scenarios. Well before I started representing my client, he purchased a home which had a recent foreclosure in its title. My client, now attempting to do a refinancing\u2026","rel":"","context":"In "Short Sales & Foreclosures"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=868"}],"version-history":[{"count":2,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/868\/revisions"}],"predecessor-version":[{"id":870,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/868\/revisions\/870"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}