I took a loan from a mortgage company back in 1999 for $33,000. This was a refinance on a house. I paid the loan off completely back in 2001. I never got the lien taken off my house and for some reason when I paid off the loan it still shows this mortgage company as holding the lien. I thought for sure when I paid the loan off the lien would be removed. I am now in the process of refinancing my house again but I am using a different company (my bank). My bank noticed this lien on my house still. Now my old mortgage company says they are going to take 30-45 days to get the Deed of Trust to the bank showing the lien has been removed. This is bad because now I am going to have to redo my loan and my interest rate could be different in 30-45 days.
Does it normally take 30-45 days to get a lien removed after a loan has been paid off?? Should I threaten with a lawyer or am I screwed and I should wait it out? By the way there is a huge rip off report about my old mortgage company.
Who are you gonna sue? Anyone you sue, probably has a lawyer on retainer that costs 20 times more then your’s will and deals with cases exactly like this all day long. Suck it up, and move on.
As for the new loan, either take your chances on a new rate (I don’t think the prime rate has changed in quite some time and I haven’t heard anything about it changing over the next month or so). But ask your bank about locking it in for 45 days. It’ll cost more, but it might be worth it to you. Ask how much it will add to your monthy pament to lock in the interest rate for 45 days, and ask what it will add to your payment if your interst rate goes up a quarter percent and make your decesion from there.
Don’t sue, it’ll be a huge waste of time and money, besides do you really want to piss of the people that still technically own your house?
ETA, if you ever have your house added on to or remodeled, they’ll put a lein agaisnt your house and you have to make sure you get that removed as well when the project is paid for. I’ve actually heard of some people have to pay for the job twice because they didn’t get the lein removed and 10 years later they couldn’t sell the house becuase of it.
