Posted by Frank Chin on April 25, 2008 at 11:11:10:
Thanks. Thought there was something I had to do.
I already notified the tax people to send me the tax bills, and the insurance agent to direct bill me.
Guess I should check the public records shortly to see if it’s filed.
How to File a Mortgage Satisfaction - Posted by Frank Chin
Posted by Frank Chin on April 25, 2008 at 03:58:57:
I just paid off a mortgage, and received the mortgage note with attachments, the top page stamped in large red lettering “paid in full and fully satisfied”.
My understanding is I’m supposed to file a “mortgage satisfaction”. I know attornies in NYC is expensive, and I checked the NYC Finance WEBsite, that has a “mortgage satisfaction survivial kit”, a link, which is currently inoperable. Somewhere along the line, there’s mention of forms needed to submit for a “mortgage satisfaction”, a fee schedule (including a charge of $5.00/page) and so forth. it also made mention of changing the billing of taxes from the bank to myself.
From what I gather, it could be something that can be “self done”. But it appears that what I also have is a “consolidation mortgage”, where when I refied out, a new note is added to the prior one, and there seems to be a separate fee and procedure for that.
Or should I just contact a title company, maybe the one that provided the title insurance, and let them do it. I figure an attorney may just forward the paperwork to a title company and tack on his fee, so I save one layer of fees.
I have the paperwork sent to me by the bank laying on my desk here a few weeks now, and I’m deciding what to do with it, call an attorney? title company?, or trot down somewhere to see what forms are needed, and where to submit them.
Re: How to File a Mortgage Satisfaction - Posted by DJ-nyc
Posted by DJ-nyc on May 02, 2008 at 13:17:19:
Every property that I sold in NYC - Like RiverCity said - It got recorded by the Lender. I usually check the recordings using ACRIS from www.nyc.gov
Hey where u been? Long time no post? I hope you are enjoying yourself!
DJ-nyc
Re: How to File a Mortgage Satisfaction - Posted by River City
Posted by River City on April 25, 2008 at 10:04:16:
Generally, it is the responsibility of the lender to file the satisfactions. So, I googled “New York Mortgage Satisfactions” and this is what I found. You might want to contact the lender and ask them if they have already filed the satisfaction.
New Law Imposes Penalty on Delays in Processing Mortgage Satisfactions
Governor Pataki just signed a new law that imposes a monetary penalty on a lender that fails to deliver a mortgage satisfaction for recording within 30 days after the loan is paid off. This new law takes effect on November 7, 2005.
If the mortgage satisfaction is presented for recording more than 30 days after payoff, the penalty is $500.00; if it is presented for recording more than 60 days after payoff, the penalty is $1,000.00; and if it is presented for recording more than 90 days after payoff, the penalty is $1,500.00. The penalty is paid to the mortgagor. The penalty does not apply to a person or entity which makes less than five mortgage loans in a calendar year.
The new law was signed by Governor Pataki on August 9, 2005 as Chapter 467 of the Laws of New York. It amends both New York Real Property Law Section 275 and New York Real Property Actions and Proceedings Law Section 1921.