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Seriver Release impact on title, incorrect discharges, servicer authority, etc...

Posted by Marty Macisso on December 6, 2012 at 7:09am in Short Sale Discussions

I have been running into title problems with servicers such as Green Tree and Seterus who are negotiating on behalf of entities like BOA. BOA seems to be releasing more often but do not follow with a Mortgage Assignment, which is problematic when getting title insurance, as the entity discharging the mortgage is not on record as holder.

Anyone else running into these issues?

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Replies

  • Jeri Groves December 9, 2012 at 6:02pm

    I just went to the county clerk and recorder on this situation last week, and the 1st was correctly assigned and recorded, but the 2nd was service released in 2009 but NEVER CORRECTLY ASSIGNED AND RECORDED in my county.  Bank of America gave me some story about "well, it's still a valid 2nd", and that's true, but my understanding is that whenever a lender doesn't legally do a recorded assignment, they can pull it back at any time, and title is NOT clear until the properly authorized assignee issues a short sale approval releasing the lien.

  • Tni LeBlanc (805) 878-9879 December 9, 2012 at 10:19am

    Not yet...

    Crossed fingers...

This reply was deleted.
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