What Needs to be in the Public Record to Release a Lien?

What documents does the title company need to establish that Seterus, as the servicer of a loan, has the right to accept payment and to release a lien?

The underwriter at the title insurance company wants to see something on the public record giving Seterus the power to do this. Seterus provided a letter that says they have this right, but there is nothing in the public record that we can find.

What is to prevent Chase (or anyone else) from coming along later and demanding payment again for this loan, claiming that they never assigned it?

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Replies to This Discussion

Permalink Reply by Thomas McCombs on March 5, 2013 at 10:49am

Update 3/5/13: This deal fell apart because Seterus could not or would not provide the documentation needed to convey marketable title. The property was subsequently sold at Sheriff's Sale on 1/18/13 but still has not transferred into the bank's name as of today, nor has it been listed with a Realtor for sale.

I find it interesting that no one on this site offered any suggestions as to how to solve this problem. I can not be the first one to have this problem.

Permalink Reply by TOP END Properties on May 15, 2013 at 5:34pm

When a loan is assigned they are supposed to file an Assignment, then the assigned party is the only one who can legally file the Lien Release.

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