Lau's Corner & Title Tips: A Message From Our Friends at CATICTrac®
The Personal/Private Lender... How CATICTrac Can Help
Personal mortgages typically take significantly more time and effort to clear from title, especially if the mortgage was paid off years ago. CATICTrac routinely tracks down the documents needed to clear these types of mortgages. Here is a recent example:
THE PROBLEM - Our customer was selling eight parcels of land. Three of the parcels were encumbered by a 1990 seller-financed mortgage to a husband and wife who then assigned the mortgage to the wife’s Revocable Trust.
THE CATICTRAC SOLUTION - CATICTrac located the private lenders and learned that the husband was deceased and that the wife was in a nursing facility in Florida. Digging deeper, CATICTrac located a daughter living in Maine. Working with the daughter and an attorney, CATICTrac obtained a discharge! Time from order placement to satisfaction in hand – 10 days.
The CATICTrac team of title clearers is highly experienced in tracking down private individuals / lenders and obtaining discharges, assignments, or other documentation needed to clear the lien from title.
The next time you come across a private mortgage, give us a call at (800) 842-2216. If we cannot track down the release / discharge you need, we will waive all our fees!
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