What happens if your mortgage and promissory note were properly issued and recorded along with a lien on the property. The mortgage was subsequently sold and collateralized and payments collected by a loan servicing company with no ownership in the actual note. When the final note is paid, what entity is responsible for and has the legal authority to release the recorded lien? Is there a real possibility that when many homeowners think they have paid off their mortgages, they will have problems receiving clear title to the property?
The item I highlighted has some startling implications, doesn't it?
“When the final note is paid”
I’ll put this under “Quaint Notions” in the nostalgia file
No question it could be difficult, and according to this judge, unless your mortgage holder is registered with the state, you can’t establish property ownership anyway.
Maybe you have a case for “adverse possession”?
Yes, we need more lawyers involved.