A mortgage satisfaction letter is a written notice a borrower receives from their lender when their home loan is paid off. Once lenders record the satisfaction of the mortgage with the appropriate county, the lien on the property is released. But what happens if you receive a mortgage satisfaction letter in error and, honestly believing your loan is paid off, stop making mortgage payments? Or what if you have made the final payment on your loan, but your lender does not record your mortgage satisfaction as required by law and still has a lien against your property?
These severe errors by mortgage companies could have far-reaching impacts. You could find yourself having to come up with a large amount of money to catch up on mortgage payments, or even being threatened with foreclosure. You could encounter problems selling your home if there is still a lien against the title. In either case, it is not fair that homeowners should have to pay for the mistakes made by mortgage lenders.
If you are facing either of these complex situations because of an error by your lender, consider getting the help of an experienced mortgage satisfaction letter bank errors lawyer. Attorney Carlos M. Amor will explain your recourse and guide you toward resolving the problem.
Contact Florida Attorney Carlos M. Amor When You Need Experienced Legal Help
Carlos M. Amor is a skillful real estate lawyer in Florida who is well-versed in representing clients in issues related to erroneous mortgage satisfaction letters, problems with lien releases, and other mortgage errors.
To arrange a consultation, call him at (954) 453-7200. For your convenience, Carlos M. Amor offers free consults, by phone, via video meeting, or in person.
What Recourse Do I Have If My Lender Sent My Mortgage Satisfaction Letter but Is Now Demanding Payment?
If your lender erroneously informs you in a mortgage satisfaction letter that your home loan is paid off and you stop making payments, you may find yourself in grave financial trouble when the mistake is discovered. Even if a lender has recorded your mortgage as satisfied in the public records, if they find out they did so in error, they may be able to correct the document with the county simply, and it will show there is still a lien on the property.
You could receive notices of non-payment and demands that you quickly catch up on the payments you missed. The amount you owe to become current on payments is often staggering, depending on how long you believe your mortgage was satisfied. If you cannot come up with the money, the bank may threaten foreclosure. So, what recourse do you have so you don’t lose your home due to the bank’s error?
There are several steps you could take to try to resolve the problem. You can start by notifying the mortgage company in writing of their mistake. This type of communication is called a Notice of Error. The lender has a finite amount of time to respond. They must acknowledge your communication within five days, although it may take them up to 30 days to inform you about how they will address the problem.
What If Your Home Is at Risk of Foreclosure?
If foreclosure is a possibility on your property, the lender typically must respond before a foreclosure sale. Under federal consumer protection laws, banks usually cannot begin foreclosure proceedings until payments have been missed for 120 days. During this period, they must also inform borrowers about possible ways to keep their homes, such as repayment plans and loan modifications.
If you do not get a response back from the mortgage company in a timely way, or if the mortgage company is unwilling to work out a satisfactory resolution with you in light of their error, do not wait to get legal help from a knowledgeable foreclosure defense attorney. As soon as you learn of the mortgage satisfaction error, consult with a mortgage satisfaction letter lawyer who could help you prepare the notice of error communications and otherwise advise you. These types of cases are very complex and often require the assistance of legal counselors with an in-depth understanding of real estate and foreclosure law in Florida.
Why Work with Attorney Carlos M. Amor for Satisfaction of Mortgages in Florida?
Plantation attorney Carlos M. Amor has years of legal practice in the Florida real estate market. He is also a licensed real estate broker. After taking on your case, he will review all the documentation related to your mortgage, including your mortgage agreement, statements, and the erroneous mortgage satisfaction letter, and communicate with the bank on your behalf. He will seek a fair solution with the lender that allows you to catch up on the payments you owe and keep your home.
What If I Paid Off My Loan, But the Lender Has Not Recorded My Satisfaction of the Mortgage with the County?
While lenders sometimes send mortgage satisfaction letters in error, they may also fail to officially record when mortgages are satisfied, which could cause other kinds of problems for homeowners. Under Florida Statute 701.04(2), mortgage companies are required to do the following once they receive the final payment on a loan:
- File a written and notarized satisfaction of mortgage document with the clerk in the county where the property is located. This document will be entered into the official records of the county. It releases the lien that the mortgage company has on the property.
- Send a mortgage satisfaction letter informing the property owner that the release has been recorded with the county clerk and there is no longer a lien on the property from the lender. The mortgage company has 60 days under the law from when the final loan payment was made to complete this step. If they do, they could be held accountable under the law.
If, through an error, a mortgage company does not officially record the mortgage release or adequately inform the homeowner that their loan is satisfied, the property will still show a bank lien against it in public records. This could cause serious title problems down the road should the owner wish to sell or for beneficiaries if the owner should pass away.
If you have paid off your mortgage loan and your lender has not taken the steps Florida law requires to release the property, you have legal recourse. You can request that the lender have the mortgage satisfaction document recorded. If the lender does not adequately respond to your request, you may be able to file a civil lawsuit to have the filing of the mortgage release enforced by the court.
Attorney Carlos M. Amor Effectively Takes on Mortgage Lenders
Attorney Carlos M. Amor will advise you about bringing a civil lawsuit in court if your lender denies their mistake and does not release their claim on your property. If you must go this route, you may be entitled to attorney’s fees and costs under the Florida statute.
As a mortgage satisfaction letter errors lawyer with years of experience taking on mortgage lenders for legal clients, Attorney Carlos M. Amor understands how these companies operate. You should be able to trust your real estate attorney to provide you with knowledgeable guidance. When you have reached the very exciting milestone of paying off your mortgage and owning your home outright (barring other encumbrances), you should not have to put up with a careless blunder from your lender in not recording the mortgage satisfaction.
Contact a committed real estate attorney today to schedule a consultation by calling (954) 453-7200. Attorney Carlos M. Amor offers free consultations, by phone, via video meeting, or in person.
Get Help from an Experienced Real Estate and Mortgage Satisfaction Letter Errors Attorney in Florida
Plantation Attorney Carlos M. Amor Works Hard to Protect His Clients’ Property Interests
Mortgage lenders are not immune to making mistakes. But when they do, homebuyers should not have to suffer severe consequences. Unfortunately, however, it often takes an attorney with knowledge of Florida and federal laws about real estate and lending to get the mortgage company to correct the issues their errors have caused.
If your bank sent you an official mortgage satisfaction letter erroneously telling you that your mortgage was paid off and you sincerely believed them and stopped making payments, Attorney Carlos M. Amor will work hard to try and negotiate or litigate a satisfactory solution, even if foreclosure proceedings have already begun. If your lender failed to record the satisfaction of mortgage documentation with the county where your home or other property is located, and you have completed your loan obligation, attorney Carlos M. Amor could represent your interests in having the mortgage lender’s claim on your property released, up to and including filing a civil claim asking the court to enforce the release of the lien.
In either case, you should not wait to get skilled legal help from an effective attorney with a track record of success in real estate cases.
Call an experienced mortgage satisfaction letter errors attorney at (954) 453-7200 today to arrange a consultation. Attorney Amor offers free consultations, by phone, via video meeting, or in person. Reach Attorney Carlos M. Amor through our online contact form or telephone to get started as soon as today.
