Make lenders accountable for filing your Satisfaction of Mortgage with the county/city
I just paid of my mortgage in a refinance but the old lender will not recorded it in the county office. Several people I know says that this will be a problem down the line. The bank says it does not need to be filed or recorded with the county because they listed it in the MERS System. I do not want to have an issue with my house should I sell it. So it would be great if HUD would require it and make sure they follow up. Also the counties and cities would probably love to have the filing fees.
This needs to stop commented
This is actually apart of the normal process however lenders started to use MERS to cut there cost and put homeowners at risk. Before MERS -all documents were filed at the county clerk or recorders office. What is happening is we are having diffulty with the chain or title ( documentation on who has owned a property from the begining) even in our FHA mortagages. All counties/cities have land recording offices that have existed from the dawn of time. I suggest eliminating this loophole that have caused problems.