QUESTION
How do I get a reconveyance for a loan that was paid in full from a mortgage company (not a bank) that went out of business in 2007?
Asked on Jun 28th, 2016 on Real Estate - California
More details to this question:
I know I can get a bond for a "lost note" but it will be quite expensive as the loan was for $250,000. The mortgage company was WMC Mortgage Company. General Electric bought WMC Mortgage from Apollo Global Management in 2004. GE ceased WMC's operations in late 2007 due to the subprime market collapse. So now I am left with WMC on my deed and no idea how to get a reconveyance as the loan was paid in full years ago.
1 ANSWER
If you hired me, I would prepare the paperwork for General Electic to terminate the lien of the deed of trust and send it with a cover letter telling the story and asking for cooperation. It would be more effective if back up proof of payment were enclosed. For example, the last written statement you received from the lender stating the loan balance and copies of the canceled checks after that.
If they did not respond to the first couple of letter, next the letters would start threatening litigation and a claim for reimbursement of attorney fees pursuant to the note and deed of trust. If that didn't work, then we'd need to figure out which is going to be cheaper, the bond or the lawsuit.
Dana Sack
Answered on Jul 03rd, 2016 at 2:51 PM