My question involves real estate located in the State of: Michigan
This question ties into my previous one.
Don't know if this is an "answerable" question but when a bank buys another bank (including its mortgages) do they keep the same loan numbers on the mortgages they took over servicing?
The title search on my parent's home resulted in a so-called missing loan discharge that I believe was the result of the bank servicing the mortgage being bought by another bank that kept the same loan number but added a 3 digit prefix to the existing loan number. There's no record of discharge at the time because the loan was taken over. There is a discharge of mortgage document when the loan was paid off from the bank that bought the other bank.
Maybe it's a moot point and a quiet title is needed as was suggested earlier. But it's frustrating because the loan numbers are the same, there is a paper trail and it's a reasonable assumption that it is the same loan that WAS paid off- just to a different bank. ARGH.
Thanks.
This question ties into my previous one.
Don't know if this is an "answerable" question but when a bank buys another bank (including its mortgages) do they keep the same loan numbers on the mortgages they took over servicing?
The title search on my parent's home resulted in a so-called missing loan discharge that I believe was the result of the bank servicing the mortgage being bought by another bank that kept the same loan number but added a 3 digit prefix to the existing loan number. There's no record of discharge at the time because the loan was taken over. There is a discharge of mortgage document when the loan was paid off from the bank that bought the other bank.
Maybe it's a moot point and a quiet title is needed as was suggested earlier. But it's frustrating because the loan numbers are the same, there is a paper trail and it's a reasonable assumption that it is the same loan that WAS paid off- just to a different bank. ARGH.
Thanks.
Title Records: Loan Number
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