My question involves real estate located in the State of: Michigan
I am selling my parent's condo through their trust (I am POA/successor trustee). The title company cannot locate the discharge of a loan. There was the original purchase loan, a refinance of that loan and then a paper trail of a loan paid. I have deduced that the loan was assumed when the bank servicing it was bought by another bank. I believe this because the loan number from the "missing" loan is the same as the loan that was discharged several years later (however the new bank added a 3 digit prefix to the loan number)
The title company says there were 3 loans on this property and I believe there were only 2- the original purchase and the refy which was then assumed by the bank that bought the bank that serviced the loan. There are only 2 mortgage discharges recorded with the county.
The title company doesn't seem to grasp this, nor do they seem to be interested in finding out if this is the case. None of the banks involved are in existence today, which adds to the problem. They have contacted the bank which ultimately purchased all the banks involved to do a lien request.
Is there anything else I can do to get this moving in the right direction? Closing has been extended once already!
Thanks!
I am selling my parent's condo through their trust (I am POA/successor trustee). The title company cannot locate the discharge of a loan. There was the original purchase loan, a refinance of that loan and then a paper trail of a loan paid. I have deduced that the loan was assumed when the bank servicing it was bought by another bank. I believe this because the loan number from the "missing" loan is the same as the loan that was discharged several years later (however the new bank added a 3 digit prefix to the loan number)
The title company says there were 3 loans on this property and I believe there were only 2- the original purchase and the refy which was then assumed by the bank that bought the bank that serviced the loan. There are only 2 mortgage discharges recorded with the county.
The title company doesn't seem to grasp this, nor do they seem to be interested in finding out if this is the case. None of the banks involved are in existence today, which adds to the problem. They have contacted the bank which ultimately purchased all the banks involved to do a lien request.
Is there anything else I can do to get this moving in the right direction? Closing has been extended once already!
Thanks!
Title Records: Title Trouble
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