Video Transcript:
What is a mortgage release and why would you need one? This is Dave at TitleSearch.com. If a mortgage has been paid off or even refinanced, the old mortgage is still recorded in that deed book where it was originally and still will affect that title until a separate document called the release of mortgage is also recorded in the land records to cancel out that first recording. The release of mortgage is required before that mortgage won't affect the title. The lender is the one who has to file that release. They have to sign it. It has to match up the existing mortgage with amounts and dates and times. And usually you have to reflect that original document. If that mortgage release is not filed, some counties actually will have a penalty against the mortgage lender for not recording that release in a timely fashion. If you've refinanced your mortgage or paid it off, it's good to check to make sure that release is on your title so you don't have an encumbrance that shouldn't exist on your title search. If you have questions about doing research, such as finding a release of mortgage, you can reach us at our website at title search dot com.