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How long does a mortgage lender have to file and record a Release after a Deed in Lieu of foreclosur

We purchased 11 acre tract in August 2007 from a private mortgage lender. We were told of the Deed in Lieu of Foreclosure.

Now we are trying to sell it and during title search it was discovered that a Release of Lien was never signed.  The lender is dragging up by not executing the release to title company which has just cost me the sale of my property.

Now what?

Dale Wheeler
Kilgore, TX
903-522-2955

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December 24 2013 - Kilgore
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Answers (4)

If you simply purchased the property after it was taken back in foreclosure, it sounds like simple neglect on the part of the lender from whom you purchased the property.  Sadly, this happens a lot...often when 2nd trusts are paid off.  The advice to contact the attorney or settlement officer who handled the transaction is excellent.  But I would also contact the lender directly and if you are "stone-walled" I would contact the agency in your state that regulates the lending industry.  Be sure you have all of your paperwork from the purchase.  Finally, if you can demonstrate that you suffered a significant loss due to your inability to sell the property, there may be a cause for legal action. 

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December 26 2013
I would go back to the original title company you used to close the first transaction.  Ask for help.  They issued title insurance likely and may be able to help you.  Outside of that....you may need to get an attorney.
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December 24 2013
That is a big no-no, in SC. Did an attorney officiate when you bought the tract? If so, call them and rant an rave.
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December 24 2013

Complex question, simple answer: Lawyer up. 

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December 24 2013
 
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