PSA: If anyone has difficulty obtaining a satisfaction of mortgage

Received from our title company and thought I'd pass it along.

I wanted to share this with you that I had a client call me about. A paralegal mentioned she satisfied her mortgage on her home and was having a difficult time getting her satisfaction of mortgage from the lender. Upon mentioning she filed a complaint with the New York State Banking Dept. and in doing so, she received her sat a short time later. She was very grateful. Too her surprise a few weeks later she received a check in the mail for $1500.00 from the lender. Attached is the real property law that you may find of interest.

NYS Real Property Law in pertinent part:

1. After payment of authorized
principal, interest and any other amounts due thereunder or otherwise owed by law has actually been made, and in the case of a credit line mortgage as defined in section two hundred eighty-one of the real property law on written request, a mortgagee of real property situate in this state, unless otherwise requested in writing by the mortgagor or the assignee of such mortgage, must execute and acknowledge before a proper officer, in like manner as to entitle a conveyance to be recorded, a satisfaction of mortgage, and thereupon within thirty days arrange to have the satisfaction of mortgage: (a) presented for recording to the recording officer of the county where the mortgage is recorded, or (b) if so requested by the mortgagor or the mortgagor's designee. Failure by a mortgagee to present a certificate of discharge for recording shall result in the mortgagee being liable to the mortgagor int he amount of five hundred dollars if he or she fails to present such certificate within thirty days, shall result in the mortgagee being liable to the mortgagor in the amount of one thousand dollars if he or she fails to present a certificate of discharge for recording within sixty days or shall result in the mortgagee being liable to the mortgagor in the amount of one thousand five hundred dollars if he or she fails to present a certificate of discharge for recording within ninety days....

Re: PSA: If anyone has difficulty obtaining a satisfaction of mortgage

Message edited 3/27/2013 9:56:25 PM.