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Everyone is Rob Radar Tuesday, July 24th 2012, and you're going to want to pay attention this is some perfect stuff in here, and I'm going to show you where the smoking gun is, and you're going to find it in the uniform residential mortgage satisfaction Act, so you can download this if you just google that name it comes up very easily 59-page PDF we're not going to read this I'm just going to pull my notes out, and we're going to look at these and this is uh okay, so it's only about five pages stuff but when we get up to five pages nine pages somewhere in their lots of stuff halfway through you know really start paying attention, so that's what's going on this tall most satisfying how you satisfy your mortgage, and it's an act that's enacted, and it's in every state they may not call it that, but it's been enacted by all the states complete payment of a mortgage loan typically extinguishes are satisfies the lien of the mortgage all right so when you pay off the mortgage loan you satisfy the lien if the lender does not place evidence of that satisfaction on the public land records however continued presence the mortgage on the records creates a practical problem for the owner of the land described in the mortgage okay so if the mortgage been satisfied, but the satisfaction is not put in the public land records now it didn't say the registered deeds it said specifically the public land records that it will continue to show a presence of the mortgage is not being satisfied on the records and this goes back to the dude called the office of the recorder whatever is in his records is the highest form of evidence and so if it doesn't show that the mortgage is satisfied it doesn't matter that it was the record doesn't reflect it, so it's very important to get the public land record to reflect that the mortgage has been satisfied today the development of the secondary market for residential mortgages and the corresponding changes in the lending title insurance closing service industries has complicated the payoff discharge and release of mortgage instruments ok, so modern life has made it complicated to try to pay something off and discharge it I think we all agree with that at the same time however the act recognizes the that given the structure of today's mortgage market conscientious mortgages and their services need the realistic period of time to confirm the full payment of the mortgage debt clearance of payoff funds to prepare a sufficient satisfaction and to submit appropriate records office so in other words they really like to help you, and you know they would their conscientious they just need a little of time in these transactions the mortgagor typically ask the mortgagee to issue a payoff statement that identifies outstanding balance of the mortgage debt so there you go right if you want to find out which payoff is what do you the mortgage, or you contact the mortgagee to get a payoffs' statement that identify he'll stay in balance on the...
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