Q: A lien release has never been filed on my mortgage which was pd 6 yrs ago. am I do money from mtg holder?
A: If the mortgage has been paid in full and fifty days has passed since the pay-off, the mortgagor may in writing demand that the mortgagee release the mortgage. The demand must be specific about the mortgage and real estate. If after ten days of the notice to the mortgagee to release the mortgage the release has not been filed,the mortgee shall then forfeit and pay to the mortgagor a penalty of one percent (1%) of the original principal debt which shall not exceed One Hundred Dollars ($100.00) for each day the release is not recorded after the ten day period has expired and the penalty may then be recovered in a civil action in a court having jurisdiction over the parties. Provided further that the total penalty shall not exceed one hundred percent (100%) of the total principal debt.
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