Q: What is the likelihood of Obtaining a Lein Release with a remaining balance after Mortgage Company goes out of business?
I took out a 2nd mortgage in September of 2007 with Beneficial Loan and Trust. Shortly after this, they went out of business. I tried to make payments and contact them, but my payments were returned and was never able to get a hold of anyone. I waited for documentation of transfer, assumption, etc, but nothing ever came. It's now been 16 years, I am trying to refinance and this mortgage is still on the title. Is there anything I can do other than request a Lien Release? I did finally track down that HSBC was (is) the parent company, but because the statute of limitations is up on this debt, if they won't release the lien, is there anything else they can do other than request payment ? Is there anything else I can do to force a lien release? To date I have received nothing from HSBC.
A: More than likely the best course to take is to hire competent MN attorney to file a Quiet Title Action. Lapse of the SOL should be a strong argument that the Mortgage/Deed of Trust should not remain against the real property. You are asking the Court to declare the Lien released.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.