Q: I refinanced my home which had a Covid modification attached. The lender states they paid the mortgage and modification
In the refi, but the county recorder still,shows the modification
The land records in Virginia, recorded in the Circuit Court for the county or city where the property is located, show an entire history of the transactions concerning the property. Past transactions are not removed, or replaced, by the most recent transactions.
A refinance loan would be evidenced in Virginia by a new deed of trust and a certificate of satisfaction referencing the trust securing the note that was paid off. In addition, the borrower should receive the original promissory note endorsed as paid in full. In the event a certificate of satisfaction is not filed, there is a process a real property owner can use to compel the production and recordation of a certificate of satisfaction.
Anyone concerned about the evidence of the payoff of a loan should consult with an experienced Virginia real estate lawyer.
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