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Posted over 2 years ago.

Since I wrote this question last week, I have discovered that it was a line of credit.....this is actually my 86 yr old dads situation , and his memory is not so good. I spoke with the title company and found out it was a line of credit, in 84, and the house was used as collateral. They say that it was never closed, and they need proof it was. They are saying the house does not have clean title because of it. We have found out that the closed bank was taken over by PNC, but they have not been the easiest to get answers from, and say it could take weeks to research it, unfortunately closing is set for the 28th of this month.

Vincent J. Gallo
Vincent J. Gallo, Real Estate Attorney - Staten Island, NY
Posted over 2 years ago.

A line of credit is a mortgage and since you now state that this mortgage is recorded it now has to be removed of record. The only way this can be done is by the Lender, or its successor, and rest assured there is always a successor, recording a Discharge of Mortgage, and if for some reason this is not an option then you would have to bring an action to have this mortgage judicially discharged.

When you stated that this matter did not close, I am going ot have to suspect that it did, in fact, close, it is just that your father chose to not draw against the credit line.

Alternatively, the title company does have the option of making a business decision to insure "over" the lien of this mortgage, but that decision is left to the title company.