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Is there any legal action that I can take to remove the previous owner's mortgage lien from my property, 5 months after closing?

New York, NY |

I purchased a condo in NYC from a short sale, which I was not aware of until the closing date. The original closing date was 11/6/2009. At the closing table, Steven Baum, the attorney representing seller's mortgage bank, Bank of America, changed their instructions on how they want the funds transfered. Thus, the closing was incomplete that day and was delayed for 3 weeks. Steven Baum subsequently changed the instructions and returned the closing check 4 times. Now 5 months after the closing, the mortgage lien from the previous owner is still on my property. Nowadays, I call my attorney everyday, but it seems to me that they don't know how to get Steven Baum or Bank of America to issue a mortgage satisfaction letter in order to remove the lien from my property.

Attorney Answers 3

Posted

If all reasonable efforts to obtain a satisfaction letter have failed, and a reasonable time has transpired after closing for the bank to issue said letter, and a threat of legal action has not proved effrective, you may have no choice but to start a proceeding in Supreme Court to force the issuance of the satisfaction and the filing of a UCC lien release.

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Posted

If you have made all the efforts to have Bank of America discharge the mortgage under the property without success, you have no other choice but to take legal action against the bank to compel them to issue you discharge of mortgage.

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Posted

You really need to hire a lawyer well versed in complex transactions. Give us a call 1-877-996-6849

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